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 the doctrine that society
could not alter the existing distribution of income.
Karl Marx
Germany, 1818-1883

Intellectual father of modern day Marxist economics, he predicted that capitalism

would be ultimately destroyed by its own inherent contradictions.
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 macroeconomic theory and

profoundly altered government's involvement in the economy.
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 During Nationality Known for

Amartya Sen 1933 Indian Welfare Economics, Human development theory
Bertil Ohlin 1899 Sweden Heckscher-Ohlin model, Heckscher-Ohlin theorem
United Cointegration, Granger causality, Fractional
Clive W.J.Granger 1934
Kingdom integration
Daniel L.
1937 United States Discrete choice
McFadden
Cognitive biases, Behavioral economics, Prospect
Daniel Kahneman 1934 United States
theory
Douglass C. North 1920 United States Economic history
Edward C.
1940 United States Quantitative general equilibrium business cycle theory
Prescott
Edmund S. Phelps 1933 United States Micro-foundations of macroeconomics
1918- Italian
Franco Modigliani Field: Financial economics
2003 American
Finn. E. Kydland 1943 Norway Field: Macroeconomics
Friedrich Von 1899- Notable Ideas in Economic calculation problem,
Europe
Hayek 1992 Catallaxy.
1898-
Gunnar Myrdal Sweden Monetary equilibrium
1987
1911-
George J. Stigler United States Capture theory
1991
Gerard Debreu 1921- French Was awareded 1983 Nobel Memorial Prize in
 2004 Economics.
Gary S. Becker 1930 American Field: Law and economics
George A. Akerlof 1940 United States Information asymmetry, Efficiency wages
1916- Logic Theory Machine, General Problem Solver,
Herbert A. Simon United States
2001 Bounded Rationality
Harry M.
1927 United States Contributions: Modern portfolio theory
Markowitz
1903-
Jan Tinbergen Netherlands First national macroeconomic model
1994
Joseph E Stiglitz 1943 United States Contributions: Screening
John R. Hicks 1956 United States Convictions: Aggravated murder, Robbery
1918-
James Tobin United States Portfolio theory, Keynesian economics
2002
Nash equilibrium, Nash embedding theorem, Algebraic
John F. Nash 1928 United States
geometry
1920- Bayesian games, Utilitarian ethics, Equilibrium
John C. Harsanyi United States
2000 selection
Contributions: Statistical analysis of individual
James J Heckman 1944 United States
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.
a b
8. ^ 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, DOI-
10.2307/1058399, 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 0-691-
04921-1.
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 1971-
University 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