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Great Economists

Great Economists

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After Glasgow. and once he got back to Scotland again. and outlined the workings of the market mechanism (price system). Surprisingly this was not in economics. He wrote it in five books and it was published in 1776. . but we've got lazier these days!). He developed much of the theory about markets that we regard as standard theory now. he started writing. It was this that helped him to formulate his ideas. he decided to go travelling. Almost certainly this was not backpacking and sleeping out in stations as he spent much of this time meeting the influential thinkers of the day. In the work he stressed the benefits of division of labour (specialisation) and its need.first at Edinburgh and then Glasgow Universities.BIOGRAPHY Adam Smith is often seen as the founding father of economics. In fact it was not until 10 years after leaving the Chair of Moral Philosophy at Glasgow that he wrote the book (or series of books) for which he is most famous. WORK Adam Smith's main work was 'The Wealth of Nations' (actually its proper title was 'An Inquiry into the Nature and Causes of the Wealth of Nations'. In fact he could be seen as being to blame for much of the content of current economics courses! Adam Smith was Scottish and after graduating from Glasgow (at the amazing age of 17!!) he was a fellow at Oxford and then he lectured back in Scotland again .

this would mean that producers would make more profit. Prices would rise when there was a shortage of something and fall when it was plentiful... If there was not enough competition. thus forming a laissezfaire environment. He argued that markets would guide economic activity and act like an invisible hand allocating resources.Perhaps the concept most associated with him is the 'invisible hand'. THEORIES Adam Smith argues that it was market forces that ensured the production of the right goods and services. This would happen because producers would want to make profits by providing them. However. Prices would be the main means to do this.. This was the basis of the free market economy. public well-being would increase from competition organising production to suit the public. If one man tried to carry out all the operation necessary to make a pin drawing the wire. . This was not a personal physical problem of Adam Smith's but referred to the operation of market forces. sharpening it .He would be able to make very few.. cutting it. Without government intervention. specialisation would lead to a much greater output of pins as each part of the process would be carried out much quicker. Competition would mean producers trying to outsell each other and this would bring prices down to their lowest possible levels (making minimal profit). To illustrate his points about specialisation he used the example of pin-making. This would soon .

and the other was that there had to be competition. sell their commodities much above the natural price. bringing prices down. however. greatly above their natural rate. by never fully supplying the effectual demand. Smith recognised immediately the danger of monopoly: "A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures. The monopolists. All this would end up benefiting the consumer without any necessary intervention. This system had two requirements.attract more firms to join this industry. whether they consist in wages or profit. one was that the market needed to be free of government intervention." . by keeping the market constantly under-stocked. and raise their emoluments.


but in their time (and now!) they are judged to be very significant. Because of his background in the money markets and Stock Exchange. he married a Quaker (against his parents’ wishes) he was disinherited and so set up on his own as a stockbroker. when. we leave you to decide! He developed many important areas of economic theory and was great friends with other classical economists . much of his early work was on these subjects. He was born in 1772 and was the third of 17 children. Whether there are any morals to be drawn from this tale. He was phenomenally successful at this and was able to retire at 42 and concentrate on his writings and politics. David himself had little formal education (obviously not a modern role model!) and went to work for his father at the age of 14. His parents were very successful and his father was a wealthy merchant banker. They lived at first in the Netherlands and then moved to London. Along with Malthus he was fairly pessimistic about the long-term prognosis for society. and so has been proved well and truly wrong on that score. the titles of Ricardo's works do not have the ring of best-sellers about them.David Ricardo had a varied upbringing. much of the theory he developed is still used and taught today. at the age of 21.Thomas Malthus and Jean-Baptiste Say. However. WORK Along with many other Classical economists. Some of these works included: . However.

