When we talk about the economy of the world we always tend to refer to the thinkers, leaders and even politicians. There are many reasons why we always tend to drag their names into the discussion, since they build the base for all the thinking. Economics sneaks into almost every part of our daily lives, as we are often directly or indirectly influenced by things such as:
the state of our local economy
the strength of the global economy; and
local and international economic policy
Economics plays a vital role in our daily lives, so we have got a list of influential economists the world should know about and their theories.

Adam Smith- Face on the back of £20 note

Adam Smith who was born in 1723 and died in 1790 became famous after his photo was published in the back of a £20 note in 2007. This has been removed now as the Bank of England changed the image to Queen Elizabeth’s photo on the obverse and the image of painter J.M.W. Turner on the reverse. He completed his education from Glasgow when he was just 14. He then skipped his school, and went to discover more about the political economy. This is the reason he is now known as the ‘Father of Modern Economics’.

Some of his famous books include- The Wealth of Nations, where Adam asserted for free trade, market competition, and the ethics of private enterprises. This book still is famous because it was able to build the foundation of political economy as per the latest economy articles.

Alfred Marshall- Famous for Supply and Demand Theory

Alfred Marshall (1842–1924), was an English economist and he is considered to be one of the most influential economists of all the times. He might not be well known but you will certainly remember him by his theory of supply and demand. Well he is probably not the first one to have offered this theory but his representation and further addition to the model have given him the attention of the world. The book he has written and is famous is called ‘Principles of Economics’.

Millicent Fawcett- A feminist and an economist together

We all know the UK’s Fawcett Society, the face behind this society was a girl who was born in 1847 and died in 1929. It only concentrated on giving political economics theories rather than the scientific one. The book that made her famous was the ‘Political Economy for beginners’ which was released in the year 1870.

People bought this book in large numbers because it had concepts with a description and the theories provided along with it. Since this book was for beginners it proved to be of great help to them. The 0th edition of the book was published after 40 years but it seems like it still is important for people.

John Maynard Keynes- A savior at the times of economic crisis

John Maynard is a United Kingdom based economist who did not support the point that was so famous back then which was of free markets. The reason why it was famous was because it is believed that it provides employment to everyone which was partially true but comes with its own sets of disadvantages. He suggested that states should intervene when the boom and bust cycles would hit these markets. This proposal was later on accepted by the western world in the 1930s.

But it did not go on for a very long time and ended in the 1970s. This did not mean that the world was not in favor of this Keynesian policy, they liked it and especially at the times of economic crisis.

Milton Friedman- One of the top influential economists

Friedman was born in 1912 and died in 2006. He was an enthusiastic promoter and defender of the concept of free markets. According to the latest economy news he completed his education from Rutgers University, the University of Chicago and Columbia University. In 1976, he was awarded the Nobel Prize for economics. He is famous for many of his works like- consumption analysis, monetary history and theory, and stabilization policy.

This is not it; he also raised his voice at the time of Reagan’s presidency. The reason for spreading the rise in the United States of America was the rise of conservatism in the nation. So, he strongly opposed the President’s policies and rule.

W. Arthur Lewis- A Saint Lucian economist

He was born in 1915 and died in 1991 and has won a nobel prize along with Theodore W. Schultz in 1979. He has done some great works in his field of economy that consists of movement of labours from traditional to modern capitalist sectors. He was also the James Madison Professor of Political Economy at Princeton University.

Warren Buffett- Chairman and CEO of Berkshire Hathaway

Born in 1930 he is following multiple careers like a business tycoon, investor, philanthropist, and as already mentioned the Chairman and CEO of Berkshire Hathaway. He is not an economist but taken into consideration his academics, he was a student of Columbia University, where he studied economics. He connected and collaborated with a Wall Street investment company where he put in the theory of statistical and methodical approach of exchange. He is considered to be the richest person along with the tag of best investor in the world.

Elinor Ostrom- American Political economist

Ostrom died in 2012, and she is the first ever woman who received a Nobel Prize in the field of economy. She is a pioneer in her field and her work in the New Institutional Economics and the betterment of political economy got her immense attention from others in the same field. She collected her Nobel Prize along with Oliver E. Williamson for her interpretation of economic governance.

Her work focused around local property and how it can work well with the contribution of the local people staying there without the interruption of privatization.

Dambisa Moyo- A Zambian Economist and Author

Born in 1969, her work majorly revolves around poverty and unequal distribution of wealth in the world. She received Friedrich Hayek Institute’s lifetime achievement award because of her contribution in her field.

In her area of study, her book which is called ‘Why Aid is Not Working and How There Is a Better Way for Africa’ is the best-selling book till now.

Esther Duflo- A French-American Economist

She is not just a researcher, she also has used her skills to uplift poverty in certain areas. She acquired a Nobel Prize for economics along with Abhijit Mukherjee and Michael Kramer in 2019.

