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TEMPO.CO, Jakarta - The economy plays a pivotal role in shaping our daily lives, and its structure is not simply a result of its inherent nature. Throughout history, the world’s greatest economist has left a lasting impact, developing theories that continue to influence the economic landscape today.
List of the World’s Greatest Economists
According to The Complete University Guide and Study International, Adam Smith is often hailed as the world’s greatest economist. However, many other influential economists have contributed significantly to shaping the modern economy, including:
1. Adam Smith (1723–1790)
Often referred to as “Father of Economics,” Adam Smith is best known for his seminal work The Wealth of Nations (1776), which laid the foundation for classical economics. The Scottish economist’s concept of the "invisible hand," which explains how individuals pursuing their own self-interest can lead to collective prosperity, remains a cornerstone for the realm.
More to that, as the world’s greatest economist, Smith is also widely respected for creating the concept of GDP for which now measures the size of an economy.
2. David Ricardo (1772–1823)
David Ricardo, is one of the most renowned economists, spent over a decade studying economics. Though he published several works during his career, Principles of Political Economy and Taxation (1817) stands out as his most influential contribution. In this work, Ricardo introduced the theory of comparative advantage, a foundational principle in international trade.
3. Alfred Marshall (1842–1924)
One of Alfred Marshall's most significant contributions to economic theory is the concept of supply and demand. In his groundbreaking work Principles of Economics (1890), Marshall also introduced other key concepts that have become fundamental to economic literature, as quoted from Britannica.
These include the ideas of consumer surplus, elasticity of demand, and the representative firm, all of which continue to shape the way we understand markets today.
4. Millicent Fawcett (1847–1929)
Though primarily known for her activism in women’s rights, Millicent Fawcett also contributed significantly to economic theory. Her advocacy for the inclusion of women in economic discussions challenged traditional views, and her work in bridging the gender gap in economics paved the way for future female economists.
Fawcett’s influence was also seen in her notable work, Political Economy for Women (1870), which ran through ten editions over 41 years. Its success lay in its concise nature, yet it provided deep insights into economic theory.
5. John Maynard Keynes (1883–1964)
John Maynard Keynes, influenced by the ideas of Alfred Marshall, made a significant impact on both politics and economics. Born in Cambridge, Keynes is best known for developing Keynesian economics, a theory focused on the causes of prolonged unemployment.
His seminal work, The General Theory of Employment, Interest, and Money, provided the economic foundation for both understanding and addressing these issues.
6. Milton Friedman (1912–2006)
A US economist, Milton Friedman was well-known for his role in the 20th century free-market capitalism and monetarism. His advocacy for minimal government intervention and his work on monetary policy helped shape economic policies across the globe.
Friedman’s A Monetary History of the United States is one of his most famous works, laying the groundwork for modern monetary theory.
7. W. Arthur Lewis (1915–1991)
Sir Arthur Lewis didn’t gain his reputation as the world’s greatest economist not just because he was a Nobel laureate, but due to his groundbreaking contributions to economic theory. In 1979, he shared the Nobel Prize in Economics with Theodore W. Schultz.
Lewis was widely acclaimed for his dual-sector model of economic development, in which he explored the relationship between the agricultural and industrial sectors in developing economies.
8. Warren Buffett (1930–)
One of the greatest investors of all time, Warren Buffet has marked his influence on economic thinking and investment strategies. Though he isn’t a traditional economist, Buffett’s approach to value investing has shaped financial markets.
To this day, he remains a dominant figure in the field, largely due to his role as the Chairman of Berkshire Hathaway, an American multinational conglomerate holding company.
9. Elinor Ostrom (1933–2012)
In 2009, Elinor Ostrom made history as the first woman to win the Nobel Prize in Economics. Her groundbreaking research challenged traditional views on common-pool resources and property rights. Due to her significant influence, Ostrom was named to Time magazine’s 2012 list of the 100 most influential people in the world, as noted by Investopedia.
10. Dambisa Moyo (1969–)
Dambisa Moyo is a Zambian economist and author known for her outspoken critics of international aid and her advocacy for market-driven solutions to poverty in Africa. Her books, such as Dead Aid, have sparked global debates on the effectiveness of foreign aid and the need for structural economic reforms in developing countries. She’s now a member of the United Kingdom’s House of Lords and a principal of Versaca Investment.
11. Esther Duflo (1972–)
Esther Duflo is widely regarded as one of the most popular economists, known for her groundbreaking work in the areas of poverty alleviation. In 2019, she was awarded the Nobel Prize in Economics, sharing the honor with Abhijit Banerjee and Michael Kremer.
Their collaborative work has been highly influential, and their methods and approaches have become a standard in the field of development economics.
From the classical ideas of Adam Smith to the modern critiques of Dambisa Moyo, each popular economist has all had a profound impact on how we understand the landscape. For more similar exploration, let’s take a look at the most influential business leaders.
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