• • • The high price of bullion. He argued that with more people. and economic rent. THEORIES Ricardo developed two key theories that are still important in economics courses today. the return from this land would not be constant as the amount of capital . Ricardo was very concerned about the impact that rising populations would have on the economy. more land would have to be cultivated . a proof of the depreciation of bank notes (1810) Reply to Mr.nothing controversial so far! However. They are: • • Distribution theory International trade theory (comparative advantage) Distribution theory Along with Malthus. Bosanquet's practical observations on the report of the Bullion Committee (1811) Proposals for an economical and secure currency (1816) His more significant works were on market economics though: • • Essay on the influence of the low price of corn on the profits of stock (1815) The principles of political economy and taxation (1817) It was in this latter work that he developed much of the theory we know about diminishing returns.

available would not grow at the same rate. then it should specialize in that good. a comparative advantage). The allocation of each factor of production to each area of economic activity would therefore be determined by the level of economic rent that could be earned. . then the level of world welfare should increase. As this gradually fell due to diminishing returns. If all countries specialized where they had a comparative advantage. At this point the maximum level of economic rent would have been earned. capital would shift to more profitable activities.wine or cloth?! The same would almost certainly be true today. The original example focused on the trade in wine and cloth between England and Portugal. In fact the land would suffer from diminishing returns.e. The other country would therefore specialize in the other good. International trade theory Ricardo's theory on international trade focused on comparative costs and looked at how a country could gain from trade when it had relatively lower costs (i. Ricardo showed that if one country produced a good at a lower opportunity cost than another country. Extra land that was brought into cultivation would become more and more marginal in terms of profitability. and the two countries could then trade. and eventually returns would not be enough to attract any further capital. It's not too difficult to work out which good Portugal should specialize in .

which is a college developed for the education of civil servants of the East India Company.Thomas Robert Malthus BIOGRAPHY Thomas Robert Malthus was born in 1766 in Dorking. He took up his parochial duties in 1796. His father had worked with Voltaire. England. When he was eighteen. which outlined his views on population and how it affected the economy and general well-being of an area. which made him the world's first. He was privately educated by his father and by tutors when he was a child. in Albury while at college. he was selected to be the professor of Political Economy at the college at Haileybury. Malthus combined his . which is a Jesuit college. For pretty much the rest of his life he remained a professor at Hailey bury. pulling bits and pieces from a lot of things he read. Malthus went to Cambridge. WORK Capitalism calls for no government intervention. Rousseau. He was the second of eight children. Malthus used many men's ideas to come up with his own. This tendency causes it to be impossible to reach a perfect society. In 1805. Malthus became a curate of England. and Hume. He wrote an essay entitled Principle of Population. just south of London.

His main theory was that overpopulation is man's greatest obstacle to human progress. starvation both of which are characterized by "misery and vice". He also influenced other men. Actual population growth is kept in line with food supply growth by things like postponement of marriage. .theory and got together with David Ricardo and James Mill's theory of laissez-faire economics. as well. He believed that if the poor had a taste of life as a rich person then they would want to establish a high standard of living before starting a family. He influenced Darwin and his theory of evolution that only the strong shall survive. Capitalism is a very "hands-off" way of government. Malthus believed that society should regulate their poor society.


but then he turned to economics. Fisher had a varied background. In fact one of his best sellers was a work written in 1915: • How to live: rules for healthful living based on modern science His initial training as a mathematician influenced his work a great deal and as can be seen from the titles . He graduated from Yale with a BA in maths. gaining a PhD. One particular area was his development of index numbers . including health and lifestyle. His influence waned towards the end of his career. Much of the Classical and Monetarist theory of inflation is based on his (Fisher) Equation of Exchange.BIOGRAPHY As with many Classical economists. and was very influential in a variety of areas. He also wrote about and campaigned for world peace. WORK Fisher's work was very varied. Index numbers that we use today include the FTSE index to measure share values and the RPI to measure inflation.a mathematical technique that is invaluable in economics. healthy eating and a healthy lifestyle and was often regarded by his colleagues as something of an eccentric. but he left behind a legacy of theory that is still very important to us. He wrote extensively about all the issues he was concerned with. He was born in New York State in 1867 and his first specialism was mathematics.

THEORIES The main theoretical work that Fisher is remembered for is the Fisher Equation of Exchange . he is now best remembered not for his flamboyant and eccentric lifestyle.of his works. but perhaps the most common is: MV = PT . However. but for the Fisher Equation of Exchange. The Fisher equation appears in various guises. and Classical economists and Monetarists then made certain assumptions about it that enabled them to explain the cause of inflation.particularly as this is the only thing he has named after him! Perhaps the best guide to the importance of an economist is how many things he has named after him! The equation of exchange is very important as it forms the basis for the classical and Monetarist theories of inflation. Fisher developed the equation simply as a mathematical identity. he focused considerably on the links between maths and economics: • • • • • • Mathematical investigations in the theory of value and prices (1892) Nature of capital and income (1906) Rate of interest (1907) Purchasing power of money (1911) The making of index numbers (1922) Theory of interest (1930) Many of these works developed theories that we still consider today about investment appraisal and the behaviour of the rate of interest.

