Adam Smith• born in County Fife, Scotland, in 1723

• a Scottish philosopher, pioneer of political economy

• The Wealth of Nations and The theory of moral sentiments

• "father of modern economics"

• selebrated by advocates of free market policies as the founder of free market economics

• commemorated in the UK on banknotes printed by two different banks

David Ricardo

London, England Comparative

advantage Protectionism Criticism of the

Ricardian theory of trade

Value theory Rent

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Thomas Robert Malthus• Malthus came to prominence for his 1798 essay

on population growth.

• In 1804 Malthus married Harriet Eckersall, and in 1805 he became a professor of history and political economy at the East India Company’s college at Haileybury, Hertfordshire

• In essay on the Principle of Population,Malthus proposes the principle that human populations grow exponentially while food production grows at an arithmetic rate. 

• The food growth with simultaneous geometric human population growth predicted a future when humans would have no resources to survive on.  

• During the 1820s,a setpiece intellectual discussion called "Malthus Richard" debate took place within the proponents of political economy. • Malthus and David Richard,the leading figures of t

his debate,proposd different concepts on "rent". Richard regarded rent as value in excess of real production,while Malthus proposed rent to be a kind of economic surplus.

Six Facts about Jean-Baptiste Say

1. Say was born in 1767, he was a French classical, liberal economist and scholar.

2. Jean-Baptiste Say is known for his contribution to Say’s Law of Markets. (Say’s Law roughly says that the economy is self-regulating so production is the source of demand but has been interpreted in many ways and is frequently misunderstood to mean “supply creates its own demand”.)

3. Say taught political economy in France at Conservatoire National des Arts et Metiers, and later at the College de France.

4.Say was heavily influenced by Adam Smith and promoted the laissez-faire philosophy. His contemporaries include Thomas Malthus and David Ricardo.

5. Say was also a keen popularizer of economic ideas, writing several works in dialogue form in order to teach liberal economic ideas to a broader audience at a time when economic nationalism and socialism were becoming more popular. For example, the Cours complet d'économie politique pratique (1828-9).

6.Say was the best-known expositor of Adam Smith’s views in Europe and America. His Traité d’économie politique was translated into English and used as a textbook in England and the United States.

John Stuart Mill (20 May 1806 – 8 May 1873)

John Stuart Mill was a British philosopher, political economist and civil servant. He was an influential contributor to social theory, political theory and political economy. He has been called "the most influential English-speaking philosopher of the nineteenth century".

Mill promoted economic democracy instead of capitalism, in the manner of substituting capitalist businesses with worker cooperatives

Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. He also accepted the principle of legislative intervention for the purpose of animal welfare.

Alfred Marshall

• Born: 26 July 1842Bermondsey, London, England

• Nationality: British• School or tradition: Neoclassical economics• Contributions: The Pure Theory of Foreign

Trade, Economics of Industry, Industry and Trade, Money, Credit, and Commerce

• Life: shepherd • Died: 13 July 1924 (aged 81)

Cambridge, England

• a German political thinker who wrote about money (economics) and power (politics).

• His most important work is Das Kapital, or The Capital.• • Marx's ideas have been thought of as responsible

for socialist revolutions

• Marx's most popular theory was his "Materialism". He believed that religion, morality, social structures and other things are all rooted in economics.

• Marx has been described as one of the most influential figures in human history.

• Many intellectuals, labor unions and political parties worldwide have been influenced by Marx's ideas, with many variations on his groundwork.

Karl Marx

1. First person mentioned that the government control.2. He studied for the economic results of the communi

sm society.3. He is famous for prediction of the developments of

modern society.4. Won a Nobel Price in 1974.5. He published 25 books about economy.6. He is opposed to command economy.

F.A Heyak

John Maynard Keynes British Economist 5 June 1883 – 21 April 1946 One of the founders of

modern macroeconomics The most influential

economist of the 20th century

In the 1930s, Keynes spearheaded a revolution in economic thinking, overturning

the older ideas of neoclassical economics.In 1999, Time magazine included Keynes in their list of the 100 most important and influential people of the 20th century

Jeffrey Sachs• One of the youngest tenured economics professors in the history of Harvard University. • An adviser to Eastern European and developing national governments.• “probably the most important economist in the world.” • The End of Poverty (2005), Common Wealth (2008), and The Price of Civilization (2011).• 100 Most Influential People in the World• “The world’s best-known economist.”

Thomas SowellThomas Sowell (/so l/; born June 30, 1930) is an American economist, social theorist, political philosopher, ʊand author.

He is currently the Rose and Milton Friedman Senior Fellow at the Hoover Institute, Stanford University.

He writes from a conservative and classical liberal perspective, advocating free market economics and has written more than thirty books.

He is considered a leading representative of the Chicago school of economics.

Themes of Sowell's writing range from social policy on race, ethnic groups, education and decision-making, to classical and Marxist economics, to the problems of children perceived as having disabilities.

"It is bad enough that so many people believe things without any evidence. What is worse is that some people have no conception of evidence and regard facts as just someone else’s opinion."

• A columnist, New York Times • Professor of Economics and International Affairs,

Princeton• Nobel Prize in Economics, 2008• known in academia for his work on international

economics (trade theory, economic geography, and international finance). Krugman is ranked among the most influential economic thinkers in the U.

• Has written over 20 books (scholarly works, textbooks and books for a more general audience), and has published over 200 scholarly articles in professional journals and edited volumes

• As a commentator, Krugman has written on a wide range of economic issues (income distribution, taxation, macroeconomics and international economics)

Paul Krugman