This document provides brief biographies of 20 influential economists from Adam Smith to Paul Krugman, including their dates of birth and death, notable works, and schools of economic thought. It touches on some of their major contributions such as Adam Smith's invisible hand, David Ricardo's comparative advantage, Karl Marx's labor theory of value, John Maynard Keynes' General Theory and founding of macroeconomics, and Paul Krugman's work in international trade and economic geography. The document aims to highlight important economists and their impact on the development of economic principles and theories over time.

1. ECONOMISTS
NOTABLE
@economicsinfocus
ECONOMICS IN FOCUS
of the World

2. It is not from the benevolence of the
butcher, the brewer, or the baker that we
expect our dinner, but from their regard to
their own interest.
ADAM SMITH
Absolute Advantage
Modern Free Market
Division of Labor
The Invisible Hand
“The Father of Economics”
Born
June 16, 1723
Died
July 17, 1790
Nationality Scottish
Magnum
Opus
The Wealth of Nations
(1776)
School of
Economic
Thought
Classical Economics
Paradox of Value
ECONOMICS IN FOCUS
@economicsinfocus
ECONOMIC PRINCIPLES

3. Nothing contributes so much to
the prosperity and happiness of
a country as high profits.
DAVID RICARDO
Born
April 18, 1772
Died
September 11, 1823
Nationality British
Magnum
Opus
Principles of Political
Economy and Taxation
(1817)
School of
Economic
Thought
Classical Economics
@economicsinfocus
Ricardian Equivalence
Labor Theory of Value
Comparative Advantage
Law of Diminishing Returns
Economic Rent
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

4. The power of population is
indefinitely greater than the power in
the earth to produce subsistence for
man.
THOMAS MALTHUS
Born
February 1766
Died
December 23, 1834
Nationality English
Magnum
Opus
An Essay on the Principle
of Population (1798)
School of
Economic
Thought
Classical Economics
@economicsinfocus
ECONOMICS IN FOCUS
Malthusian Catastrophe
Mathusian Growth
ECONOMIC PRINCIPLES

5. The entrepreneur shifts economic
resources out of an area of lower and
into an area of higher productivity and
greater yield.
JEAN-BAPTISTE SAY
Born
January 5, 1767
Died
November 15, 1832
Nationality French
Magnum
Opus
A Treatise on Political
Economy (1803)
School of
Economic
Thought
Classical Economics
@economicsinfocus
Entrepreneurship
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES
Say’s Law or Law of
Markets
“Supply creates its own
demand"

6. Everyone wants to live at the expense
of the state. They forget that the
state wants to live at the expense of
everyone.
Born
June 30, 1801
Died
December 24, 1850
Nationality French
Magnum
Opus
Economic Harmonies
(1850)
School of
Economic
Thought
Classical Economics
@economicsinfocus
Parable of the Broken
Window
Opportunity Cost
ECONOMICS IN FOCUS
FREDERIC BASTIAT
ECONOMIC PRINCIPLES

7. The said truth is that it is the greatest
happiness of the greatest number
that is the measure of right and
wrong.
JEREMY BENTHAM
Born
February 15, 1748
Died
June 6, 1832
Nationality English
Magnum
Opus
Principles of Political
Economy and Taxation
(1817)
School of
Economic
Thought
Utilitarianism
Utility or Greatest
Happiness Principle
@economicsinfocus
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

8. I have learned to seek my happiness
by limiting my desires, rather than in
attempting to satisfy them.
JAMES STUART MILL
Born
May 20, 1806
Died
May 7, 1873
Nationality English
Magnum
Opus
Principles of Political
Economy (1848)
School of
Economic
Thought
Classical Economics
@economicsinfocus
Hierarchy of pleasures in
Utilitarianism
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

9. From each according to his
abilities, to each according to
his needs.
KARL MARX
Born
May 5, 1818
Died
March 14, 1883
Nationality German
Magnum
Opus
Das Kapital (1867–
1883)
School of
Economic
Thought
Marxism
@economicsinfocus
Surplus Value
ECONOMICS IN FOCUS
Labor Theory of Value
ECONOMIC PRINCIPLES

10. An ounce of action is worth
a ton of theory.
FRIEDRICH ENGELS
Born
November 28, 1820
Died
August 5, 1895
Nationality German
Magnum
Opus
The Condition of the
Working Class in England
(1845)
School of
Economic
Thought
Marxism
Alienation of Workers
@economicsinfocus
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

