Famous Economists is an attempt to celebrate the lives of professionals who have contributed to the science of economics through their researches, theories and books. Economics is the science that deals with the allocation of scarce resource to produce goods and services, and their consumption in a society. The field of economics had greatly influenced the evolution of the world, and continues to do so. Economics controls all developments in the field of finance, it regulates economies all over the world with its recent developments.
The field of Economics has undergone a series of developments itself, it has evolved from the medieval times when Thomas Aquinas established it as a moral obligation between business to sell and purchase, to the Ancient Roman philosopher Aristotle adding to its definition the complexities of wealth acquisition, and public and private enterprises. During the nineteenth and twentieth century, the field of economics underwent radical changes, and begin to encompass a broader definition which involved complex financial and monetary transactions of the modern world.
Famous economists such as John Maynard Keynes, Adam Smith, Thomas Malthus and Milton Friedman have contributed to the evolution of the science of economics by adding theoretical and practical elements, providing mathematical simplifications and introducing the utilitarian concepts of consumption. Today, economics is the complete code of a successful urban life, it dictates everything, from your factors of production to your ways of consumption. Economics provides the solution to every financial, political and legal problem all over the globe. It not only widens the mental capacity of an individual to understand various problems through intellectual development but also inculcates a rationality which advocates interdependence and promotes individuals to develop a spirit of co-operation in order to achieve the best possible results in a given situation.
Economic literacy is essential in order to safeguard one’s interests as a producer, consumer, worker, investor, citizen and other roles taken up by an individual. Economic literacy provides the insight to make profitable decisions, to interpret the economic developments taking place all over the world, to comprehend and evaluate the critical decisions taken by governments and to make day to day decisions related to investment, consumption and employment.
Economics is the most progressive science in the world, it is constantly developing and evolving, and the only way to ensure success and prosperity is to keep track with all the latest economic developments, and to deploy them in making well informed decisions.