Famous economists and their contributions

Famous economists and their contributions to the world

Famous economists and their contributions have made the world a better place to live. These stalwarts come from many walks of life and have given many clues helping to make the systems of governance and infrastructure better by their thoughts and theories. Some of the famous economists and their contributions which have made a significant difference to modern life are – Kenneth Arrow: He is an eminent mathematician and economist who brought more use of mathematical calculations giving economics a much practical view by using numbers. His theory about general equilibrium is a major contribution to economics. Ross Garnaut – The economics of the future energy system a study conducted by Australia National University under the guidance of Ross Garnaut helped frame long-term sustainability plan in Australia. The study has gone a long way in providing low-cost energy in Austraila which has been the mainstay of the economy. Gary Becker – He has been instrumental in merging sociology with economics, and his theory explains how sociological factors influence economic behaviour. He was the first person to point out the importance of human capital in the modern economy. These three living economists have made contributions to modern life and are still working, and it is their thoughts that are making the difference.

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