Adam Smith

Adam Smith Scotland, 1723-1791

The father of modern economics, he saw the market system acting as an "invisible hand" which leads people to unintentionally promote society's interests while pursuing their own.

David Ricardo England, 1772-1823 His theory that landlords enriched themselves at the expense of society led him to campaign tirelessly in Parliament and in print for free trade.

Thomas Malthus England, 1766-1834

A Classical economist, he startled early 19th century society with his pessimistic prediction that population growth would exceed food supply, condemning mankind to misery.

John Stuart Mill England, 1806-1873

The last of the great economists of the Classical School, he denied could not alter the existing distribution of income.

the doctrine that society

Karl Marx Germany, 1818-1883

Intellectual father of modern day Marxist economics, he would be ultimately destroyed by its own inherent contradictions.

predicted that capitalism

Leon Walras France, 1834-1910 He revolutionized economics with his rigorous mathematical formulation of the mechanics of the price system.

Alfred Marshall England, 1842-1924

He demonstrated the tremendous theoretical power of demand and supply curves, and bequeathed to economics the critical distinction between the short run and the long run.

Thorstein Veblen

United States, 1857-1929 One of the leading Institutionalists, he is best remembered for his theory of "conspicuous consumption" which parodied the ostentation of the Gilded Age.

John Maynard Keynes England, 1883-1946

His ideas on the causes of unemployment revolutionalized profoundly altered government's involvement in the economy.

macroeconomic theory and

Irving Fisher United States, 1867-1947 His work on money and prices, with its sophisticated use of statistical techniques, provided the basis for recent theoretical work in economics.

Economist Name Amartya Sen Bertil Ohlin

During 1933 1899

Nationality Indian Sweden United Kingdom

Known for Welfare Economics, Human development theory Heckscher-Ohlin model, Heckscher-Ohlin theorem Cointegration, Granger causality, Fractional integration

1937

United States

Discrete choice

Daniel Kahneman 1934

United States

Douglass C. North 1920 Edward C. 1940 Prescott Edmund S. Phelps 1933 1918Franco Modigliani 2003 Finn. E. Kydland 1943 Friedrich Von 1899Hayek 1992 1898Gunnar Myrdal 1987 1911George J. Stigler 1991 Gerard Debreu 1921-

United States

Cognitive biases, Behavioral economics, Prospect theory Economic history

United States

Quantitative general equilibrium business cycle theory

United States Italian American Norway

Micro-foundations of macroeconomics

Clive W.J.Granger 1934 Daniel L. McFadden

Europe

Field: Financial economics Field: Macroeconomics Notable Ideas in Economic calculation problem, Catallaxy.

Sweden

Monetary equilibrium

United States

Capture theory

French

Was awareded 1983 Nobel Memorial Prize in

2004 Gary S. Becker 1930 George A. Akerlof 1940 1916Herbert A. Simon 2001 Harry M. 1927 Markowitz 1903Jan Tinbergen 1994 Joseph E Stiglitz 1943 John R. Hicks 1956 1918James Tobin 2002

American United States United States United States

Contributions: Modern portfolio theory

Netherlands

First national macroeconomic model

United States United States

Contributions: Screening Convictions: Aggravated murder, Robbery

United States

Portfolio theory, Keynesian economics

John F. Nash

1928

United States

John C. Harsanyi

19202000

United States

James J Heckman 1944

Economics. Field: Law and economics Information asymmetry, Efficiency wages Logic Theory Machine, General Problem Solver, Bounded Rationality

United States

Nash equilibrium, Nash embedding theorem, Algebraic geometry Bayesian games, Utilitarian ethics, Equilibrium selection Contributions: Statistical analysis of individual behaviour

New classical macroeconomics Birth September 15, 1937 (1937-09-15) (age 72) Yakima, Washington, USA Nationality United States Institution Carnegie Mellon University University of Chicago Field Macroeconomics Alma mater University of Chicago Influences Arnold Harberger H. Gregg Lewis Milton Friedman Contributions Rational expectations Lucas critique Neutrality of money - "islands" model Awards Nobel Memorial Prize in Economic Sciences (1995) Information at IDEAS/RePEc

Michael Dean Woodford (born 1955, in Chicopee, Massachusetts) His early research topics included sunspot equilibria[1] and imperfect competition[2]. More recently he has studied many topics related to monetary policy, including the fiscal theory of the price level[3], the effectiveness of monetary policy as consumers use more credit and less cash[4], and inflation targeting rules[5]. His research on monetary policy makes use of the microfounded New Keynesian macroeconomic model he developed with Julio Rotemberg[6]. He is probably best known as the author of Interest and Prices: Foundations of a Theory of Monetary Policy,[7] which has, in the words of the Deutsche Bank Prize Committee, 'quickly become the standard reference for monetary theory and analysis among academic economists and their colleagues at central banks'.

1. Woodford, Michael (1984), 'Learning to believe in sunspots'. Econometrica 58 (2), pp. 287-307. 2. Rotemberg, Julio, and Michael Woodford (1995), 'Dynamic general equilibrium models with imperfectly competitive product markets'. Ch. 9 of Thomas Cooley, ed., Frontiers of Business Cycle Research, Princeton University Press, ISBN 069104323X. 3. Woodford, Michael (2001), 'Fiscal requirements for price stability'. Journal of Money, Credit, and Banking 33, pp. 669-728. 4. Woodford, Michael (1998), 'Doing without money: controlling inflation in a post-monetary world'. Review of Economic Dynamics 1, pp. 173-219. 5.

