Proponents of Free Market

Economics

Highlighting their contributions and ideas…

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”

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.

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.

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.”

He was an economic

historian known for his

interpretation of economic

growth.

He won the Nobel Memorial

Prize in Economic

Sciences in1971.

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.

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.”

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.

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.

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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