Here in this article we will discuss a brief history of five of the most famous economists of the last century who played vital roles in the development of modern economic theories. There are many great economists that were born during the 20th century, but the following 5 are the most influential and famous because of their theories:
Hayek is known as the greatest economist of the 20th century and the pioneer of capitalism. Hayek was born in 1889 in Vienna, Austria, and is widely respected as his theories and writings are still part of the curriculum in many universities of the world. Hayek belongs to the Austrian school of thought, and he has a doctorate degree in the fields of economics and political science. Hayek was also honored with a Noble Prize in Economics in 1974.
Benjamin Graham was born in 1894 in London, England. He is the pioneer of the American Wall Street and also introduced the security analysis which is still the part of the curriculum all over the world. Benjamin Graham is also known as the father of “value investment.” Graham has written two famous books which have had a great influence on economics. These books include The Intelligent Investor and Security Analysis. Though he was born in England into a Jewish family, when he was only one year old, his family migrated to the USA. Graham completed his graduation from Colombia University.
John Maynard Keynes
Keynes was born in 1883 in Cambridge, England. Keynes is still considered as the pioneer of various famous theories of economics. His theories are still known as Keynesian economics. Keynes has actually transformed the traditional economic theories according to the needs of the modern era economy. Keynes has developed the monetary,and fiscal steps that one needs to take during the time of economic crisis. There are various followers of Keynesian ideas and theories to deal with the economic crises including former President George W. Bush and President Obama. Most of the capitalist countries strongly follow the theories of John Maynard Keynes to achieve long-term economic stability.
Paul Anthony Samuelson was born in 1915 in Indiana ,USA, and is known as the father of modern economics. He is also the first American economist who received the Noble Prize for Economics. Paul Samuelson has worked on the scientific theory of economics. Additionally, he also wrote a book Economics: The Introductory Analysis in 1948, which eventually became the largest selling textbook for economics. Samuelson has got a master’s degree in 1935 in art from the University of Chicago. In 1941, Samuelson got a Ph.D. from Harvard University. Because of his great work in the field of economics, Samuelson is considered as an “American Keynes.”
Milton Friedman was born in 1919 in New York, USA. He is a famous economist and worked as a professor of statistics at the University of Chicago. He also received a Noble Prize for Economics because of his achievements in this field. He is famous for his research work on consumption analysis.