Popular Economists Who Shaped the Modern Economic System

You might have heard about some of the most popular economists in the world such as Adam Smith, Thomas Maltus, Karl Marx, Alfred Marshall, Irving Fisher and so on. There are more people in addition to the ones listed who helped shape the economic system that exists today. Without the efforts of these eminent economists, there wouldn’t have been much development in the field of economics.

The theories and concepts developed by those economists are still followed today. For example, the theory proposed by Adam Smith known as ‘Absolute Advantage Theory’ which led to a kind of economy known as ‘free market economy’ is applied widely. Such an economic system works in the favor of the general public.

Another popular economist ‘Thomas Maltus’ also had a great part in the development of modern economic system. In fact, it is said that his population theory greatly influenced Darwin’s theories.

You can read about various other popular economists in more detail onĀ famous101.com.




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