11. Pleasure and pain are undoubtedly the ultimate objects
of the calculus of economics. To satisfy our wants to the
utmost with the least effort - to procure the greatest
amount of what is desirable at the expense of the least
that is undesirable - in other words, to maximize pleasure,
is the problem of economics.
WILLIAM STANLEY JEVONS
Born
September 1, 1835
Died
August 13, 1882
Nationality British
Magnum
Opus
The Theory of Political
Economy (1871)
School of
Economic
Thought
@economicsinfocus
ECONOMICS IN FOCUS
Jevons Paradox
Marginal utility theory
ECONOMIC PRINCIPLES

12. Man himself is the beginning
and the end of every economy.
CARL MENGER
Born
February 23, 1840
Died
February 26, 1921
Nationality Austrian
Magnum
Opus
Principles of Economics
(1871)
School of
Economic
Thought
Austrian School
Marginal Utility
@economicsinfocus
ECONOMICS IN FOCUS
“Father of the Austrian School of Economic Thought”
ECONOMIC PRINCIPLES

13. LEON WALRAS
Born
December 16, 1834
Died
January 5, 1910
Nationality French
Magnum
Opus
Elements of Pure
Economics (1874)
School of
Economic
Thought
Lausanne School
Marginalism
@economicsinfocus
Walrasian auction
General Equilibrium
ECONOMICS IN FOCUS
“Father of the General Equilibrium Theory”
Supply equals Demand
I say that things are useful whenever
they can be put to any use at all;
whenever they are seen to be
capable of satisfying a want.
ECONOMIC PRINCIPLES

14. All wealth consists of desirable things;
that is, things which satisfy human wants
directly or indirectly: but not all desirable
things are reckoned as wealth.
ALFRED MARSHALL
Born
July 26, 1842
Died
July 1924
Nationality British
Magnum
Opus
Principles Economics
(1890)
School of
Economic
Thought
Neoclassical Economics
@economicsinfocus
Economies of Scale
Costs of Production
Supply and Demand
ECONOMICS IN FOCUS
“Founder of Neoclassical Economics”
ECONOMIC PRINCIPLES

15. Economic controversy is generally a
thankless task. You cannot hope to make
any impression on your opponent. Yet he
is the only reader on whose interest you
can count.
FRANCIS YSIDRO EDGEWORTH
Born
February 8, 1845
Died
February 13, 1926
Nationality Irish
Magnum
Opus
Mathematical Physics
(1881)
School of
Economic
Thought
Neoclassical Economics
@economicsinfocus
Indifference Curve
Edgeworth Box
ECONOMICS IN FOCUS
Edgeworth's Limit Theorem
ECONOMIC PRINCIPLES

16. The rate of interest acts as a link
between income-value and
capital-value.
IRVING FISHER
Born
February 27, 1867
Died
April 29, 1947
Nationality American
Magnum
Opus
Mathematical Investigations
in the Theory of Value and
Price (1892)
School of
Economic
Thought
Neoclassical Economics
Equation of Exchange
Price Index
Fisher Equation
Debt Deflation
Money Illusion
ECONOMICS IN FOCUS
@economicsinfocus
ECONOMIC PRINCIPLES

17. I don't want to deal with any
more hurricanes. I'd rather take
an earthquake or a tornado.
WILLIAM PHILLIPS
Born
November 1914
Died
March 1975
Nationality New Zealander
Magnum
Opus
School of
Economic
Thought
Neo-Keynesian Economics
Phillips curve
ECONOMICS IN FOCUS
@economicsinfocus
ECONOMIC PRINCIPLE

18. For many events, roughly 80%
of the effects come from 20%
of the causes.
VILFREDO PARITO
Born
July 1848
Died
August 1923
Nationality Italian
Magnum
Opus
Manual of Political
Economy (1906)
School of
Economic
Thought
Neoclassical Economics
Lausanne School
@economicsinfocus
Pareto Index
Pareto Principle
Pareto Efficiency
Pareto Distribution
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

19. In society, liberty for one may
mean the suppression of liberty
for others.
GUNNAR MYRDAL
Born
December 1898
Died
May 1987
Nationality Swedish
Publication The Political Element in the
Development of Economic
Theory (1930)
School of
Economic
Thought
Institutional Economics
@economicsinfocus
Circular Cumulative
Causation
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

20. Conspicuous consumption of
valuable goods is a means of
reputability to the gentleman of
leisure.
THORSTEIN VEBLEN
Born
July 30, 1857
Died
August 3, 1929
Nationality American
PUBLICAT
ION
The Theory of the Leisure
Class (1899)
School of
Economic
Thought
Institutional Economics
@economicsinfocus
Veblen Good
Conspicuous Consumption
ECONOMICS IN FOCUS
Conspicuous Leisure
ECONOMIC PRINCIPLES

