This document summarizes the contributions of several prominent proponents of free market economics, including: - Irving Fisher, an early American neoclassical economist who made important contributions to utility theory, interest rates, macroeconomics, and econometrics. - Simon Kuznets, an economist who developed methods for calculating national income and its changes, and helped establish economics as an empirical science. - Milton Friedman, an influential 20th century American economist who advocated for free market policies and spent over 30 years teaching at the University of Chicago. - Gary Becker, a Nobel Prize winning economist who made contributions to family economics and analyzing human behavior as both rational and utility maximizing.

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.”

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