Classical economists then tried to show that V and T would be stable in the long-term. thus implying that any increases in the money supply (M) would cause prices (P) to rise . If this £5 is on average used 20 times in a year. V equal to 20 and PT would be £100. This £100 could be made up of. This is hardly surprising for two main reasons. In the Fisher equation above M would be equal to £5. more flippant reason for his fame is that he is perhaps the only economist to have a . inflation. PT can therefore be thought of as equivalent to National Expenditure . For more details on this area of Classical theory try the main Classical economics section of the Virtual Economy. it will have generated £100 of spending.i.Where: M is the amount of money in circulation V is the velocity of circulation of that money P is the average price level and T is the number of transactions taking place This equation is in fact an identity as it will always be true.e. At its simplest level you could imagine an economy that has a money supply of £5. JOHN MAYNARD KEYNES BIOGRAPHY Keynes is perhaps one of the best known of all economists. say 100 transactions of £1 each. The second. The first is that his work was perhaps the most important work that had been done for decades and changed the whole face of post-war economic policy.

and so left and went back to Cambridge as a Fellow. E. Though it would be nice to argue that Milton Keynes was named in tribute to the work of two great economists Milton Friedman and John Maynard Keynes .Britain's foremost economics publication.Forster and Bertrand Russell. He married a Russian ballerina and was for much of his time a member of the Bloomsbury Group .M.a group of intellectuals whose ranks included well-known names such as Virginia Woolf. In 1911 he was made editor of the Economic Journal .whole branch of economics named after him. He speculated considerably and as Bursar of King's College made the college very rich! He also acted as an advisor to a number of companies. In the Second World War he made his peace again with the Treasury.it would be totally untrue! So Keynes remains the only person to be honored in this way. Keynes' father was an economist and his mother was Mayor of Cambridge for some time.not at all the stereotypical economist of people's assumptions. . Keynes went to Eton (as a scholar) and then went on to King's College Cambridge to study Classics and Maths. He worked for a short time in the Civil Service but didn't like it much. His main contribution to the economics debate of the time was in putting together a coherent critique of the existing classical economic theory that dominated policy-making circles. He was a varied character . As a result he was instrumental in providing the framework for post-war economic recovery.

WORK Keynes's work was very varied and he wrote on any issues of the day that he felt important. It took the stagflation of the early 1970s to break the Keynesian consensus. The title of this earth-shattering work was: • The General Theory of Employment. Many governments since the Second World War (including in the UK and USA) considered themselves to be Keynesian and pursued Keynesian demand-management policies . Though certainly not an easy read (and that may be an understatement!). Where he felt strongly he wrote works criticising the policies of the time. but also the practical world of economic decision making. Interest and Money (1936) . and this prompted him to put pen to paper again: • The economic consequences of Mr. it has been a best seller and changed the face of not just the academic world of economics. It is often considered that this book marked the birth of modern macroeconomics. He was particularly critical of the amount of money demanded from Germany for war reparations after the First World War and this prompted him to write a pamphlet: • The economic consequences of the peace (1919) He was later very critical of Churchill's decision to return to the Gold Standard at the same rate as before the war. the work he is best known for was his main book published in 1936. Churchill However.

The idea. but not in the short run. When times were good again and the private sector was spending again. should be to balance your budget in the medium term. One of his best known quotes summarises this focus on short-run policies: 'In the long-run we are all dead' So his theory was that the government should actively intervene in the economy to manage the level of demand. the government could trim its spending and pay off the debts they accumulated in the slump. When economic activity is depressed (perhaps because it had been reading too . you could even call these policies counter-cyclical demand management policies . These policies are often known as demand management policies .THEORIES In the General Theory Keynes comprehensively challenged the Classical orthodoxy. aptly named since the idea of them is to manage the level of aggregate demand . He argued that a slump was not a long-run phenomenon that we should all get depressed about and leave the markets to sort out. They are termed this because the government should be doing the exact opposite to the trade cycle . according to Keynes. A slump was simply a short-run problem stemming from a lack of demand. If the private sector was not prepared to spend to boost demand. If you want to impress your teachers or lecturers even further and leave them totally stunned with your intimate knowledge of Keynesian economics (!). the government should instead. It could do this by running a budget deficit.

