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Economic Theorist

Family Tree

Created by Breana Rosa , Chandler Nolte, and Jacob McQuade

for Economics

Adam Smith

Father of Economics

  • Adam Smith was a Sottish economist, philosopher, and author. He wrote the book, " The Wealth of Nations."
  • "The Wealth of Nations," which discusses what builds the country's wealth.

Adam Smith

  • Adam Smith believed in having a free-market economy. He believed that there should be an economy where people are allowed to be independent rather than controlled by the government

Karl Marx

  • Karl Marx agreed with Smith on his views of capitalism, and built his own theory of economics from Smith's ideas

Karl Marx

  • He Wrote the book "The Communist Manifesto, which discussed the belief of Marxism
  • Marxism is a collection of Karl Marx's documents. Marxism built and developed the theory of communism

Milton Friedman

  • An American economist
  • Exemplified the permanent income hypothesis and was a leading founder of Monetarism

Milton Friedman

Friedrich Hayek

Friedrich Hayek

  • Hayek was an Austrian economist who became one of the best known representatives of Austrian Economics

  • Hayek supported free market systems and is best known for his conflicting views with Keynes about the role of economy and money during economic booms and recessions.

Arthur Seldon

  • Supported the idea of capitalism
  • Founded the Institute of Economic Affairs
  • Invited Milton Friedman to speak at the Institute of Economic Affair

Arthur Seldon

David Stockman

  • Director of the Office of Management and Budget under R. Reagan

  • Often quoted and used ideas contributed by Hayek

David Stockman

John Maynard Keynes

John Maynard

  • John Maynard Keynes was a financier and English Economist who developed the theories that became known as Keynesian Economics.
  • These theories became a foundational staple in Macroeconomics by associating economic output as being dependent on demand.
  • Contrasted with other opinions that employment would increase with lower wages, due to demand for those goods being weak.

Joan Robinson

  • Taught at Cambridge further promoting Keynesian theory, but eventually integrated Marxist ideals

Joan Robinson

Nicholas Kaldor

  • Supported Keynesian theory and made contributions such as own rates of interest.

Nicholas Kaldor

Ronald Reagan

  • Ronald Reagan took ideas from Friedman and applied them to Reaganomics

Milton Friedman

Milton Friedman

Milton Friedman believed in a Free-market enterprise with little government involvement. He rejected John Maynard's Keynesian Economics and implemented his own ideas of Free Market Theory, Stockholder Theory, and Permanent Income Hypothesis.

  • Free Market Theory: Where buyers, sellers, and consumers all agree upon fair prices for their demand.
  • Permanent Income Hypothesis: Suggests that consumption is solely based off of what is trending.

Ben Bernanke

  • Bernanke was the appointed federal reserve chairman, appointed by Obama. He also helped propose the 2008 recession

References

References

Bowles, S., Kirman, A., & Sethi, R. (2017). Retrospectives: Friedrich Hayek and the

Market Algorithm. The Journal of Economic Perspectives, 31(3), 215-230.

Retrieved from http://www.jstor.org/stable/4432128

McGraw Hill Networks. (2018). Biography Adam Smith. McGraw Hill Education.

Nelson, Edward. "Milton Friedman and U.S. monetary history: 1961-2006." Federal

Reserve Bank of St. Louis Review, May-June 2007, p. 153+. Business

Economic and Theory Collection, http://link.galegroup.com/apps/doc/

A164423060/PPBE?u=txshracd2795&sid=PPBE&xid=54fa18a8. Accessed 14

Sept. 2018.

Randall, D. (2016). Adam Smith's Mixed Prudence and the Economy of the Public

Sphere. Political Studies, 64(2), 335-350. doi:10.1111/1467-9248.12180

Vigan, E. (2017). Not Just an Inferior Virtue, nor Self-Interest: Adam Smith on

Prudence. Journal Of Scottish Philosophy, 15(1), 125-143. doi:10.3366/

jsp.2017.0155

Vines, D. (2003). John Maynard Keynes 1937-1946: The Creation of International

Macroeconomics. The Economic Journal, 113(488), F338-F361. Retrieved from

http://www.jstor.org/stable/3590205

A. Smith

Milton Friedman

J. M. Keynes

Fredrick Hayek

Ben Bernanke

Ronald Reagan

Joan Robinson

Nicholas Kaldor

David Stockman

Arthur Seldon

Tree

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