Title Names of Economists ( Micro) .pdf ✅

Economist Contribution to Economics Adam Smith 1) Wealth Definition: The Father of Economics defined Economics as a science of wealth. He regarded economics as a science which studies production & consumption of wealth. 2) Book : ‘An inquiry into the nature and causes of the Wealth of Nations’ in 1776 3) Promoted Capitalism According to J.B. Say “Economics is the study of science of wealth” According to Adam Smith “Economics is the science which deals with the wealth” Alfred Marshall 1) Welfare definition: He defined economics as a social science which studies the economic activities of individuals. 2) Book: ‘Principle of Economics’ 3) Law of Demand 4) Law of Diminishing Marginal utility 5) Concept of Consumer surplus 6) Time Element for classification of Market Lionel Robbins 1) Scarcity Definition: Unlimited wants and limited means with alternative uses give rise to the problem of choice. ‘Economics must be neutral between ends’ 2) Books – Nature & Significance of economics, 1931 Paul .A. Samuelson 1) Growth oriented definition Joel Dean Defined Business Economics – ‘ Use of economic analysis in the formulation of business policies’ Thorstein Veblen Veblen Effect / Conspicuous consumption Sir Robert Giffen Concept of Giffen goods J R Hicks & Allen 1) Explained Law of demand in terms of Substitution effect & Income effect 2) Indifference curve – Ordinal Approach Frank Knight ‘Profit is the reward of uncertainties’ Schumpeter 1) True function of entrepreneur is to introduce innovation 2) Trade cycle is the result of innovation Paul H. Douglas & CW Cobb Cobb-Douglas production function J.M. Keynes 1) Low aggregate expenditure is the reason for massive decline in income & employment 2) Fluctuation in effective demand is the reason for fluctuations in economic activities. Hawtrey Trade cycle is purely monetary phenomenon A C Pigou 1) Business activities are affected by wave of optimism & pessimism 2) Degrees of Price Discrimination Nicholas Kaldore Cobweb Theory Paul Sweezy Kinked Demand curve Karl Marx & Frederic Engels Concept of Socialism James Bates & J R Parkinson Defined Production – ‘Production is the organized activity of transforming resources into finished product in the form of goods & services; and objective of production is to satisfy the demand of such transformed resources’. James Duesenberry Demonstration effect Ricardo Defined Land as ‘ Indestructible & permanent’ Prof. Stigler Defined Oligopoly – ‘ situation in which a firm bases its market policy, in part, on the expected behaviour of a few close rivals’.