Top 100 Economists Who Built Frameworks
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Adam Smith
invisible hand; division of labor.
David Ricardo
comparative advantage; rent theory.
Alfred Marshall
supply-and-demand; consumer surplus.
John Maynard Keynes
aggregate demand; liquidity preference.
Friedrich Hayek
knowledge problem; spontaneous order.
Ludwig von Mises
economic calculation problem.
Joseph Schumpeter
creative destruction; entrepreneurial innovation.
Ronald Coase
transaction costs; theory of the firm; Coase theorem.
Oliver Williamson
transaction-cost economics; governance structures.
Elinor Ostrom
design principles for governing the commons.
Douglass North
institutions and economic performance.
Daron Acemoglu
extractive vs inclusive institutions; Why Nations Fail.
James Robinson
institutional political economy (with Acemoglu).
Simon Johnson
institutions, finance, and crises.
Gary Becker
human capital; economics of discrimination, family, crime.
Theodore Schultz
human capital theory.
Jacob Mincer
Mincer earnings function.
Milton Friedman
permanent income hypothesis; monetarism.
Anna Schwartz
Monetary History of the United States.
Paul Samuelson
revealed preference; foundations of mathematical econ.
Kenneth Arrow
impossibility theorem; general equilibrium.
Gerard Debreu
Theory of Value; general equilibrium proofs.
John Hicks
IS-LM framework; compensating variation.
Paul Krugman
new trade theory; economic geography.
Robert Solow
Solow growth model.
Paul Romer
endogenous growth; ideas as nonrival.
Robert Lucas Jr.
rational expectations; Lucas critique.
Edward Prescott
real business cycle; time consistency.
Finn Kydland
time consistency; rules vs discretion.
Thomas Sargent
rational-expectations macro; structural estimation.
Christopher Sims
VAR methodology.
Robert Mundell
optimum currency areas; Mundell-Fleming.
Marcus Fleming
Mundell-Fleming open-economy model.
Hyman Minsky
financial instability hypothesis.
Irving Fisher
debt-deflation; Fisher equation.
Knut Wicksell
natural rate of interest; cumulative process.
Gunnar Myrdal
circular cumulative causation.
Arthur Pigou
externalities; Pigouvian taxes.
William Baumol
cost disease; contestable markets.
Harvey Leibenstein
X-inefficiency.
Herbert Simon
bounded rationality; satisficing.
Daniel Kahneman
prospect theory (econ Nobel).
Amos Tversky
heuristics-and-biases (would-be Nobel; foundational to behavioral econ).
Richard Thaler
mental accounting; behavioral finance.
Robert Shiller
narrative economics; excess volatility.
George Akerlof
market for lemons; asymmetric information.
Michael Spence
signaling theory.
Joseph Stiglitz
screening; information economics; efficiency-wage.
Jean Tirole
industrial organization; platform regulation.
Jean-Jacques Laffont
incentive theory; regulatory economics.
Eric Maskin
mechanism design; implementation theory.
Roger Myerson
mechanism design; revelation principle.
Leonid Hurwicz
mechanism design founder.
Alvin Roth
market design; matching theory.
Lloyd Shapley
Shapley value; deferred-acceptance algorithm.
John Nash
Nash equilibrium.
Reinhard Selten
subgame perfection; bounded rationality experiments.
John Harsanyi
Bayesian games; types.
Thomas Schelling
focal points; strategy of conflict.
Robert Aumann
common knowledge; correlated equilibrium.
Paul Milgrom
auction theory; matching markets.
Robert Wilson
auction theory.
William Vickrey
second-price auctions.
James Mirrlees
optimal income taxation.
Peter Diamond
search frictions; optimal taxation.
Dale Mortensen
search-and-matching labor models.
Christopher Pissarides
DMP search-matching framework.
Edmund Phelps
natural rate of unemployment; expectations-augmented Phillips curve.
Robert Barro
Ricardian equivalence; growth empirics.
Greg Mankiw
sticky-price New Keynesian; menu costs.
Michael Woodford
Interest and Prices; New Keynesian framework.
Mark Gertler
financial accelerator.
Hyun Song Shin
global financial cycle; banking frameworks.
Anil Kashyap
banking and credit channel.
Raghuram Rajan
financial fragility; Fault Lines.
Luigi Zingales
Saving Capitalism from the Capitalists.
Mariana Mazzucato
Entrepreneurial State; mission economy; public value.
Ha-Joon Chang
kicking-away-the-ladder; institutional development.
Dani Rodrik
globalization trilemma; growth diagnostics.
Esther Duflo
RCTs in development economics.
Abhijit Banerjee
RCT development framework; Poor Economics.
Michael Kremer
O-ring theory; RCTs.
Angus Deaton
consumption and welfare measurement.
Amartya Sen
capability approach; social choice.
Mahbub ul Haq
Human Development Index architect.
W. Arthur Lewis
dual-sector development model.
Albert Hirschman
Exit, Voice, and Loyalty; linkages.
Mancur Olson
Logic of Collective Action; distributional coalitions.
James Buchanan
public choice; constitutional economics.
Gordon Tullock
rent-seeking.
Anthony Downs
median-voter theorem; rational ignorance.
William Nordhaus
DICE climate-economy model.
Nicholas Stern
Stern Review; climate discounting.
Partha Dasgupta
biodiversity economics; inclusive wealth.
Thomas Piketty
r > g; Capital in the Twenty-First Century.
Emmanuel Saez
top-incomes methodology; optimal taxation empirics.
Bengt Holmström
informativeness principle; principal-agent contract theory.
Oliver Hart
incomplete contracts; property-rights theory of the firm.
James Tobin
Tobin's q; portfolio-selection theory.
Elhanan Helpman
new trade theory; quality-ladders growth.