Adam Smith is widely regarded as the father of modern economics and the founder of the classical school of economic thought. He pioneered the concepts of the division of labor, the invisible hand, the free market, and the role of self-interest in economic behaviour. His magnum opus, The Wealth of Nations, is considered one of the most influential books in economics.
David Ricardo was a British economist who developed the theory of comparative advantage, the principle of diminishing returns, and the labor theory of value. He also contributed to the analysis of economic growth, international trade, taxation, and public debt. He is regarded as one of the founders of the classical school of economics and one of the most influential economists of the 19th century.
Karl Marx was a German philosopher, economist, sociologist, historian, and revolutionary who co-authored The Communist Manifesto and Das Kapital, the foundational texts of Marxism. He developed the theory of historical materialism, the critique of political economy, the concept of class struggle, and the vision of a communist society. He is widely considered as one of the most influential thinkers in history and a major figure in the development of sociology and social science.
John Maynard Keynes was a British economist who is widely regarded as the founder of Keynesian economics and the most influential economist of the 20th century. He challenged the classical assumptions of neoclassical economics and advocated for the use of fiscal and monetary policies to stabilize the economy and reduce unemployment. His ideas shaped the economic policies of many governments and international institutions after the Great Depression and World War II. His main works include The General Theory of Employment, Interest and Money, The Economic Consequences of the Peace, and The End of Laissez-Faire.
Milton Friedman was an American economist and a leader of the Chicago school of economics. He championed the ideas of free markets, monetarism, rational expectations, and the quantity theory of money. He also criticized Keynesian economics, fiscal intervention, and government regulation. He influenced the economic policies of many countries, especially the United States and the United Kingdom, in the late 20th century. He was a Nobel laureate and the author of Capitalism and Freedom, A Monetary History of the United States, and Free to Choose.