ECONOMISTS

1) Francois Quesnay
 BIRTH: July 4, 1694
 DEATH: December 16, 1774
BACKGROUND:
 French Economist
 The founder, leader, and guru of physiocracy
 Studied surgery and became a royal surgeon
 Served as the consulting physician to King Louis XV at Versailles
 Was interested in economics on 1756 when he was at the palace
WORKS:
 Tableu Economique (1758)
- agricultural surpluses, by flowing through the economy in the form
of rent, wages, and purchases were the real economic movers
 Laissez-faire, Laissez-passer
- economic system in which transactions between private parties are
free from government interference
 Le Despotisme de la Chine (1767)
- describes his views of the Chinese imperial system
IDEA: “Real wealth comes from production”
Hindi ako sang-ayon dito dahil para sa akin, ang kayamanan ng isang
bansa ay hindi lamang base sa mga produkto na kanyang magawa kundi
kung anong yaman meron siya. Kagaya ng natural resources at natural
resources.

2) Adam Smith
 BIRTH: June 16, 1723
 DEATH: July 17, 1790
BACKGROUND:
 Scottish philosopher and political economist
 Lived in Kirkcaldy, Fife, Scotland
 Lived with his mother in his entire life
 Professor at Oxford University and University of Glasgow
 Pioneer of “political economy” (the study of production)
 Part of the Scottish Enlightenment
 Collaborated with David Humm
WORKS:
 The Wealth of Nations (1776)
- the book offers one of the world's first collected descriptions of
what builds nations' wealth, and is today a fundamental work
in classical economics.
 The Theory of Moral Sentiments
- reveals Adam Smith's comprehensive system that explains where
morality arises from, how people make moral decisions, and what
constitutes virtue.

 “invisible hand”
 - The unobservable market force that helps the demand and supply
of goods in a free market to reach equilibrium
 Free Trade
- international trade left to its natural course without tariffs, quotas,
or other restriction
IDEA: “No society can surely be flourishing and happy, of which the
far greater part of the member is poor and miserable.”
Sumang-ayon ako sa idea ni Adam Smith. Dahil, kagaya sa sitwasyon
natin dito sa Pilipinas, kahit na umuunlad ang ating ekonomiya, hindi pa rin
tayo maging masaya dahil 10% ng populasyon ng Pilipinas ang unemployed
at 60% naman ang nasa below poverty line.

3) Thomas Malthus
 BIRTH: February 13, 1766
 DEATH: December 29, 1834
BACKGROUND:
 British demographer and political economist
 Founder of modern demography
 Belonged to a prosperous family
 Was home – schooled before attending Jesus College, Cambridge
 Earned a master’s degree in 1791, and was elected a fellow of Jesus
College two years later
 Marries Harriet Eckerstall and had three children
 Became Britain’s first professor in political economy at the East India
Company at Hertford Heath
 Was elected as a fellow of the Royal Society in 1818
WORKS:
 An Essay on the Principle of Population
- the book predicted a grim future, as population would increase
geometrically, doubling every 25 years, but food production would
only grow arithmetically, which would result in famine and
starvation, unless births were controlled
 Malthusian Theory of Population
- a systematic theory of population; he articulated his views
regarding population in his famous book, Essay on the Principle of
Population
IDEA: “The superior power of population cannot be checked without
producing misery or vice.”
Sang-ayon ako dito sa idea na ito. Dahil hindi maging pantay ang
supply at demand dahil sa laki ng populasyon, maraming tao ang nahihirapan
at nag-resort sa maga iba’t ibang bisyo dahil dito.

4) David Ricardo
 BIRTH: April 18, 1772
 DEATH: September 11, 1823
BACKGROUND:
 3rd of 17 children
 Son of Jewish immigrant stock broker
 Broke ranks with family and became a Unitarian to marry a Quaker
woman he fell in love with
  Took modest stake and build into a fortune
 Invested in Securities and Real Estate
 Got interested in economics as a “hobby”
WORKS:
 The High Price of Bullion, a Proof of the Depreciation of Bank Notes
- he argued that raising the tariff on grain imports tended to increase
the rents of the country gentlemen while decreasing the profits of
manufacturers
 Essay on the Influence of a Low Price of Corn on the Profits of Stock
- Contain the principles which regulate the rise and fall of rent
 Principles of Political Economy and Taxation
- The book concludes that land rent grows as population increases
IDEA: “Money is neither a material to work upon nor a tool to work
with.”
Sang-ayon ako dito dahil totoo nga na dapat na kailangan natin ang
pera, pero hindi ito dapat gamitin bilang material or tool. Pera ay kailangan
para pambili sa materials or tools for work at ginagamit din sa sweldo ng
trabahante pero ang totoong income na makukuha o magamit s=nila ay hindi
pera kundi ang halaga nito.