21. All rational action is in the first place
individual action. Only the individual
thinks. Only the individual reasons.
Only the individual acts.
Born
September 1881
Died
October 10, 1973
Nationality Austrian
Publication The Theory of Money
and Credit (1912)
School of
Economic
Thought
Austrian School of
Economics
@economicsinfocus
Economic Calculation
Problem
ECONOMICS IN FOCUS
LUDWIG VON MISES
Austrian Business cycle
Theory
ECONOMIC PRINCIPLES

22. We must face the fact that the
preservation of individual freedom is
incompatible with a full satisfaction
of our views of distributive justice.
FRIEDRICH HAYEK
Born
May 8, 1899
Died
March 23, 1992
Nationality Austrian-British
Notable
Work
Individualism and
Economic Order (1948)
School of
Economic
Thought
Austrian School of
Economics
@economicsinfocus
Austrian Theory of
Business Cycle
Price Signal
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

23. The difficulty lies, not in the new
ideas, but in escaping from the
old ones.
JOHN MAYNARD KEYNES
Born
June 5, 1883
Died
April 21, 1946
Nationality British
Magnum
Opus
The General Theory of
Employment, Interest and
Money (1936)
School of
Economic
Thought
Keynesian Economics
Spending Multiplier
Liquidity Preference
AD-AS Model
Macroeconomics
ECONOMICS IN FOCUS
@economicsinfocus
“Founding Father of Macroeconomics”
ECONOMIC PRINCIPLES

24. The misery of being exploited by
capitalists is nothing compared to
the misery of not being exploited all.”
JOAN ROBINSON
Born
October 31, 1903
Died
August 1983
Nationality British
Notable
Work
The Economics of
Imperfect Competition
(1933)
School of
Economic
Thought
Keynesian Economics
Robinson's Growth Model
ECONOMICS IN FOCUS
@economicsinfocus
ECONOMIC PRINCIPLES

25. I believe in a relatively equal society, supported
by institutions that limit extremes of wealth
and poverty. I believe in democracy, civil
liberties, and the rule of law. That makes me a
liberal, and I’m proud of it.
PAUL KRUGMAN
Born
February 28, 1953
Nationality American
Published
Work
Spatial Economy – Cities,
Regions and International
Trade (1999)
School of
Economic
Thought
Keynesian Economics
@economicsinfocus
Economic Geography
New Trade Theory
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

26. Economics, over the years, has
become more and more abstract and
divorced from events in the real
world.
RONALD COASE
Born
December 29, 1910
Died
September 2, 2013
Nationality British
Notable
Work
The Nature of the Firm
(1937)
School of
Economic
Thought
Institutional Economics
@economicsinfocus
Coase Conjecture
Coase Theorem
Transaction Cost
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

27. One of the great mistakes is to judge
policies and programs by their
intentions rather than their results
MILTON FRIEDMAN
Born
July 31, 1912
Died
November 16, 2006
Nationality American
Publication Capitalism and
Freedom ( 1962)
School of
Economic
Thought
Chicago School
@economicsinfocus
Permanent Income Hypothesis
Monetarism
Natural Rate of Unemployment
Helicopter money
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

28. The best of all monopoly profits
is a quiet life.
JOHN HICKS
Born
April 8, 1904
Died
May 1989
Nationality British
Publication The Theory of Wages
(1932)
School of
Economic
Thought
Neo-Keynesian Economics
Induced Innovation
IS–LM model
ECONOMICS IN FOCUS
@economicsinfocus
ECONOMIC PRINCIPLES

29. Every good cause is worth some
inefficiency.
PAUL SAMUELSON
Born
May 15, 1915
Died
December 13, 2009
Nationality American
Publication Economics (1948)
School of
Economic
Thought
Neo-Keynesian Economics
@economicsinfocus
Revealed Preference
ECONOMICS IN FOCUS
ECONOMIC PRINCIPLES

30. The identity of an individual is
essentially a function of her choices,
rather than the discovery of an
immutable attribute.
AMARTYA SEN
Born
November 3, 1933
Nationality Indian
Publication Thoice of Techniques: An
Aspect of the Theory of
Planned Economic
Development (1960)
School of
Economic
Thought
Welfare Economics
@economicsinfocus
ECONOMICS IN FOCUS
Human Development
Theory
ECONOMIC PRINCIPLES

