Great Economists

Gorbunova Irina
 Nikolay Kondratyev
Nikolai Kondratyev was born into a peasant family on March
4, 1892, died in 1938. His small homeland is the village of
Galuevskaya, Kineshemsky district. He was the eldest son of ten
children. In his biography, 4 main periods can be distinguished:
The first 17 years - childhood, adolescence - from 1892 to
1908; during these years he acquired a rich life experience, but he
could not get a good enough education
Ten-year St. Petersburg period - from 1908 to 1918
Twelve-year Moscow period - from 1918 to 1930An eight-
year period of imprisonment in Stalin's prisons, from 1930 to
1938.
 Contribution to the economy
He formulated the theory of "long waves" of the
development of a market economy. This theory proved that
countries with market economies in their development
regularly go through stages of economic ups and downs,
forming standard cycles that repeat every 40-60 years.
The idea of long waves is important in
that they provide the necessary basis for
assessing the state of the economy and
predicting its future state.
 John Ramsay McCulloch
McCulloch was born on March 1, 1789 in Scotland,
died at the age of 75. He was the son of a small
landowner. McCulloch was never able to shake off a
prominent Scottish accent. At the University of
Edinburgh, he studied law, then turned to journalism and
political economy. When Ricardo's Principles appeared in
1817, McCulloch wrote a masterful review of the book
for the Edinburgh Review, which received rave reviews.
 Contribution to the economy

In 1820 he came to London, where he taught economics in

private. In his main work "Foundations of Political Economy",
recognizing labor as a source of value, McCulloch interpreted it as
a kind of actions or operations, regardless of whether they are
performed by people, machines or forces of nature.
John noted that the worker is the most important participant in
the labor process and at the same time the commodity owner.
Until now, the bibliographic manual "Literature of Political
Economy" compiled by McCulloch has not lost its significance.
 Simon Newcome

Simon Newcome is an American astronomer,

mathematician and economist of Canadian descent, born on
March 12, 1835, died of cancer on July 11, 1909. Newcome
was self-taught and polymath. He spoke French, German,
Italian and Swedish; readable; and the author of a number
of popular science books and a science fiction novel.He
was awarded the Gold Medal of the Royal Astronomical
Society of London (1874), the H. Huygens Medal of the
Netherlands Scientific Society, etc.
 Contribution to the economy
He wrote on economics and its principles of
political economy (1885), described by John Maynard
Keynes as “one of those original works, fresh
scientific mind, not distorted, having read too much
orthodox material, capable of producing from time to
time a half-formed topic like an economy ”.
Equation of
It is credited to Irving Fisher with the first known exchange
proclamation of the equation of exchange between
money and goods used in the quantitative theory of
money.
 Henry Thornton
Henry Thornton - English economist, banker,
philanthropist and abolitionist, born March 10, 1760, died
January 16, 1815. Henry's main achievement is the
description of the so-called indirect mechanism of the
influence of the money supply on the price level.
The direct mechanism of such influence, considered by
Hume and Cantillon, was based on metal money and was
reduced to the depreciation of money in the event of an
overflow of circulation channels.
Contribution to the economy
The most significant contribution to the monetary theory
of the XIX century. introduced by Henry Thornton - the
development of the idea of a plurality of means of payment,
among which, along with coins and banknotes, he included
credit instruments: bills of exchange and deposits. He
actually came to the treatment of money.
Another step forward was the analysis of the money
multiplier mechanism - the dependence of the size of the
credit superstructure on the size of the monetary base
(metal coins and paper money having the status of legal
tender).
 Edward Gibbon Wakefield

Edward Gibbon Wakefield - English adventurer

and economist, representative of classical political
economy, was born on March 20, 1796 in the city of
London, died on May 16, 1862.A prominent
representative of English-classical political
economy, the author of comments on the main work
of A. Smith. In the "Letter from Sydney"
Contribution to the economy

He put forward a plan for "systematic

colonization", proposing to raise the selling price of
land in the colonies and to take other measures to
increase the contingent of hired workers. He also
considered the encouragement of the emigration of
workers from Great Britain as a means of weakening
the danger of a social explosion in the metropolis.
Karl Marx assessed this plan as an attempt at "initial
accumulation" in the colonies.
 Irma Adelman
Irma Adelman - was born on March 14, 1930 in
Romania, died at the age of 86, on February 5, 2017.She
began teaching at Berkeley in 1955 and has worked at
Northwestern University since 1966, where she became a
professor. In 1977, she worked for one year at the World
Bank in Washington, DC as chief economist at the Center for
Research on the Economies of Developing Countries.
The following year, she became professor of economics
at the University of Maryland.Irma Adelman was elected
Vice President of the American Economic Association in
1979.
 Contribution to the economy
Irma Adelman contributed greatly to the creation of
computable general equilibrium models used in
economic planning. In collaboration with Cynthia
Morris, she attempted to apply a new technique of
multivariate analysis to the study of the interactions
between economic, social and political forces in the
process of economic development.
She also attempted to quantify the relationship
between economic growth and income inequality in
some countries.
Thanks for attention!