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Free Market Advocates
- 1. Proponents of Free Market Economics Highlighting their contributions and ideas…
- 2. He was among the earliest neo-classical American economists. According to Joseph Schumpeter, Fisher was perhaps “the greatest economist the United States has ever produced”
- 3. Fisher’s important contributions include: Theory of utility and consumer choice Principles of Interest and Capital Inauguration of the school of macroeconomic thought - “monetarism” Econometrics and the development of index numbers.
- 4. He played a key role in drafting the Indian Constitution. He authored The Problem of the Rupee: Its Origins and Solutions, which was published for the first time in 1923.
- 5. Few people know that he was an economist at heart and a proponent of the free market. He propagated the gold standard, private property rights, decentralized planning and economic freedom. He was against the government having monopoly on printing legal tender. “Money is not only necessary to facilitate trade…but is also necessary to sustain production by permitting specialisation” “Trade is the handmaid of production, and where the former cannot flourish the latter must languish.”
- 6. He was an economic historian known for his interpretation of economic growth. He won the Nobel Memorial Prize in Economic Sciences in1971.
- 7. The Kuznets curve plotted the relationship between economic growth and inequality within the country. He developed methods for calculating the size of national income and the changes thereof. He contributed to the transformation of economics into an empirical science. He also helped in the formation of quantitative economics.
- 8. He was an economist and statistician, based in America. He received the Nobel Prize in Economic Sciences in 1976. The Economist described him as“the most influential economist of the second half of the 20th century… possibly of all of it.”
- 9. Friedman also taught at the University of Chicago for over three decades. His strong views on macro and microeconomics, economic history and public policy issues have surfaced in many books, scholarly papers, magazines, television programs and lectures. His political beliefs espoused the intrinsic worth of a free market economic structure.
- 10. He was Professor of Economics and Sociology. He contributed to the “family economics” branch of economics. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992.
- 11. He was known for arguing that there are many different types of human behaviour. He claimed that it can be seen as both utility maximizing and rational. He was also among the foremost exponents of the study of human capital. Becker was also credited with the “rotten kid theorem.”