Beacon

The Nobel prize in economics in 1987 was awarded to Robert Solow for his contributions to the theory of economic growth. Solow was at the...

James McGill Buchanan used economic tools to analyse constitutionally bound political decision-making that eventually found application in EU economic integration and building of post-socialist nations

Franco Modigliani, a Neo-Keynesian economist, played a major role in establishing the ‘life-cycle hypothesis’ which explains the level of savings in the economy, and the ‘Modigliani-Miller theorem’ that establishes the independence of a firm’s value from capital structure

John Richard Nicholas Stone’s work was underpinned by a Keynesian theoretical framework — the application of which reached internationally incorporating even complex areas of education, labour and demography

Gerard Debreu’s axiomatization approach established coherent proof of general equilibrium theory, paving way for further research but it also underwent criticism for being unrealistic

Through his extensive contribution in applied research, George Stigler institutionalised information in neoclassical framework and integrated regulation within the standard economic theory to expose its ills

James Tobin showed how individual decisions determine equilibrium price and interest rate, and how fluctuations in financial markets get transmitted to real markets

Lawrence Klein's models laid the ground for quantitative analysis of economic policies — at the same time — defined the contours of econometrics

Theodore Schultz’s human capital theory and Arthur Lewis’ dual economy shifted the growth discourse towards developing countries with an intrinsic focus on agriculture

Simon’s multidisciplinary approach challenged the neoclassical assumption of profit maximisation and redefined decision-making as an effort to achieve an acceptable solution

Bertil Ohlin's extension of Ricardian comparative advantage theory to include factors of production and James Meade's stabilisation theory continue to be game changers in economic policy since 1960s

Milton Friedman’s breakthrough work put Monetary policy on an equal pedestal to Keynesian only-fiscal approach; which continues to shape the political economy of nations