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An economist is a professional and practitioner in the
social science Social science is one of the branches of science, devoted to the study of societies and the relationships among individuals within those societies. The term was formerly used to refer to the field of sociology, the original "science of so ...
discipline of
economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad
philosophical Philosophy (from , ) is the systematized study of general and fundamental questions, such as those about existence, reason, knowledge, values, mind, and language. Such questions are often posed as problems to be studied or resolved. Some ...
theories A theory is a rational type of abstract thinking about a phenomenon, or the results of such thinking. The process of contemplative and rational thinking is often associated with such processes as observational study or research. Theories may be ...
to the focused study of minutiae within specific
market Market is a term used to describe concepts such as: *Market (economics), system in which parties engage in transactions according to supply and demand *Market economy *Marketplace, a physical marketplace or public market Geography *Märket, an ...
s,
macroeconomic Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...
analysis, microeconomic analysis or
financial statement analysis Financial statement analysis (or just financial analysis) is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement, balanc ...
, involving analytical methods and tools such as
econometrics Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8 ...
, statistics, economics computational models,
financial economics Financial economics, also known as finance, is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade". William F. Sharpe"Financia ...
, mathematical finance and mathematical economics.


Professions

Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming ndthey make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin." In addition to government and academia, economists are also employed in
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
ing, finance,
accountancy Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "langua ...
,
commerce Commerce is the large-scale organized system of activities, functions, procedures and institutions directly and indirectly related to the exchange (buying and selling) of goods and services among two or more parties within local, regional, nation ...
,
marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
, business administration,
lobbying In politics, lobbying, persuasion or interest representation is the act of lawfully attempting to influence the actions, policies, or decisions of government officials, most often legislators or members of regulatory agencies. Lobbying, which ...
and non- or not-for profit organizations. In many organizations, an "Economic Analyst" is a formalized role. Professionals here are employed (or engaged as
consultants A consultant (from la, consultare "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice and other purposeful activities in an area of specialization. Consulting servic ...
) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques. *Economic analysts employed in industry typically advise corporations' and financial institutions' reinvestment and capital budgeting decisions, and provide long term economic forecasts used within these organizations more generally. *In the
public sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, inf ...
, analysts advise legislators and executives on economic policy, public works, and related;
politician A politician is a person active in party politics, or a person holding or seeking an elected office in government. Politicians propose, support, reject and create laws that govern the land and by an extension of its people. Broadly speaking ...
s often consult economists before enacting economic
policy Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an orga ...
; and many statesmen have academic degrees in economics. *A Federal Government Economic Analyst conducts economic analysis of issues directly related to the function of their federal government agency. In contrast to regulated
profession A profession is a field of work that has been successfully ''professionalized''. It can be defined as a disciplined group of individuals, '' professionals'', who adhere to ethical standards and who hold themselves out as, and are accepted by ...
s such as engineering, law or medicine, there is not a legally required educational requirement or license for economists. In academia, most economists have a Ph.D. degree in Economics. In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject is often considered to be an economist.


By country

Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to
communicate Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inquir ...
and the capacity to grasp broad issues which the graduates acquire at the
university A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States ...
or
college A college (Latin: ''collegium'') is an educational institution or a constituent part of one. A college may be a degree-awarding tertiary educational institution, a part of a collegiate or federal university, an institution offerin ...
. Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance, tax and banking, or
management Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a Government agency, government body. It is the art and science of managing resources of the business. Management includ ...
; see
financial analyst A financial analyst is a professional, undertaking financial analysis for external or internal clients as a core feature of the job. The role may specifically be titled securities analyst, research analyst, equity analyst, investment analyst, ...
. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in
government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is ...
and
politics Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that stud ...
. Small numbers go on to undertake
postgraduate studies Postgraduate or graduate education refers to academic or professional degrees, certificates, diplomas, or other qualifications pursued by post-secondary students who have earned an undergraduate (bachelor's) degree. The organization and struc ...
, either in economics, research, teacher training or further qualifications in specialist areas.


Brazil

In
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil.


United States

According to the
United States Department of Labor The United States Department of Labor (DOL) is one of the executive departments of the U.S. federal government. It is responsible for the administration of federal laws governing occupational safety and health, wage and hour standards, unemploy ...
, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $83,000, and the top ten percent earning more than $147,040 annually. Nearly 135 colleges and universities grant around 900 new
Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...
s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013,
PayScale.com Payscale is an American compensation software and data company which helps employers manage employee compensation and employees understand their worth in the job market. The website was launched on January 1, 2002. It was founded by Joe Giordano a ...
showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $61,000 to $160,000; Ph.D. corporate economists, $71,000 to $207,000; economics full professors, $89,000 to $137,000; economics associate professors, $59,000 to $156,000, and economics assistant professors, $72,000 to $100,000.


United Kingdom

The largest single professional grouping of economists in the UK are the more than 3500 members of the
Government Economic Service The Government Economic Service (GES) is a professional grouping of public sector economists who work across some 40 departments and agencies of His Majesty's Government (HMG). The GES Board is chaired by the Head of the GES and consists of gover ...
. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
(ranging from Newcastle University to the
London School of Economics The London School of Economics and Political Science (LSE) is a public university, public research university located in London, England and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidn ...
), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors. This figure compares very favourably with the national picture, with 64 percent of economics graduates in employment.


