Great Economists of Our Time
The first thing we have to do to select the greatest economist of out time is to differentiate ‘great’ and ‘greatest economist’. What is meant by ‘great’ then? The meaning of great is of a size, amount, extent or intensity considerably above the normal or average. Then what is meant by ‘the greatest economist of our time’? He must be the one who have made profound impact on the society, generated the key breakthrough of economics and our way of living. However, besides the contributions for the key breakthrough of economics, what we are also concerned are the extent of the impact of on the society made from their works, the degree of enlightening to the offspring, their creative theories that had notably changed our way of thinking and living.
It has never been an easy task to select the greatest. But if there must be one, then J. M. Keynes would be the answer. Keynes was a heroic figure – a superman whose personality dominated economic discussion of the free world. Keynes ‘had exhausted himself in setting up the post-World War II basic economic institutions – the International Monetary Fund, the World Bank, the US post war loan to Britain and so on. Most of all, the greatest majority of young economists were debating Keynes, and mostly on the affirmative side.’ As Arthur Burns, the Chairman of Eisenhower’s Council of Economic Advisers, mentioned, “Keynes’ thinking moved the world…as profoundly as Adam Smith’s Wealth of Nations did in his time.” Then I regard that Milton Friedman to be the second one who deserves using the word, great, to describe his intelligence and genius contributions to Economics and finally will be Irving Fisher which are also very important to the Economics
Before we discussed how Keynes’ theories have affected in such a way that the entire world of economics has been moved, let us first have a look at the environment in which this economic giant grew up. Keynes was born in 5th June 1883 in Cambridge, England. His father was a noted
It has never been an easy task to select the greatest. But if there must be one, then J. M. Keynes would be the answer. Keynes was a heroic figure – a superman whose personality dominated economic discussion of the free world. Keynes ‘had exhausted himself in setting up the post-World War II basic economic institutions – the International Monetary Fund, the World Bank, the US post war loan to Britain and so on. Most of all, the greatest majority of young economists were debating Keynes, and mostly on the affirmative side.’ As Arthur Burns, the Chairman of Eisenhower’s Council of Economic Advisers, mentioned, “Keynes’ thinking moved the world…as profoundly as Adam Smith’s Wealth of Nations did in his time.” Then I regard that Milton Friedman to be the second one who deserves using the word, great, to describe his intelligence and genius contributions to Economics and finally will be Irving Fisher which are also very important to the Economics
Before we discussed how Keynes’ theories have affected in such a way that the entire world of economics has been moved, let us first have a look at the environment in which this economic giant grew up. Keynes was born in 5th June 1883 in Cambridge, England. His father was a noted