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.
When we talk about famous modern economists, Amartya Sen’s name comes in mind as a Nobel laureate with works in the area of welfare economics. He was born in Santiniketan, the workplace of Rabindranath Tagore the Nobel laureate. Amartya Sen is one of the famous modern economists, who seems to have lived his whole life on University campuses around the world. He spent his childhood in Dhaka University campus, with his father and mother completing his schooling from a school inside the University campus. His father was a Professor of chemistry at Dhaka University, then a part of undivided India. He started his University education at Kolkata University and went on to get his Ph D at Cambridge University. He has held the post of Professor in India, the UK (Cambridge and Oxford) and the US (Harvard University). Thus, he has lived most of his life being inside one or the other University campus. His most important work is on finding out the economic causes of famine, and how it causes a food shortage. Many solutions limiting the food shortage were built around his concepts. He advised census taking in the third world countries for knowing and limiting the population. According to Sen Census in developing nations is different from the developed nations. For example, Census taking in Australia has never followed accepted patterns
as it does not have the rate of population growth as the developing nations. His pioneering work in the field of welfare economics is still continuing and is a benchmark for future economists.