31. @economicsinfocus
ECONOMICS IN FOCUS
REFERENCES
Book:
Kishtainy, Niall, et al. The Economics Book: Big Ideas Simply Explained. New York, USA: DK
Publishing
Online Sources:
https://www.britannica.com/
https://www.wikipedia.org/
https://en.wikipedia.org/wiki/History_of_economic_thought
https://www.brainyquote.com/authors/thomas-malthus-quotes
https://www.goodreads.com/author/quotes/89275.Fr_d_ric_Bastiat
https://www.azquotes.com/author/20905-William_Stanley_Jevons
https://en.wikiquote.org/wiki/L%C3%A9on_Walras
https://www.azquotes.com/author/32054-Francis_Ysidro_Edgeworth
https://allauthor.com/quotes/42465/
https://www.goodreads.com/author/quotes/386776.Vilfredo_Pareto
https://www.brainyquote.com/quotes/gunnar_myrdal_718208
https://www.goodreads.com/author/quotes/46766.Ludwig_von_Mises
https://www.azquotes.com/author/7958-John_Maynard_Keynes
https://www.goodreads.com/author/quotes/185171.Joan_Robinson
https://www.azquotes.com/author/30517-Ronald_Coase
https://www.goodreads.com/author/quotes/5001.Milton_Friedman
http://www.quotehd.com/quotes/paul-samuelson-economist-quote-every-good-cause-is-
worth-some
https://www.goodreads.com/author/quotes/82531.Amartya_Sen
REFERENCES

32. @economicsinfocus
ECONOMICS IN FOCUS
REFERENCES
PHOTO SOURCE LINKS
https://www.econlib.org/wp-content/uploads/2018/02/402px-AdamSmith.jpg
https://upload.wikimedia.org/wikipedia/commons/d/dc/Portrait_of_David_Ricardo_by_Thomas_Phillips.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Thomas_Malthus.jpg/781px-Thomas_Malthus.jpg
https://upload.wikimedia.org/wikipedia/commons/7/78/Jean-Baptiste_Say.jpg
https://oll-resources.s3.amazonaws.com/images/Bastiat-fromDEP300.jpg
https://www.theglobeandmail.com/ece-
images/264/opinion/article38005371.ece/BINARY/w620/John_Stuart_Mill_1907_DIGITAL.jpg
https://cdn.britannica.com/22/59822-050-98F24569/Karl-Marx-1870.jpg
https://cdn.britannica.com/47/101747-050-D9B72200/Friedrich-Engels-supporter-German-Karl-Marx-1879.jpg
https://econ.univie.ac.at/fileadmin/user_upload/p_bambi/About_Department/Bilder/Carl_Menger.jpg
https://upload.wikimedia.org/wikipedia/commons/5/5d/Walrass.jpg
https://cowles.yale.edu/sites/default/files/images/archives/fisher-irving.jpg
https://upload.wikimedia.org/wikipedia/commons/5/5b/Professor_A.W.H_%28Bill%29_Phillips.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Vilfredo_Pareto_1870s2.jpg/360px-
Vilfredo_Pareto_1870s2.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/c/c4/Gunnar_Myrdal_1964_002_%28cropped%29.jpg/220px
-Gunnar_Myrdal_1964_002_%28cropped%29.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Veblen3a.jpg/220px-Veblen3a.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Ludwig_von_Mises.jpg/220px-Ludwig_von_Mises.jpg
https://upload.wikimedia.org/wikipedia/commons/7/7f/Friedrich_Hayek_portrait.jpg
https://media.npr.org/assets/img/2011/11/15/keynes_vert-b496c6e9f20ef97ddbb4491927240bb38e458854-s800-
c85.jpg
https://media.npr.org/assets/img/2011/11/15/keynes_vert-b496c6e9f20ef97ddbb4491927240bb38e458854-s800-
c85.jpg
https://upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Joan_Robinson_%281973%29.jpg/220px-
Joan_Robinson_%281973%29.jpg
https://encrypted-
tbn0.gstatic.com/images?q=tbn%3AANd9GcThMB9J5FFEBjdeMiGiVKRUXGIW57bwx8EMOg&usqp=CAU
https://www.loc.gov/rr/business/images/milton-friedman_lg.jpg
https://dygtyjqp7pi0m.cloudfront.net/i/41081/35279740_1.jpg?v=8D77D889EBFAAC0
https://cdn.britannica.com/71/124271-004-04347FCF/Amartya-Sen-2007.jpg