Great economist
i) The Greatest Economist: John Maynard Keynes (1883-1946)Keynes went to Eton (as a scholar) and then went to King's College of Cambridge to study Classics and Mathematics. In 1911 he was the editor of the Economic Journal - Britain's foremost economics publication. He also acted as an advisor to a number of companies. In the Second World War, he made his peace again with the Treasury. As a result he was instrumental in providing the framework for post-war economic recovery.Keynes is perhaps the best known of all economists. There are two main reasons. The first is that his work perhaps changed the whole face of post-war economic policy. The second reason was concerning his fame. He is perhaps the only economist to have a whole branch of economics named after him. His main contribution to the economics debate of that time was putting together a coherent critique of the existing classical economic theory that dominated policy-making circles. In the General Theory, Keynes challenged the Classical orthodoxy. He claimed that a slump was not a long-run phenomenon that we should leave the markets to sort out. A slump was simply a short-run problem attributing from a lack of demand. The
No other single book, before or since, has ever had such an impact. Major Achievements of Fisher Irving Fisher was one of America's greatest mathematical economists and one of the clearest economics writers of all time. Fisher's reasoning is still used by economists today in making the case for consumption taxes. Many governments since the Second World War (including in the UK and USA) considered themselves to be Keynesian and pursued Keynesian demand-management policies. In 1925, his firm, which held the patent on his "visible card index" system, merged with its main competitor to form what later was known as Remington Rand and then Sperry Rand. When economic activity is depressed, the government should spend more and vice versa. This theory is still influential in economies today. However, the achievement he is best known for was his book published in 1936 ø-he General Theory of Employment, Interest and Money? It is often considered to be the book marked the birth of modern macroeconomics. Fisher was a pioneer in the construction and use of price indexes. Nonetheless, Fisher earned the first Ph. ii) The Second Greatest Economist : Irving Fisher (1867-1947) Background Irving Fisher was born in upstate New York in 1867.
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Acceptance Essays
