[-AI-3.5]Top 10 important figures in the history of economics

Abstract

経済学の歴史における最も重要な10人を紹介します。彼らは自由主義、ケインズ経済学、プロレタリアートの解放など、経済理論に大きな影響を与えました。アダム・スミスから始まり、最後はアナトール・フランスです。経済学の知識を深めるために、この記事を読んでください。

• アダム・スミスは、『国富論』の著者であり、自由主義の提唱者として確固たる地位を築きました。彼は現代経済学の父として敬愛され、自由市場の力を通じた経済成長のメカニズムを説明しました。
• ジョン・メイナード・ケインズは、ケインズ経済学の創始者であり、ビジネスサイクルの理論の重要性を強調しました。
• 一方で、カール・マルクスは、共産主義の創始者であり、『資本論』の著者で、プロレタリアートの解放を唱えました。
• ジョセフ・シュンペーターは、企業家精神を経済学に取り入れた経済学者として有名で、クリエイティブ・デストラクションという概念を提唱しました。
• ミルトン・フリードマンは、自由市場資本主義の提唱者であり、『資本主義と自由』の著者です。
• アルフレッド・マーシャルは、現代マイクロ経済学の創始者であり、需要と供給の法則を確立しました。
• トマス・マルサスは、人口増加と食糧生産の関係の提唱者であり、
• アナトール・フランスは、材料主義の批判者であり、社会の法則を考察しました。

Table of contents

• Introduction
• Adam Smith
• John Maynard Keynes
• Karl Marx
• Joseph Schumpeter
• Milton Friedman
• Alfred Marshall
• Thomas Malthus
• Anatole France
• Conclusion

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Introduction

I will introduce the top 10 important figures in the history of economics. They have had a significant impact on economic theory, such as liberalism, Keynesian economics, and the liberation of the proletariat. Starting with Adam Smith, the last on the list is Anatole France. Read this article to deepen your knowledge of economics.

Adam Smith

• Author of The Wealth of Nations
• Father of modern economics
• Advocate of liberalism

In economics, Adam Smith has established an unshakable position. Known as the author of ’The Wealth of Nations’ and a prominent advocate of liberalism, he is revered as the father of modern economics and explained the mechanism of economic growth through the power of the free market.

Smith’s argument is that competition is born in the free market, leading to the realization of the optimal state. He also advocated that the happiness of individuals is maximized by the free exchange in the market.

However, there are criticisms of his ideas, pointing out that the free market does not necessarily produce fair results and may result in wealth inequality and poverty. Nevertheless, Smith’s great achievement lies in laying the foundation of liberal economics.

Adam Smith, who left a significant footprint in the development of economics. His predecessors followed his great influence.

John Maynard Keynes

• Founder of Keynesian economics
• Advocate of business cycles
• Emphasised the importance of government spending

John Maynard Keynes was the founder of Keynesian economics, and one of his major contributions was the theory of business cycles. In an effort to save economics during the era of the 1929 Wall Street crash and the subsequent Great Depression, Keynes argued for the importance of government investment. His idea was that active government spending could stimulate economic cycles, leading to a decrease in unemployment rates. Keynes wrote The General Theory and The General Theory of Employment, Interest and Money, and his ideas have had a tremendous influence on modern economic policy.

He believed that governments needed to expand their budgets in order to stimulate the economy and promote job creation to reduce unemployment rates. However, his policy recommendations were met with opposition from within his own economic school due to inconsistent implementation, and he was also criticized by libertarians. Nevertheless, the fact that he was famous and respected internationally during his lifetime remains unchanged.

Keynes focused on the imperfection of the market, the inadequacy of the labour market to achieve full employment, and the need for a government role. He believed that public investment was necessary to achieve long-term economic growth, which remains a contentious issue to this day.

Karl Marx

• Founder of communism
• Author of Das Kapital
• Advocated for the liberation of the proletariat

Karl Marx was a philosopher and economist in 19th century Germany. He was the founder of communism, wrote Capital, and advocated for the liberation of the proletariat. Marx emphasized the nature of labor in a commodity economy and believed that a socialist revolution could be sparked by the proletariat (working class) fighting against the ruling class. His theories influenced many people and prompted historical changes. However, Marxism has political and economic problems, and socialist countries that have actually put its principles into practice have often seen limited success. Today, Marxist theory is not considered useful, but his ideas have influenced political and economic changes in the 20th century.

Joseph Schumpeter

• Theorised entrepreneurship
• Author of Capitalism, Socialism and Democracy
• Introduced the concept of creative destruction

Joseph Schumpeter is famous as an economist who incorporated the entrepreneurial spirit into economics. In his book Capitalism, Socialism, and Democracy, he focused on the potential of innovation and argued that competition is the driving force behind economic growth. Additionally, the concept he advocated for, creative destruction, expresses the idea of discarding the old and creating the new, which is still relevant in today’s startup culture. There is no clear theory in Schumpeter’s economics, and his individual personality and philosophical background are strongly reflected in his work. His unique perspective has had a significant impact on modern economics.

Milton Friedman

• Advocate of free markets
• Author of Capitalism and Freedom
• Proposed the curve

Milton Friedman is a prominent economist of free-market capitalism and the author of Capitalism and Freedom. He advocates for free markets and minimal government intervention. He is famous for his curve proposal and was awarded the Nobel Memorial Prize in Economic Sciences in 1976. Friedman believes that the free movement of the market brings optimal economic growth. He proposes to activate the market by reducing taxes, thinking that the market is distorted and efficiency declines by the government’s intervention. His policies are known as Thatcherism. He also studied ways to control inflation through the free operation of the money supply and has become a topic of debate among economists. Friedman is well- known for his view’s criticism, and his ideas have sparked discussions among both supporters and opponents. He is considered one of the greatest economists of the 20th century for his significant influence and bringing new perspectives to the discussion of free-market economics.

Alfred Marshall

• Founder of modern microeconomics
• Established the laws of demand and supply
• Pioneer of mathematical methods in economics

Thomas Malthus

• Author of An Essay on the Principle of Population
• Advocate of the relationship between population growth and food production
• Critic of religious teachings

Thomas Malthus was an English economist in the 18th century, and his theory of population is still a topic of debate today. Malthus warned that as the population gradually increased, it would surpass the amount of food production. This is not surprising considering it has been true throughout human history. He also advocated education and moral behaviour as solutions to poverty. However, his theory continues to be criticised because in the 20th century, productivity increased and the problem of food shortage was solved. Nevertheless, with population growth still continuing today, Malthus’ population theory remains an important topic.

Anatole France

• Author of Historical Materialism
• Critic of materialism
• Considered the laws of society

Anatole France is a famous French novelist and philosopher in the field of economics. He is known as the author of materialism and historical materialism. On the other hand, he criticized materialism and conducted discussions on social regularities. France believed that economics is a part of politics and analysed economic problems from an ethical perspective. His ideas have greatly influenced the exploration of the relationship between economics and philosophy in modern Nobel economics.

Conclusion

The achievements and ideas of these great people have had a significant impact on modern economics. Understanding the concepts and theories they proposed can deepen our understanding of the foundations of economics. Furthermore, we can apply their ideas to modern economic issues.