Joseph Schumpeter was the one who connected economics and business by introducing the economic concept of cycles in business. Schumpeter had his own way of economics. In business cycles he does not agree with Keynes or Walras. According to him Business cycles are circular and keep moving. This was quite different from views of economists in those days. But that is what we realized to be correct.
In his famous book Capitalism,Socialism and Democracy Joseph Schumpeter agrees with Marxian theory of collapse of Capitalistic economic structure. However what will be the cause and effect , he has his own views. According to Marx Capitalism would be removed by violent protests. Joseph Schumpeter said it is less likely and predicted slow death of Capitalistic economy. According to him Capitalism will slowly weaken and go away because it has some major flaws. This is what really happened in most of Capitalistic economies. In the same book he also said about democracy and the threat it poses to common people. We are observing the same in today’s world. Joseph Schumpeter theorized “Entrepreneurship” and contributed a great deal to this neo-economic topic. He talks about innovation and technological changes which an entrepreneur brings to the society.
Joseph never let his hardship in child hood affect him and rose to greatness. It was the victory of human mind over the nature. Joseph signifies the coming of practical thoughts and processes which are relevant even today. His predictions and theories will work even after another 200 years I think.
Alfred Marshall was Britain’s famous economist in the period 1890 to 1924. The contributor of the supply and demand curve concepts, he was one of the most influential economist of his era. His famous book Principles of Economics was path breaking work which dominated the stage for a long period of time. It is still one of the books equally popular among students as well as teachers.
He was born in Clapham,England on 26th July 1842 . He was very good at mathematics and physics in his early study days. However a mental crisis led him to abandon physics and mathematics and take up philosophy. Philosophy led him to ethics and ethics to economics. What was a loss for the scientific world became a boon for the economic world. Marshall was a thorough realist. His ethical views continued to dominate his research in Economics. He brought the scientific perspective to economics and changed it forever. The contribution of Marshall made economics more of a practical subject than the earlier theoretical one.
The most revolutionary work of Marshall was Principle of Economics which he started in 1881 and took 9 long years to complete it. But the wait was worth it. The new formulation of supply and demand,elasticity and various other key concepts paved the way for a new branch of economics – Microeconomics. This book established his reputation all over the world. Most of the ideas in his book were original and brought about change in the field. The more practical economics could now solve daily problems related to demand , supply and production. The world owes this to this famous economist.
Economics is believed to be one of the unfriendliest sectors for women. This belief is strengthened by the lack of female economists at the higher echelons , as well. This is one of the main reasons why Elinor Ostrom deserves more attention.
Elinor Ostrom is the first woman to have won the Nobel Prize for Economics, ever since it was established in 1969. She specialized in the study of political economy, and new institutional economics. She was awarded the Nobel Prize in 2009, a prize she shared with Oliver E. Williamson. They got the Nobel for their work on economic governance, especially of the commons (resources that are shared by all).
She tackled the economic problems of limited resources and utilization of the same from a different perspective. She approached the problem of utilization of the commons as an economist, an anthropologist and an ecologist. It was this unique perspective that drew the Nobel Committee’s attention towards her.
Elinor, fondly known as “Lin” is also a cheery, perky figure who maintains her own garden and dresses in bright tops she buys from charity shops. Her achievement is spectacular, for she’s the face of female economists everywhere. However, her achievement also draws light to the fact that the field of economics still suffers from an acute lack of female representation.
Every economics student would have come across Gregory Mankiw’s work at some point of time or the other. Mankiw’s knowledge of economics is rather prolific, and as a professor of introductory economics at Harvard, he has published a number of works that have helped economics students get themselves acquainted with various basic concepts of economic theory. His two textbooks- Macroeconomics and Principles of Economics are probably used in every major university all over the planet.
N. Greg Mankiw graduated from Princeton and MIT with a degree in economics. His specializations are many- he is one academician that has sought mastery over all fields of economics. He is also passionate about policy debates and studying economic phenomena happening in everyday life as well. His focus is on economic policy, macro and microeconomic theory, and principles of economics. His specialization, however, is in New Keynesian Economics.
What makes Greg Mankiw stand out from many of his peers is the fact that he maintains a steady online presence through his blog. He’s incredibly active on the blog, which has been incredibly popular among economists and the general populace. He comments and studies various economic phenomena around the world, and provides the readers with his interpretations and predictions as well.