There are many scientific figures in various fields in the world who have contributed greatly to the lives of many people, one of which is world economic figures who have been geniuses in initiating theories related to economics. Indeed, economics is clearly different from natural sciences, such as physics, chemistry, or biology. However, all of them are important and we can learn to go to an advanced level.
So, who are the world economic figures who have made a big contribution to science in the economic field, huh? For those of you who study economics education, you must know these five great figures. Come on, take a look!
David Ricardo is one of the important figures in the world of economics. Reported by the Britannica page, the economist who was born on April 18, 1772 is considered very influential in the British economy in the 19th century. In his ideas and theories, David Ricardo stated that a country should have a comparative advantage.
According to Ricardo, a sophisticated economy in a large country must be powered by an industry competing in the most competitive field in the world economic arena—at the time, Europe was beginning to join the global economic hegemony. Not only that, but in his book Principles of Political Economy and Taxation, published in 1817, David Ricardo pioneered a theory.
In his work, he developed a number of norms about the wage system, taxation, capital, and its importance to a country’s political stability. David Ricardo is also credited with foreseeing and launching the current worldwide free trade movement.
2. Irving Fisher
Of course, those of you who are studying in the field of economics must know about the quantity theory of money, right? Yup, the theory was initiated by Irving Fisher, an economist from the United States. Through his theory, Irving states that the price of an item can change (not constant) when the amount of money circulating in society also changes.
Well, Irving’s theory is certainly closely related to inflation and the monetary policy of a country. The Library of Economics and Liberty on its website states that Irving Fisher is one of the greatest economic mathematicians in American history. In fact, thanks to his services and thoughts, America (US) was able to dominate the world’s financial markets.
The economist who was born in 1867 had helped the United States overcome the Great Depression in 1929 despite some of his controversial ideas. At that time, Fisher’s policies and ideas about the monetary system and financial principles were felt to have worsened the general state of the US economy. However, after the dark events were passed, Irving Fisher’s ideas were still the guide for the American economic system.
3. John Maynard Keynes
While other economic figures have proposed theories based on the economic capacity of individuals or groups (countries), John Keynes instead focused on the government as a source of regulation of the economy itself, noted on the official website of the International Monetary Fund (IMF).
It can be said that John Maynard Keynes–Irving Fisher’s polar opposite is a brilliant British economist who was born in 1883. Money, according to Keynes, is not at the heart of the economy; rather, it is government policies aimed at improving people’s lives that must be prioritized. After the Industrial Revolution of 1840, Keynes’ theories and concepts proved helpful in preserving and boosting the British economy.
Of course, Keynes believed that if the economy was entirely focused on money, everything would be OK.
4. Beatrice Webb
Beatrice Webb is an economist and one of the greatest women Britain has ever had, noted in The London School of Economics and Political Science or LSE. In fact, Beatrice is also touted as a sociologist who has initiated many theories for the advancement of British education.
Born on January 22, 1858, Beatrice Webb has become one of the reformers in the social and economic fields. Amazingly, he is also the founder of the LSE or College of Economics and
All these people above are those responsible for success in the economy nowadays like banking, nft, money and Nft cryptocurrency news.