He graduated from New College and then worked at Christchurch College teaching from 1922 until 1952. Sir Roy Forbes Harrod BIOGRAPHY Sir Roy Harrod studied and later worked at Oxford University. then the government should pursue deflationary policies.much Classical economics!) the government should spend more. if aggregate demand is too high (AD4) and causing demand-pull inflation. These may include increasing taxes or cutting government spending to reduce demand. and when the economy is booming the government should spend less. . We can see these policies on the diagram below: If aggregate demand in low (AD1) then the government should pursue reflationary policies such as cutting taxes or boosting government spending to push aggregate demand higher and boost employment and output. However. but then returned to Oxford to carry on teaching. During the war he held various posts in the Prime Minister's office and the Admiralty.

exchange rates and inflation. He isn't perhaps an economist who would immediately be thought of as Keynesian. Much of his work was based around analysis of growth.In 1952 he was appointed the Nuffield Reader of International Economics. It is this work on economic dynamics that he is best remembered for. but much of the work he did was based on similar themes and came to similar conclusions. THEORIES Sir Roy Harrod is perhaps best remembered for trying to look at growth not in terms of a simple static . One of his works was even The Life of John Maynard Keynes. WORK Sir Roy Harrod published work on a wide variety of subjects and over a large number of years. but he also wrote on subjects as diverse as money.an essay (1936) Essay in dynamic theory (1939) Towards a dynamic economics (1948) The life of John Maynard Keynes (1951) Policy against inflation (1968) Reforming the world's money (1965) Dollar-sterling collaboration (1968) Money (1969) As you can see the titles got snappier as the years went by! He also had a thing about dynamic economics and one of his last works was entitled Economic Dynamics (1973). Some of his main works include: • • • • • • • • The trade cycle .

boost investment through the accelerator. and exaggerate the trade cycle . The accelerator theory suggests that net investment depends on the rate of change of output. The model he developed is called the Harrod-Domar model. This has a multiplied effect and the same process begins but heading downwards this time! The interaction of the multiplier and accelerator serves to create some of the cyclical fluctuations. Growth is split into different types and analysed accordingly. in turn. and investment then falls.equilibrium. Harrod-Domar model This model is a model of long-term growth and was in fact developed independently by Harrod and Domar around the same time. say an increase in government expenditure this will boost incomes through the multiplier. He also brought together in a mathematical framework the multiplier and the accelerator. As growth reaches its peak the accelerator kicks in in reverse. because of the increase in investment the multiplier takes over again. This means that if there is. The model tends to show that there will be no natural tendency for the economy to have a balanced rate of growth. but as a changing dynamic situation. Multiplier / accelerator interaction Harrod brought together theory about the multiplier and accelerator to show mathematically how they may interact to change the pattern of growth. This will. which had been the preoccupation of many economists up to that time. . Then.

However. The policy implication of the conclusion is that the government has to intervene to try to manage the level of output with its policies. He attended Clifton College in Bristol. Oxford. He then carried on touring the UK anti-clockwise working at Cambridge for 3 years and then Manchester where he was the Chair of Political Economy.K. SIR JOHN RICHARD HICKS BIOGRAPHY Sir John Hicks is one of an elite group in our Virtual Economy .a Nobel Prize winner in Economics. after graduating he lectured at the London School of Economics from 1926 . He waited a further 8 years before completing the circle and moving back to Oxford as an Official Fellow of Nuffield College. He shared the award of the prize with Professor J.The overall conclusion of the model is that the economy does not naturally find full-employment equilibrium. Much of the work he did was on microeconomics for the analytical tool of indifference curve analysis. Arrow in 1972. He remained in that post until 1965.1935. He then settled there for many years and was made the Drummond Professor of Political Economy in 1952. . and from there went to Balliol College Oxford. This is very similar to the Keynesian belief and is perhaps the main reason why we are considering Harrod as a Keynesian.

