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| Wrote Theory of Moral Sentiments & An Inquiry Into the Nature and Causes of the Wealth of Nations (1776); introduced the concepts of self-intrest, division of labor, the function of markets & the benefits of a laissex-faire system. His most famous theory is the "invisible hand" which shows how self-intrest benefits society. (1723-1790) |
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| He believed that all history was a class stuggle; that capitalism would evolve into socialism and then into communism because the workers would overthrow the "capitalists." Wrote Das Kapital & The Communist Manifesto. (1818-1883) |
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| He believed that innovation by entreprenuers leads to "creative destruction" as we replace old mathods with new technology. This causes the economy to be constantly evolving. Wrote: Theory of Economic Development and Capitalism, Socialism, and Democracy. (1883-1950) |
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| In The Theory of the Leisure Class, he criticized the rich and thier spending habits and saw "conspicuous consumption: as a major problem in urban society- he thought the poor would strive to own what the rich could offord. Born in Wisconsin & lived from 1857-1929. |
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| Classical economist, he developed the idea that "supply creates its own demand" & illustrated the role of entreprenuers in the creation of wealth. (1767-1832) He lived in Paris from 1776-1832. |
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| His Principles of Economics (a "bible" for British economists) explained the relationship between supply & demand and established the concept of marginal analysis. (1841-1924) |
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| He wrote Free to Choose & A Monetary History of the U.S.; was awarded the Nobel Prize; formed the monetarism theory, the "money rule", the natural rate of unemployment & coined the term "stagflation". (1912-2006) |
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| He believed that the government should use deficit spending to stimulate the economy during times of crisis and opposed laissez faire. Wrote The General Theory of Employment, Interest & Money. (1883-1946) |
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| Austrian economist who was very influential in the 20th century as a free market economist. His Road to Serfdom & other works spoke out against socialism and communism. Taught at the University of Chicago. (1899-1992) |
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| Current Chairman of the Federal Reserve Board of Governors and VERY powerful in controlling the banking industry and monetary policy. Was a professor at Princeton & Standford and wrote many essays on the Great Depression. He is less conservative that his predecessor and willing to take some risks to stabalize the economy. (1953- ) |
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| The Principles of Political Economics & Taxation in the 1800's & believed that as the population grows, conflict will develop over society's unfair income distribution. He introduced the principle of comparative advantage to international trade stating that all nations benefit from trading with each other. His other major area was called "Rent Theory". (1772-1823) |
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| Wrote An Essay on the Principles of Population As It Affects the Futuure Improvement on Society to explain his belief that humans would multiply and use all the resources of the earth causing starvation. (1776-1834) |
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| Conservative economics professor at George Mason University & columnist who has written It Takes Guts, The State Against Blacks & America: A Minority Viewpoint. He advocates personal liberties & supply side economics. (1936- ) |
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| He believed that economic discrimination is just as important as political discrimination. Wrote: The Economics and Politics of Race, Classical Economics Reconsidered & Say's Law; Black Rednecks & White Liberals. He is the Senior Fellow for the Hooover Institution at Stanford. (1930- ) |
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| Expressed concern about the growing gap between rich nations and poor nations and stressed the need to adopt global responsibility for natural resources. Wrote: The Rich Nations and the Poor Nations & Spaceship Earth. (1941-1981) |
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| Believes that our system is out of balance and that government must intervene to adopt rules that create a level field for all. She is most worried about lower-income families that need health care & other basics like food & housing. Served on the Board of Governors for the Federal Reserve System; was director of the White House OMB. (1931- ) |
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| Served on the Board of Governors of the Federal Reserve System ('94) & is now President of the San Francisco Federal Reserve Bank. Believes that downsizing & foreign outsourcing enables the economy to run better. Her "efficiency wage hypothesis" stated that workers would be more productive when they feared being laid off. Wrote: The Fabulous Decade- Macroeconomic Lessons from the 1990's & Efficiency Wage Models of the Labor Market. (1946- ) |
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