When she received the award she was one of the youngest receivers, and she was also the second woman to have achieved a Nobel Prize.
When we talk about the economy of the world we always tend to refer to the thinkers, leaders and even politicians. There are many reasons why we always tend to drag their names into the discussion, since they build the base for all the thinking. Economics sneaks into almost every part of our daily lives, as we are often directly or indirectly influenced by things such as:
the state of our local economy
the strength of the global economy; and
local and international economic policy
Economics plays a vital role in our daily lives, so we have got a list of influential economists the world should know about and their theories.

Adam Smith- Face on the back of £20 note

Adam Smith who was born in 1723 and died in 1790 became famous after his photo was published in the back of a £20 note in 2007. This has been removed now as the Bank of England changed the image to Queen Elizabeth’s photo on the obverse and the image of painter J.M.W. Turner on the reverse. He completed his education from Glasgow when he was just 14. He then skipped his school, and went to discover more about the political economy. This is the reason he is now known as the ‘Father of Modern Economics’.

Some of his famous books include- The Wealth of Nations, where Adam asserted for free trade, market competition, and the ethics of private enterprises. This book still is famous because it was able to build the foundation of political economy as per the latest economy articles .

Alfred Marshall- Famous for Supply and Demand Theory

Alfred Marshall (1842–1924), was an English economist and he is considered to be one of the most influential economists of all the times. He might not be well known but you will certainly remember him by his theory of supply and demand. Well he is probably not the first one to have offered this theory but his representation and further addition to the model have given him the attention of the world. The book he has written and is famous is called ‘Principles of Economics’.

Millicent Fawcett- A feminist and an economist together

We all know the UK’s Fawcett Society, the face behind this society was a girl who was born in 1847 and died in 1929. It only concentrated on giving political economics theories rather than the scientific one. The book that made her famous was the ‘Political Economy for beginners’ which was released in the year 1870.

People bought this book in large numbers because it had concepts with a description and the theories provided along with it. Since this book was for beginners it proved to be of great help to them. The 0th edition of the book was published after 40 years but it seems like it still is important for people.

John Maynard Keynes- A savior at the times of economic crisis

John Maynard is a United Kingdom based economist who did not support the point that was so famous back then which was of free markets. The reason why it was famous was because it is believed that it provides employment to everyone which was partially true but comes with its own sets of disadvantages. He suggested that states should intervene when the boom and bust cycles would hit these markets. This proposal was later on accepted by the western world in the 1930s.

But it did not go on for a very long time and ended in the 1970s. This did not mean that the world was not in favor of this Keynesian policy, they liked it and especially at the times of economic crisis.

Milton Friedman- One of the top influential economists

Friedman was born in 1912 and died in 2006. He was an enthusiastic promoter and defender of the concept of free markets. According to the latest economy news he completed his education from Rutgers University, the University of Chicago and Columbia University. In 1976, he was awarded the Nobel Prize for economics. He is famous for many of his works like- consumption analysis, monetary history and theory, and stabilization policy.

This is not it; he also raised his voice at the time of Reagan’s presidency. The reason for spreading the rise in the United States of America was the rise of conservatism in the nation. So, he strongly opposed the President’s policies and rule.

W. Arthur Lewis- A Saint Lucian economist

He was born in 1915 and died in 1991 and has won a nobel prize along with Theodore W. Schultz in 1979. He has done some great works in his field of economy that consists of movement of labours from traditional to modern capitalist sectors. He was also the James Madison Professor of Political Economy at Princeton University.

Warren Buffett- Chairman and CEO of Berkshire Hathaway

Born in 1930 he is following multiple careers like a business tycoon, investor, philanthropist, and as already mentioned the Chairman and CEO of Berkshire Hathaway. He is not an economist but taken into consideration his academics, he was a student of Columbia University, where he studied economics. He connected and collaborated with a Wall Street investment company where he put in the theory of statistical and methodical approach of exchange. He is considered to be the richest person along with the tag of best investor in the world.

Elinor Ostrom- American Political economist

Ostrom died in 2012, and she is the first ever woman who received a Nobel Prize in the field of economy. She is a pioneer in her field and her work in the New Institutional Economics and the betterment of political economy got her immense attention from others in the same field. She collected her Nobel Prize along with Oliver E. Williamson for her interpretation of economic governance.

Her work focused around local property and how it can work well with the contribution of the local people staying there without the interruption of privatization.

Dambisa Moyo- A Zambian Economist and Author

Born in 1969, her work majorly revolves around poverty and unequal distribution of wealth in the world. She received Friedrich Hayek Institute’s lifetime achievement award because of her contribution in her field.

In her area of study, her book which is called ‘Why Aid is Not Working and How There Is a Better Way for Africa’ is the best-selling book till now.

Esther Duflo- A French-American Economist

She is not just a researcher, she also has used her skills to uplift poverty in certain areas. She acquired a Nobel Prize for economics along with Abhijit Mukherjee and Michael Kramer in 2019.

When she received the award she was one of the youngest receivers, and she was also the second woman to have achieved a Nobel Prize.