Which Economists Have Had the Greatest Influence on Our Current Economic System?

Certain works of economic thought have shaped the way modern societies operate – for better and for worse.

Let’s start with the “bible of capitalism” – Adam Smith’s much-misunderstood work, The Wealth of Nations. At a time when absolutist national states ran the economy for the purpose of augmenting state power, the book’s core tenets were revolutionary: that economic progress depends on the pursuit of self-interest, division of labor and freedom of trade.

The Wealth of Nations

The classic par excellence: Adam Smith’s seminal explanation of political economy.

Adam Smith CreateSpace

Even though Smith’s idealized image of economic progress and social harmony may have developed a few cracks over the course of time, his ideas have inspired many well-known economists, among them the late Milton Friedman.

Milton Friedman’s 1962 classic, Capitalism and Freedom, strongly influenced the neoliberalist economic thinking championed by leaders such as Ronald Reagan and Margaret Thatcher.

Capitalism and Freedom

Ask not what economist Milton Friedman believes: this 1962 classic made him an oracle for traditional economics.

Milton Friedman University of Chicago Press

The world today continues to be shaped by policies neoliberalism has inspired: the free movement of goods and capital, privatization, reduced government spending and deregulation.

Read more on the march of ideas from the minds of economists into our lives here:

https://journal.getabstract.com/en/2019/11/28/you-can-watch-the-march-of-ideas-from-the-minds-of-economists-and-into-our-lives/

Sara Küpfer

Sara Kuepfer is a staff writer for getAbstract in Lucerne, Switzerland.

Bloody Hell! — "Good morning, Mr. Schmidt. For cost reasons, Dr. Rob Ott suggests we forgo the local anesthetic. Of course, your insurance wouldn't have paid for it anyway."

Robots have much to offer in the medical world, and can even carry out operations, but don’t worry: There’s still a surgeon behind their actions.

“Sideways Is the New Up!” — Kelley Steven-Waiss & Edie Goldberg / (c) Christophe Testi @ CreativeShot Photography

Most organizations still assess employees’ skills by looking at their current roles and job titles. In a rapidly changing environment, however, this approach is no longer suitable. Edie Goldberg and Kelley Steven-Waiss propose a tried-and-tested alternative.

After the pandemic, there won’t just be the office and the home office – but everything in between. Here are five points to consider if productivity, employee health and a good company culture are important to you.

And how you can do better than Kodak, Kohl and Communism.