Economists

An economist is a professional and practitioner in the social science discipline of economics. Economists study, develop, and apply theories and concepts from economics and write about economic policy. They may also collect and analyze data and provide economic forecasts.

Branches of Economics and Notable Economists

Classical Economics

Classical economics is one of the oldest and most influential schools of thought in economics. Prominent classical economists include Adam Smith, known for his work "The Wealth of Nations", as well as David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists developed theories that viewed market economies as largely self-regulating systems.

Keynesian Economics

Keynesian Economics is named after John Maynard Keynes, who revolutionized economic thought during the Great Depression with his work "The General Theory of Employment, Interest, and Money". Keynesian economics focuses on total spending in the economy and its effects on output and inflation. This school of thought has given rise to several other branches, such as New Keynesian Economics and Post-Keynesian Economics.

Neoclassical Economics

Neoclassical Economics seeks to provide microeconomic foundations for economic theories. It combines the principles of classical economics with insights from Keynesian Economics. Prominent figures in this school include Alfred Marshall and Leon Walras.

Behavioral Economics

Behavioral Economics examines the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions. This branch challenges the assumption that individuals always make rational choices. Pioneers in this field include Daniel Kahneman and Amos Tversky.

Development Economics

Development Economics focuses on improving fiscal, economic, and social conditions in developing countries. Influential development economists include Amartya Sen and Jeffrey Sachs.

Environmental Economics

Environmental Economics studies the economic impact of environmental policies and the economic causes of environmental problems. It often overlaps with ecological economics, which emphasizes the sustainability of economic systems.

Salaries and Employment

According to PayScale.com, salaries for Ph.D. economists in the United States range from $61,000 to $160,000 for academics, and from $71,000 to $207,000 for corporate economists. Economists are employed in a variety of sectors including academia, government, private industry, and international organizations like the International Monetary Fund and the World Bank.

The Economist

The Economist is a prominent British weekly newspaper that focuses on current affairs, international business, politics, technology, and culture. It is known for its thorough analysis and wide-ranging coverage of global economic issues.

Famous Economists

Several economists have made significant contributions to the field and have become well-known figures globally. Some of these include: