Whether they bring good or bad news, a country relies heavily on its economists because they keep in check how societies make use of scarce resources. They then inform their governments or other institutions about their findings. This, in turn, helps with making important decisions about pricing and marketing of goods. Famous female economists such as Carmen Reinhart Janet Currie and Claudia Goldin are just 3 among a number of leading female economists who hold powerful economic policy making positions and who carry out intensive market research on consumer needs so as to help a country and businesses to increase their profit margins. These economists, and particularly Reinhart who studied at Columbia University, have gone on to the author- or co-author books such as ‘This Time Is Different: Eight Centuries of Financial Folly’. Famous female economists like this will then study past trends so as to prepare annual economic forecasts for their governments, gathering data from different sectors of the economy.
Among famous conservative economists, Milton Friedman is one of the most famous. He is one of the famous conservative economists hailing from America, who changed the way the economy was looked into. He was an advocate of free will and free action, which later culminated in the theory of Free markets and individualism. He came into limelight during the great depression in the USA. He thoroughly researched the consumption function, and how every individual can be affected by it. He also gave a theory on the employment rate. According to this theory, the rate of employment should be according to a”natural” rate, and any rate above this can cause inflation. He also supported a steady flow of money in the market, which was termed as “monetarism”. Due to his new thoughts, while still being conservative, he was the advisor to Ronald Reagan on financial matters. He received the Nobel prize in economics for his research on the consumption function, monetary history and the complexity of stabilization. He was an economist who framed the economy for the future and we are witnessing what he foretold.