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Economics Family Tree
5
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