Micro - Important Economists

Adam Smith

Wrote Wealth of Nations (1776), known for laying the groundwork for modern economics, explained how self-interest can benefit society through free markets.

-Invisible hand

-Laissez Faire

-Division of labor

-Absolute advantage

-Specialization of labor

David Ricardo

Theorized:

-Comparative Advantage (portugal)

-Rent Theory

-Law of Diminishing Returns

-Monetary Theory

Jeremy Bentham

Philosophy of utilitarianism. Advocated for economic policies and reforms that promote societal welfare and individual economic freedoms.

John Maynard Keynes

Argued for government intervention to stabilize economies and promote full-employment, also considered the founder of modern macroeconomics. (Keynesian economics school of thought)

Wrote The General Theory of Employment, Interest and Money (1936)

Advocated for fiscal and monetary policy.

Alfred Marshall

Known for creating the standard supply and demand graphs used today, wrote Principles of Economics, a widely used textbook.

Ronald Coase

Contributed with the theory of the firm, as well as his analysis of social cost, which addresses how to efficiently handle externalities in markets