ranking of global economists

Top 10 Economist In The World

Are you curious to know who are the top ten influential economists in the world? Look no further! This article will take you through the most influential economists who have shaped the world and their contributions to public policies.

We have carefully curated this list by using a consensus approach, so you can get a glimpse of the value that these economists bring to the world today.

Read on to find out who they are and what their impact has been!

Key Takeaways

  • Economists play a crucial role in shaping the world and helping nations fight financial crises, with their analytical and philosophical approach being valuable to businesses and governments.
  • Notable economists such as Paul Krugman, Joseph Stiglitz, Dambisa Moyo, Elinor Ostrom, W. Arthur Lewis, Milton Friedman, and Amartya Sen have made significant contributions to various aspects of economics and have had a profound impact on economic thought and policy.

1. Adam Smith

Smith’s ideas form the basis of classical economics and have been taught at Harvard University since the late 19th century. Smith argued for reducing taxes and limited government intervention, which inspired the Keynesian and Neoliberal movements.

His ideas continue to shape economic thought and policy today.

Paul Krugman

Paul Krugman is a renowned economist and Nobel laureate. He received the Nobel Prize in 2008 for his work in Economic Geography.

He served in US President Ronald Reagan’s Council of Economic Advisors and his work helps understand why consumer choice achieves economies of scale. He’s a strong advocate of free-market capitalism and limited government intervention.

His work provides insights into the effects of policy decisions on economic growth.

Joseph Stiglitz

Joseph Stiglitz, who won the Nobel Prize for Economics in 2001, is one of the most influential economists in the world. He’s renowned for his work on markets with asymmetric information and has served as an advisor to world leaders. His research has helped shape our understanding of capitalism and economic growth. Technology companies, governments, and international organizations utilize his insights to advance their objectives.

His works have provided insights on how to create more equitable societies, foster economic development, and promote global prosperity.

Stiglitz’s work has helped shape our understanding of modern economics, and his insights are invaluable for anyone interested in understanding the modern economic landscape. He’s made a lasting impact on the global economy and offers a blueprint for how to build an equitable and prosperous society.

John Stuart Mill

Building on the works of Joseph Stiglitz and Paul Krugman, John Stuart Mill was a 19th-century British philosopher and economist who integrated economic theory with philosophy.

As a prominent figure in the Classical School and a supporter of the Liberal Utilitarianism movement, he championed actions aimed at fostering human happiness.

Mill strongly advocated for a free market economy, the minimization of taxes, and a limited role for governments. He also emphasized individual rights and progressive social policies.

Among those who expanded upon Mill’s ideas was Arthur Cecil Pigou, who developed the Theory of Externalities to elucidate how the actions of one individual could impact those around them. Mill’s works continue to be relevant today, providing a vital framework for comprehending economic principles.

Dambisa Moyo

You may not have heard of Dambisa Moyo, but she’s an influential Zambian economist and writer.

Her work focuses on wealth creation, the relationship between impoverished states and wealthy nations, and the asymmetry of information in markets.

Moyo holds a Ph.D. from Massachusetts Institute of Technology (MIT) and has worked for Goldman Sachs. Additionally, she teaches at the Institute for Liberty and Democracy and is a part of the School of Economic Thought.

Moyo’s work provides insights into economic disparities, development, and collective action. Her research has been highly influential in understanding the dynamics of global economics.

Elinor Ostrom

You may have heard of Elinor Ostrom, the Nobel laureate who made significant contributions to the field of economics. Her research focused on collective action and self-governance, and she won the Nobel Prize in Economic Sciences in 2011.

Her work has highlighted the importance of collective action and self-governance in effectively managing common resources.

Collective Action

You’ve probably heard of Elinor Ostrom, the Nobel Prize-winning economist who made major contributions to the field of economic governance. Her work focused on understanding how communities can effectively manage common resources and highlighted the importance of collective action and self-governance.

Ostrom was born in Massachusetts and later studied at London School of Economics. She not only proposed valuable theories on the Saudi Economy, but also proposed solutions that can be implemented today.

Ostrom’s work on collective action can be divided into three parts:

  • Facilitating Collective Action: She put forth ideas on how collective action can be encouraged by providing incentives and resources.
  • Preventing Free-riding: Ostrom proposed ways to prevent individuals from taking advantage of the collective without contributing.
  • Managing Conflict: She emphasized the need for mechanisms to manage conflicts among individuals in collective action.

Ostrom’s work can help us understand how collective action and self-governance can be used to manage resources and create wealth. Her work has been instrumental in forming public policies that are beneficial to society.

Self-governance

Frequently, self-governance has been vital to the success of economic systems and Elinor Ostrom’s work on the topic has been invaluable. Ostrom, a contemporary American political scientist, was awarded the Nobel Prize in Economic Sciences in 2011. Her research focused on understanding how communities can effectively manage common resources. Ostrom highlighted the importance of collective action and self-governance.

For example, the United Kingdom has seen measurable improvements in GDP since implementing her ideas. In Chicago, Ostrom’s principles have been used to develop a successful program for managing the city’s scarce resources. Her work provides an invaluable resource for economists and policy makers alike.

W. Arthur Lewis

You’re likely familiar with W. Arthur Lewis, the Nobel Memorial Prize winner in Economic Sciences. He was born in Saint Lucia and later became a British citizen.

Lewis made significant contributions to understanding the structural transformation of economies. He won the Nobel Memorial Prize in 1979 for his work on economic development and the role of labor in driving growth. His work focuses on neoliberal economic policies and poverty reduction.

Lewis served as an advisor to The World Bank and the Poverty Action Lab. He argued for the importance of economic action to empower the working class.

Lewis’ research continues to shape our understanding of economic transformation.

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