As a contrast though (and the reason he is included in our Virtual Economy). In this he referred a good deal to the work of Keynes. Where both these markets are in equilibrium .WORK Sir John Hicks focused for much of his time on the theory of demand. he also spent some time developing a macroeconomic framework to model the economy. His main works included: • • • • • • The theory of wages (1932) Value and capital (1939) A contribution to the theory of the trade cycle (1950) A revision of demand theory (1956) The crisis in Keynesian economics (1974) Causality in economics (1979) THEORIES Sir John Hicks looked at the role of the accelerator theory in affecting growth and income and came to conclusions similar to those of Harrod. and is still a very useful tool in macroeconomics. and was instrumental in developing indifference curve theory. This is a way of modeling equilibrium in the economy by looking at equilibrium in the goods and services markets (the IS curve) and equilibrium in the money markets (LM curve). that the accelerator may induce various fluctuations in the level of output. He also developed the IS-LM model. This framework is known as IS-LM analysis.

will be the equilibrium level of output. MILTON FRIEDMAN BIOGRAPHY Milton Friedman is the best known of all Monetarists. savings and the supply and demand for money. He was born in New York in 1912 and after some time working at Columbia University and for the government. He was awarded this in 1976. He is a well-known economist and one of the select elite in our Virtual Economy who has won a Nobel Prize in economics. he became Professor of Economics at Chicago University. It is here that he did much of his best-known work and was surrounded by many other . The IS-LM model looks at output against the rate of interest: Hicks used this model to explore the assumptions concerned with investment. It has become a widely accepted alternative framework to standard Keynesian analysis. In fact to most people he is probably the only Monetarist they know (if they even know what a Monetarist is!).

WORK Milton Friedman's best known work is on the Quantity Theory of Money . They are often termed the 'Chicago School' of Monetarist economists for obvious reasons. It was his work that influenced the Tory government of Mrs. tested it and put it into a more modern context. but fought his corner very skillfully. His main published works include: • • • • • • Taxing to prevent inflation (1943) Essays in positive economics (1953) A theory of the consumption function (1957) A monetary history of the United States 18671960 (1963) The optimum quantity of money (1969) Free to choose: a personal statement (1980) .the permanent-income hypothesis.he is almost an evangelist! He is a great believer in the power of the free market and much of his work has been based around this. Thatcher to adopt Monetarist policies in 1979 when it was elected. He was always a controversial character. However.Monetarists. he also did quite a bit of work on the theory of distribution and argued for a new way of looking at the way people decide on their consumption . He extended this Classical piece of analysis. He even made a series of television programmes in the early 1980s entitled’ Free to Choose'. There is also a book of the same name. Milton Friedman is more than just an economist though .

The role of government is simply to use its monetary policy to control inflation and supply-side policies to make markets work better and reduce unemployment. This is summed up in the quote: "Inflation is always and everywhere a monetary phenomenon" THEORIES Friedman has made two particularly fundamental contributions to the economic policy debate. arguing that governments must bear responsibility for most of the fluctuations in prices.The monetary history of the United States was cowritten with Anna Schwartz and was an important work. It was in his work Studies in the Quantity Theory of Money (1956) that he developed his best known thesis. Any attempt to manage the level of demand (in a Keynesian way) would simply be de-stabilizing and make things worse. He has argued the case eloquently for non-interventionist policies by governments. They are his work on the Quantity Theory of Money and the expectations-augmented Phillips Curve . He has also been a darling of right-wing governments throughout the world helping them to justify their particular brand of 'laissez-faire' economics. output and employment as they were rooted in monetary fluctuations. Quantity Theory of Money .

Higher inflation may also damage our international competitiveness. coming to the conclusion that V and T were both independently determined in the long-run. the problem that emerged with it in the 1970s was its total inability to explain unemployment and inflation going . Who will want to buy UK goods when our prices are going up faster than theirs? Expectations-augmented Phillips Curve The Phillips Curve showed a trade-off between unemployment and inflation. However. This equation stated that: MV = PT Where: M is the amount of money in circulation V is the velocity of circulation of that money P is the average price level and T is the number of transactions taking place Classical economists suggested that V would be relatively stable and would always tend to full employment.The Quantity Theory of Money was a bit of classical theory based around the Fisher Equation of Exchange . This uncertainty could limit spending and also limit the level of investment. The conclusion from this was that: M P If the money supply grew faster than the underlying growth rate of output there would be inflation. Inflation would be bad for the economy because of the uncertainty it created. Friedman developed this and tested it further.