Woodford, Michael (2005), 'Optimal inflation targeting rules'. In Ben Bernanke and Michael Woodford, eds., Inflation targeting. University of Chicago Press.

6. ^ Rotemberg, Julio, and Michael Woodford (1997), 'An optimization-based econometric framework for the evaluation of monetary policy'. NBER Macroeconomics Annual 12, pp. 297-346. 7. ^ Woodford, Michael (2003), Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton University Press, ISBN 0691010498. Description and Table of Contents. 8. ^

a b

Michael Woodford: The Prize Winner 2007

9. ^ Woodford, Michael Dean (1983), Essays in Intertemporal Economics. Ph.D. dissertation, Massachusetts Institute of Technology. 10.  ^ Blaug, Mark (1985). Economic theory in retrospect. Cambridge, UK: Cambridge University Press. ISBN 0-521-31644-8. 11.  ^ Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 57. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm? locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId =&PMDbProgramId=12881&level=4. 12.  ^ Frisch, Ragnar (1933). Propagation Problems and Impulse Problems in Dynamic Economics. London: Allen & Unwin. 13.^ Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 387. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm? locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId =&PMDbProgramId=12881&level=4. 14.^ Blanchard, Olivier (2000), Macroeconomics, 2nd ed., Chap. 3.3, p. 47. Prentice Hall, ISBN 013013306X. 15.^ Lawrence R. Klein, ed. (1991), Comparative Performance of US Econometric Models. Oxford University Press, ISBN 0195057724. 16.^ Eckstein, Otto (1983), The DRI Model of the US Economy. McGraw-Hill, DOI10.2307/1058399, ISBN 0070189722.

17.^ Phillips, A. W. (1958), "The relationship between unemployment and the rate of change of money wages in the United Kingdom 1861-1957", Economica 25 (100): 283–299 18.^ Friedman, Milton (1968), "The role of monetary policy", American Economic Review 58 (1): 1–17, http://www.jstor.org/stable/1831652 19.^ Phelps, Edmund S. (1968), "Money wage dynamics and labor market equilibrium", Journal of Political Economy 76 (4): 678–711 20.^ Blanchard, Olivier (2000), op. cit., Ch. 28, p. 540. 21.^ Lucas, Robert E., Jr. (1976), "Econometric Policy Evaluation: A Critique", Carnegie-Rochester Conference Series on Public Policy 1: 19–46 22.^ Blanchard, Olivier (2000), op. cit., Ch. 28, p. 542. 23.^ Edmund S. Phelps, ed., (1970), Microeconomic Foundations of Employment and Inflation Theory. New York, Norton and Co. ISBN 0-393-09326-3. 24.^ Per Krusell and Anthony A. Smith, Jr. (1998), 'Income and wealth heterogeneity in the macroeconomy.' Journal of Political Economy 106 (5), pp. 243-77. 25.^ George W. Evans and Seppo Honkapohja (2001), Learning and Expectations in Macroeconomics. Princeton University Press, ISBN 0-69104921-1. 26.^ DeJong, D. N. with C. Dave (2007), Structural Macroeconometrics. Princeton University Press, ISBN 0691126488. 27.^ Finn E. Kydland and Edward C. Prescott (1982), 'Time to Build and Aggregate Fluctuations'. Econometrica, 50, 1345-70. 28.^ Thomas F. Cooley (1995), Frontiers of Business Cycle Research. Princeton University Press. 29.^ Andrew Abel and Ben Bernanke (1995), Macroeconomics, 2nd ed., Ch. 11.1, pp. 355-362. Addison-Wesley, ISBN 0201543923. 30.^ Julio Rotemberg and Michael Woodford (1997), 'An optimization-based econometric framework for the evaluation of monetary policy'. NBER Macroeconomics Annual 12, pp. 297-346. 31.^ Woodford, Michael (2003), Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton University Press, ISBN 0691010498. 32.^ Shoven, John B., and John Whalley (1972), 'A general equilibrium calculation of the effects of differential taxation of income from capital in the US.' Journal of Public Economics 1, pp. 281-321. 33.^ Kehoe, Patrick J., and Timothy J. Kehoe (1994), 'A primer on static applied general equilibrium models'. Federal Reserve Bank of Minneapolis Quarterly Review 18 (1). 34.^ Leigh Tesfatsion (2003), 'Agent-Based Computational Economics', Iowa State University Economics Working Paper #1. 35.Birth July 26, 1933 (1933-07-26) (age 76) Evanston, Illinois, U.S. Nationality

United States Institution Columbia

University 1971University of Pennsylvania Field Macroeconomics Alma mater Yale University Amherst College Influences Paul Samuelson James Tobin Thomas Schelling William Fellner Henry Wallich Influenced Roman Frydman Mordecai Kurz Gylfi Zoega Hian Teck Hoon Contributions Micro-foundations of macroeconomics Effects of wage and price expectations Natural rate of unemployment Golden Rule savings rate