Notable economists

Some current well-known economists include: * Adam Smith, Scottish economist and philosopher. Known as "The Father of Economics". *
John Maynard Keynes John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...
, English economist well known for forming the basis of
Keynesian economics Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output a ...
*
Joan Robinson Joan Violet Robinson (''née'' Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory. She was a central figure in what became known as post-Keynesian economics. B ...
, English Keynesian economist. *
Karl Marx Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 ...
, German philosopher and economist known for founding Marxian Economics. * Rosa Luxemburg, German Communist revolutionary and the first economist woman to bring a theoretic contribution to the field of economics. She is the author of ''
The Accumulation of Capital ''The Accumulation of Capital'' (full title: ''The Accumulation of Capital: A Contribution to an Economic Explanation of Imperialism'', ''Die Akkumulation des Kapitals: Ein Beitrag zur ökonomischen Erklärung des Imperialismus'') is the princip ...
''. *
Amartya Sen Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, econom ...
(b. 1933),
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at Harvard University. *
Kenneth Arrow Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics ...
,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at Stanford University. *
Robert Aumann Robert John Aumann (Hebrew name: , Yisrael Aumann; born June 8, 1930) is an Israeli-American mathematician, and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew ...
(b. 1930), Israeli-American mathematician, Nobel Memorial Prize in Economics in 2005. *
B. R. Ambedkar Bhimrao Ramji Ambedkar (14 April 1891 – 6 December 1956) was an Indian jurist, economist, social reformer and political leader who headed the committee drafting the Constitution of India from the Constituent Assembly debates, served ...
, Indian scholar, jurist, economist, politician and social reformer. The
Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...
was conceptualized in accordance with the guidelines presented by Ambedkar to the Hilton Young Commission (also known as Royal Commission on Indian Currency and Finance) based on his book, ''The Problem of the Rupee – Its Origin and Its Solution''. * Ben Bernanke,
Chairman of the Federal Reserve The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chair shall preside at the meetings of the Boa ...
from 2006 to 2014. *
Esther Duflo Esther Duflo, FBA (; born 25 October 1972) is a French–American economist who is a professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). She is the co-founder and co-director of the Abd ...
,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and professor at
Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
. *
Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...
,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate. *
Claudia Goldin Claudia Goldin (born May 14, 1946) is an American economic historian and labor economist who is currently the Henry Lee Professor of Economics at Harvard University. She is a co-director of the NBER's Gender in the Economy Study Group and was th ...
, professor at
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...
*
Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...
, Chairman of the Federal Reserve from 1987 to 2006. *
James Heckman James Joseph Heckman (born April 19, 1944) is a Nobel Prize-winning American economist at the University of Chicago, where he is The Henry Schultz Distinguished Service Professor in Economics and the College; Professor at the Harris School of Pu ...
, 2000
Nobel Prize The Nobel Prizes ( ; sv, Nobelpriset ; no, Nobelprisen ) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to "those who, during the preceding year, have conferred the greatest benefit to humankind." Alfr ...
winner and Professor at
University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...
; most cited economist as of 2018. *
Glenn Hubbard Glenn Hubbard may refer to: *Glenn Hubbard (baseball) (born 1957), American baseball player *Glenn Hubbard (economist) Robert Glenn Hubbard (born September 4, 1958) is an American economist and academic. He served as the Dean of the Columbia Univ ...
, Dean of the
Columbia University Graduate School of Business Columbia Business School (CBS) is the business school of Columbia University, a private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and is one of the oldest busi ...
; Chair of the Council of Economic Advisers from 2001 to 2003. *
Thomas M. Humphrey Thomas MacGillivray Humphrey (born 1935) is an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank's flagship publication, the ''E ...
, American economist and historian of economic thought. *
Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was ...
, 2008
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate,
public intellectual An intellectual is a person who engages in critical thinking, research, and reflection about the reality of society, and who proposes solutions for the normative problems of society. Coming from the world of culture, either as a creator or ...
, and advocate of modern liberal policies. *
Greg Mankiw Nicholas Gregory Mankiw (; born February 3, 1958) is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics. Mankiw ...
, American macroeconomist, academic economist, public intellectual, Chair of the Council of Economic Advisers from 2003 to 2005. * Joseph Stiglitz, 2001 Nobel Memorial Prize in Economics winner, critic of
inequality Inequality may refer to: Economics * Attention inequality, unequal distribution of attention across users, groups of people, issues in etc. in attention economy * Economic inequality, difference in economic well-being between population groups * ...
and the
governance Governance is the process of interactions through the laws, norms, power or language of an organized society over a social system ( family, tribe, formal or informal organization, a territory or across territories). It is done by the gove ...
of
globalization Globalization, or globalisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences), is the process of foreign relation ...
, and former
