Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

List of prominent scholars and the work in field of economics

List of prominent scholars and the work in field of economics 

  1. Adam Smith - "The Wealth of Nations" (1776) - Laid the foundation for classical economics.

  2. John Maynard Keynes - "The General Theory of Employment, Interest, and Money" (1936) - A key figure in the development of modern macroeconomics.

  3. Milton Friedman - "A Monetary History of the United States" (1963) - Championed monetarism and free-market principles.

  4. Amartya Sen - Work on welfare economics and development, notably "Development as Freedom" (1999).

  5. Paul Krugman - Contributions to international trade theory and economic geography. Won the Nobel Prize in 2008.

  6. Joseph Stiglitz - Work on information asymmetry, development economics, and global economic issues. Nobel Prize in 2001.

  7. Thomas Piketty - "Capital in the Twenty-First Century" (2013) - Analyzed wealth and income inequality over time.

  8. Gary Becker - Pioneer in the field of human capital theory and the economic analysis of social issues.

  9. Elinor Ostrom - Won the Nobel Prize in 2009 for her work on economic governance, particularly in relation to the commons.

  10. Friedrich Hayek - "The Road to Serfdom" (1944) - A key figure in the Austrian School of Economics, emphasizing free-market capitalism.


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