It therefore decides to boost demand by 5%. The increase in demand for goods and services will fairly soon begin to lead to inflation. According to the Phillips Curve they weren't supposed to do that. Once again the supreme logic of economics comes to the fore! Friedman argued that there were a series of different Phillips Curves for each level of expected inflation. Friedman was therefore assuming no 'money illusion' . and the government decides that it wants to lower the level of unemployment because it is too high.hence the name 'expectations-augmented' Phillips Curve. but throughout the 1970s they did. Friedman then put his mind to whether the Phillips Curve could be adapted to show why stagflation was occurring. and the explanation he came up with was to include the role of expectations in the Phillips Curve . If people expected inflation to occur then they would anticipate and expect a correspondingly higher wage rise.people would anticipate inflation and account for it.up together -stagflation . and so any increase in employment will quickly be wiped out as people realize that there hasn't been a real increase in . We therefore got the situation shown below: Say the economy starts at point U.

Also like Friedman Hayek was awarded the Nobel Prize in Economics. and anticipate the inflation. as you can guess from his name is Austrian and so is often considered as being a part of the 'Austrian school'. but this time at a higher level of inflation. He was a passionate opponent to Socialism and along with another economist called Ludwig von Mises formed the Mont Pelerin Society. This was given jointly with another economist called Myrdal in 1974 . So having moved along the Phillips Curve from U to V. Hayek. Any attempt to reduce inflation below the level at U will simply be inflationary. Next time around the firms and consumers are ready for this. there the similarity ends initially. like Friedman and most other Monetarists was a great believer in free markets. However.demand. If the government insist on trying again the economy will do the same thing (W to X to Y). For this reason the rate U is often known as the natural rate of unemployment .just after Friedman received his Nobel Prize. FRIEDRICH AUGUST VON HAYEK BIOGRAPHY Hayek. the firms now begin to lay people off once again and unemployment moves back to W. This society was pledged to give individuals the freedom to make their own economic choices and .

he said. Here the Monetarist connection becomes clear.campaigned to make people aware of the dangers of Socialism. His main published works include: • • • • • Monetary theory and the trade cycle (1929) The pure theory of capital (1941) The road to serfdom (1944) The constitution of liberty (1961) The fatal conceit: the errors of Socialism (1988) He also wrote a number of works that looked at philosophy and the development of ideas. Hayek was born in Vienna and from 1927 until 1931 was Director of the Austrian Institute for Economic Research. Much of his work is about the nature of free markets and freedom. He always argued the case for individual freedom and free markets. and when he wasn't arguing the case for free markets he was arguing the case against Socialist planning. as the Chicago School of Monetarists at Chicago University was where Friedman was based. However. there . Hayek returned to Austria as a Visiting Professor of Economics at the University of Salzburg in 1969 WORK Hayek wrote prolifically and passionately. but then at the University of Chicago from 1950 until 1962. That way. he was then drawn to the Englishspeaking academic world initially at the London School of Economics. often linking the two disciplines of economics and philosophy.

the basis of an efficient economic system. . Hayek's society .the Mont Pelerin Society . In a boom time the opposite will occur. Hayek did a considerable amount of work on the trade-cycle theories that were developed by his friend von Mises and combined them with theories on capital.would be proper incentives to work and save . as it was the only way to control inflation. even if that led to high unemployment. This in turn will lead investment to fall. He looked at how real wages will usually fall in a recession causing firms to switch to more labourintensive methods of production.became increasingly influential in the 1970s and 1980s as many politicians began to look for intellectual backing for their free-market beliefs. Hayek also argued like Friedman that the growth of the money supply should be restricted. THEORIES Even at the age of 92 when he died Hayek was still actively espousing the virtues of the free-market and he was regarded as something of an 'elder-statesman' of the libertarian movement.

Monetarist or Keynesian.. Beside each of them is a label that classifies them as (Neo-) Classical. * Hayek is often associated with Monetarists because of the nature of his views on money supply. but he ..Timeline of Famous Economists Below is a timeline of famous economists organised by their date of birth.

bized.com www.uk www.megaessays.wikipedia. We have classified him as a Monetarist here for simplicity.com . BIBLIOGRAPHY • • • www.disagreed with Friedman over many aspects of macroeconomics and methodology.co.

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