5) Karl Marx
 BIRTH: May 5, 1818
 DEATH: March 14, 1883
BACKGROUND:
 His father is a lawyer (Herschel Marx)
 His mother is from Holland (Henrietta Pressburg)
 Karl Marx is a Jew
 He is privately educated until 1830
 He is educated from 1830 to 1835 at the high school in Tier
 Matriculated at the University of Bonn on October 1835
 Karl Marx is the founder of modern sociology
WORKS:
 Co – authored a most famous called “The Communist Manifesto”
published in 1848.
- It presents an analytical approach to the class struggle and the
problems of capitalism and the capitalist mode of production
 He held that history was a series of a class struggles between owners
of capitals and workers
 Marx wrote extensively about the economic causes of this process in
Capital was published on 1867 then later became 2 volumes and
edited by Engels and published on 1885 and 1894
IDEA: “Men make their own history, but they do not make it as they
please.”

6) John Maynard Keynes

 BIRTH: June 5, 1883
 DEATH: April 21, 1946

BACKGROUND:
 Moderately prosperous family
  Attended King’s College, Cambridge
 Earned a degree in mathematics in 1905
 Studied under Alfred Marshall and Arthur Pigou under scholarship on
the quantity theory of money.
 Exclusive private club, “the society”
 1808 – A lecturer at Cambridge, then took a leave to work for the
British Treasury
 Treasury’s principal representative at the peace conference at
Versailles
WORKS:
 Indian Currency and Finance
- A detailed account of Indian Finance of the time
 The Economic Consequences of the Peace
- was critical in establishing a general opinion that the Versailles
Treaty was a "Carthaginian peace"
 Tract on Monetary Reform
- built on the Principles He Had Learned from His Mentors, Marshall
and Pigou.
 Treatise On Money
- monetary Policy
 The General Theory of Employment, Interest and Money
- resulted from Unemployment in Britain.
IDEA: “Apart from the necessity of central controls to bring about the
adjustment between the propensity to consume and the inducement
to invest, there is no more reason to socialize economic life than
there was before.”

7) Alfred Marshall
 BIRTH: July 26, 1842
 DEATH: July 13, 1924
BACKGROUND:
 Belongs to a middle-class family in London
 Academic in Mathematics and Economics
 His specialty was microeconomics
 Chief founder of the school of English Neoclassical Economics
 Lecturer of Political Economy in Balliol College
 Professor of Political Economy in University of Cambridge
 Member of the Royal Commission on Labour

WORKS:
 The Economics of Industry (1879)
 The Pure Theory of Foreign Trade: The Pure Theory of Domestic Values
- cover the topics of foreign trade, money, trade fluctuations, and
taxation
 Principles of Economics (1890)
- The book was full of now familiar terms, such as consumer surplus,
long- and short-run analysis, and external economies
IDEA: “Most of the chief distinctions marked by economic terms are
differences not of kind but degree.”
8) John Stuart Mill
 BIRTH: May 20, 1806
 DEATH: May 8, 1873
BACKGROUND:
 British Philosopher and Economist
 When Mill was fourteen, he was sent to France for a yearly stay with
the family of Sir Samuel Bentham, brother of Jeremy Bentham
 At age 20, he suffered from a serious nervous breakdown
 In 1851, he was married to Harriet Taylor
 His wife died in 1858
 From 1865 to 1868, he served as Lord Rector in University of St.
Andrews
 He became the first person in Parliament to advocate women’s right to
vote.
WORKS:
 A System of Logic
- he formulated the five principles of inductive reasoning that are
known as Mill's Methods
 Principles of Political Economy
- The book concludes that land rent grows as population increases
 On Liberty
- Mill attempts to establish standards for the relationship
between authority and liberty
 Utilitarianism
 The Subjection of Women
- Argument in favor of equality
 Three Essays on Religion
 Autobiography of John Stuart Mill
IDEA: “I have learned to seek my happiness by limiting my desires,
rather than in attempting to satisfy them.”
Sang-ayon ako dito dahil hindi talaga natin ma fulfill ang lahat ng mga
desires natin kaya instead na subukan natin makuhaang ang mga gusto
natin, dapat marunong tayo mag limit nito para tayo ay maging masaya.

9) Paul Samuelson
 BIRTH: May 15, 1915
 DEATH: December 13, 2009
BACKGROUND:
 His parents were Frank and Ella Samuelson
 He is married to Marion Crawford Samuelson and had six children
 He studied at the University of Chicago and Harvard
 He served as a professor in M.I.T. and a consultant in many
organizations

WORKS:
 Cost push
 - inflation caused by an increase in prices of inputs like labour, raw
material, etc. The increased price of the factors of production leads
to a decreased supply of these goods.
 He recommended reducing the mortgage rates, mortgage discounts,
insurance fees, and extension of maximum amortization periods.
 development of the multiplier-accelerator model
 Economics: An Introductory Analysis
- has been called a "canonical textbook"
- coined the term "neoclassical synthesis" and popularized the
concept
 The Correspondence principle
- states that the behavior of systems describes by the theory of
quantum mechanics
 Overlapping generations model
 foundations of Economic Analysis
 Neo-Keynesian Economics
 Neo-Classical Synthesis
 Helped a number of economic areas like consumer theory, welfare,
world trade, finance theory, capital theory, equilibrium, and
macroeconomics
 Used math to help explain how business cycles work
IDEA: “Good questions outrank easy answers.”

3 KATANGIAN NG MAHUSAY NA EKONOMISTA:

 Hardworking
 Disciplined
 Utilitarian