Herbert A. Simon (1916–2001), the winner of the 1978 Nobel Prize in economics earned international fame and recognition mainly for his theory of organizational decision making. The American-born economist Herbert A. Simon is also well-known for his diverse researches in areas like computer science, cognitive psychology, management, philosophy of science, sociology and public administration. [br]
George A. Akerlof is a renowned American economist and co-recipient of the Nobel Prize for Economics in 2001 with A. Michael Spence and Joseph E. Stiglitz. Akerlof was awarded the Nobel Prize for his contribution to the analysis of markets with asymmetric information. [br]
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Gary S. Becker is an American Economist and the Nobel Prize winner for Economics in 1992. Gary S. Becker achieved the Nobel Prize for his contribution to the study of human behavior in economics. [br]
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The French-born economist and mathematician Gérard Debreu (1921–2004) won the 1983 Nobel Prize in Economics for developing a series of economic concepts, which paved the way for further researches by future economists. In fact, he was awarded the Nobel Prize for his stringent redevelopment of the general equilibrium theory and incorporating new deductive and logical methods into economic theory.
The American economist and the winner of the 1982 Nobel Prize in Economics, George J. Stigler (1911-1991) had earned immense global recognition and reputation for elaborating the Economic Theory of Regulation, also known as “Capture”. [br]
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Gunnar Myrdal is one of the most influential figures in economic history. He was not only an economist but also a politician. His contributions in the field of economics has not only enriched the discipline but has also helped solve many problems in applied economics.
Karl Gunnar Myrdal was born in Gustafs, Sweden, on December 6, 1898. He graduated from the Law School of Stockholm University in 1923 and began practicing law while furthering his studies at the university.
The 1974 Economics Nobel Laureate Friedrich Von Hayek (1889-1992) was among the most perceptive, knowledgeable and masterly economists and a renowned Austria-born British political philosopher of the 20th century. His works comprise defending the theories of Classical Liberalism and free-market capitalism against the existing collectivist and socialist beliefs.
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Finn. E. Kydland, a Norwegian economist and a co-recipient of Nobel Prize with Edward C. Prescott for Economics in 2004. People will remember him for his work on dynamic macroeconomics, which is actually the time consistency of economic policy and the impetus behind the business cycles.
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Franco Modigliani, the Italian-American economist is one of the most distinguished contemporary economists. His application of economics to calculate the lifecycle of household savings and trace the dynamics of financial markets made a striking difference in the perception of economics by the general mass.
Edmund S. Phelps, a celebrated economist and 2006 Nobel Prize winner in Economics for his contributions in analyzing inter-temporal tradeoffs in macroeconomic policy. People will remember Phelps for his notable work in the late ’60s on expectations-based microeconomics.
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