World Bank Chief Economist The Chief Economist of the World Bank (full title: Senior Vice President for Development Economics and Chief Economist of the World Bank Group) is the senior economist at the World Bank Group, tasked with providing intellectual leadership and direct ...
. *
Dambisa Moyo Dambisa Felicia Moyo, Baroness Moyo (born 2 February 1969)Moyo showed a copy of an official document with her date and place of birth as part of a lecture she gave at TEDGlobal 2013, Edinburgh, Scotland. is a Zambian-born economist and author, ...
, Zambian-born international economist and author who analyzes the macroeconomy and global affairs. *
Thomas Sowell Thomas Sowell (; born June 30, 1930) is an American author, economist, political commentator and academic who is a senior fellow at the Hoover Institution. With widely published commentary and books—and as a guest on TV and radio—he becam ...
, American economist and social theorist, Senior
Fellow A fellow is a concept whose exact meaning depends on context. In learned or professional societies, it refers to a privileged member who is specially elected in recognition of their work and achievements. Within the context of higher education ...
at the
Hoover Institution The Hoover Institution (officially The Hoover Institution on War, Revolution, and Peace; abbreviated as Hoover) is an American public policy think tank and research institution that promotes personal and economic liberty, free enterprise, an ...
. *
Robert Lucas Jr Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago, where he is currently the John Dewey Distinguished Service Professor Emeritus in Economics and the College. Widely regarded as the central ...
., 1995
Nobel Prize in Economics The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
winner. *
Carmen Reinhart Carmen M. Reinhart (née Castellanos, born October 7, 1955) is a Cuban-American economist and the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Previously, she was the Dennis Weatherstone Senior Fe ...
, member of American Economic Association, 2018
King Juan Carlos Prize in Economics King of Spain Prize in Economics is an award recognizing the scientific career of Spanish or Latin American personalities in the field of the economics. It was created in 1986 by the Foundation José Celma Prieto and it is awarded every two years. ...
winner. * William Forsyth Sharpe, 1990
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
winner. * Christopher Antoniou Pissarides, 2010
Nobel Prize in Economics The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
winner. *
Arthur Laffer Arthur Betz Laffer (; born August 14, 1940) is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989). Laffer is best known for the La ...
, 2019
Presidential Medal of Freedom The Presidential Medal of Freedom is the highest civilian award of the United States, along with the Congressional Gold Medal. It is an award bestowed by the president of the United States to recognize people who have made "an especially merit ...
winner. *
Jeffrey Sachs Jeffrey David Sachs () (born 5 November 1954) is an American economist, academic, public policy analyst, and former director of The Earth Institute at Columbia University, where he holds the title of University Professor. He is known for his work ...
, Professor of Sustainable Development at Columbia's
School of International and Public Affairs The School of International and Public Affairs at Columbia University (SIPA) is the international affairs and public policy school of Columbia University, a private Ivy League university located in Morningside Heights, Manhattan, New York City. ...
, 2015
Blue Planet Prize The recognises outstanding efforts in scientific research or applications of science that contribute to solving global environmental problems. The prize was created by the Asahi Glass Foundation in 1992, the year of the Rio Earth Summit, and ...
winner. *
Vusal Gasimli Vusal Afras ogly Gasimli ( az, Vüsal Əfras oğlu Qasımlı) is an Azerbaijani economist serving as the Executive director of the Center for Economic Reforms Analysis and Communication of the Republic of Azerbaijan (since 2016), was the Head of ...
, Azerbaijani economist and public intellectual, author of ''Geo-Economics''. *
Ludwig von Mises Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberali ...
, Austrian economist and philosopher, author of ''
Human Action ''Human Action: A Treatise on Economics'' is a work by the Austrian economist and philosopher Ludwig von Mises. Widely considered Mises' ''magnum opus'', it presents the case for laissez-faire capitalism based on praxeology, his method to under ...
''. *
Friedrich Hayek Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Haye ...
, Austrian economist,
Nobel Memorial Prize in Economic Sciences The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...
laureate and author of ''
The Road to Serfdom ''The Road to Serfdom'' ( German: ''Der Weg zur Knechtschaft'') is a book written between 1940 and 1943 by Austrian-British economist and philosopher Friedrich Hayek. Since its publication in 1944, ''The Road to Serfdom'' has been popular among ...
''. *
David Ricardo David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill. Ricardo was also a politician, and a ...
, developed the classical theory of
comparative advantage In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comp ...
in 1817.


See also

*
Chief economist Chief economist is a single-position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of respons ...
*
List of economists This is an incomplete alphabetical list by surname of notable economists, experts in the social science of economics, past and present. For a history of economics, see the article History of economic thought. Only economists with biographical artic ...


References


Citations
/h2>


Sources

*
Mark Blaug Mark Blaug FBA (; 3 April 1927 – 18 November 2011) was a Dutch-born British economist (naturalised in 1982), who covered a broad range of topics during his long career. He was married to Ruth Towse. Life and work Blaug was born on 3 April ...
and Howard R. Vane (1983, 2003 4th ed.). . Table of Content
links.
Cheltenham & Edward Elgar Pub. * Pressman, Steven, 2006. ''Fifty Major Economists.'' Routledge, * Robert Sobel, 1980. ''The Worldly Economists'' .


External links

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