Econ Who’s Who

Who What When

Adam Smith British economist and 1723-1790; The Wealth of

political philosopher. Wrote Nations was published in
The Wealth of Nations. Key 1776 (same year as American
concepts: the invisible hand, Revolutionary War)
the free market, division of
labor, trade, and rational
self-interest.

Classical Economist
David Ricardo British economist. Built on 1772-1823
the ideas of Adam Smith.
Labor Theory of Value,
“rent,” comparative
advantage.

Classical Economist.
Thomas Malthus British economist. Idea that 1766-1834
population increase will
outpace standard of living
and production of food. Also
got into a fight with Ricardo
about rents.

Classical Economist
Karl Marx German economist.
Communism’s founding
father, advocated a stateless,
classless society, preceded by
a “dictatorship of the
proletariat” that would
gradually fade away.
1818-1883; in 1848,
coauthored The Communist
Manifesto; from 1867-83 he
wrote Das Kapital (On
Capital)

Marxian Economist

See next page German political philosopher, 1820-1895; 1848,

among other things. Marx’s coauthored The Communist
Econ Who’s Who

Friedrich Engels less-famous sidekick. Manifesto

Marxian Economist

Carl Menger Polish economist, refuted the 1840-1921

labor theory of value,
founder of the Austrian
School of economics, laid
groundwork for “marginal
utility.”

Neoclassical Economist;
Austrian School Economist
William Stanley Jevons British economist, part of the 1835-1882
“marginal revolution”
understanding subjecting
taste as driving consumer
behavior. Marginal utility,
same as Menger.

Neoclassical Economist
John Bates Clark American economist, the 1847-1938
American flank of the
“marginal revolution.”

Neoclassical Economist

See next page

British economist, the father

Econ Who’s Who

John Maynard Keynes of modern macroeconomics. 1883-1946

Advocate fiscal and monetary
policy to protect people from
the short-term effects of
unemployment and
recessions.

Keynesian Economist
F. A. Hayek Austrian economist and 1889-1992; 1944 published
political philosopher, ardent The Road to Serfdom
defender of classical
liberalism, the free market,
and the value of price signals.

Austrian School Economist;

arguably also neoclassical
Milton Friedman American economist and 1912-2006; 1962 published
founder of the Chicago Capitalism and Freedom
school. Like Hayek, but more
extreme. Supported school
choice and opposed the
Fed’s policies. Controversial
role in Latin American
economic reform. Beloved by
libertarians and Ronald
Reagan.

Neoclassical economist;
Chicago School Economist

See next page

American institutionalist and 1933-2012; 1990 published

Elinor Ostrom political economist, famous Governing the Commons
Econ Who’s Who

for her work on “common

pool” resources. Part of
resurgence in political
economy.

Institutionalist

Amartya Sen Indian economist, famous for 1933 - present. 1999

the “capabilities approach” published Development as
to freedom. Freedom.

No clear affiliations

Joseph Stiglitz American economist, known 1943 – present. Most recent

for his vocal critique of the book is People, Power, and
World Bank and IMF, and Profits, 2019.
laissez-faire neoclassical
ideas. Dislikes “market
fundamentalists.”

New Neo-Classical Synthesis