Beacon - Page 8

John Richard Nicholas Stone’s work was underpinned by a Keynesian theoretical framework — the application of which reached internationally...

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

Through his extensive contribution in applied research, George Stigler institutionalised information in neoclassical framework and integrated...

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

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...

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

Bertil Ohlin's extension of Ricardian comparative advantage theory to include factors of production and James Meade's stabilisation theory continue to...

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

Leonid Kantorovich and Tjalling C Koopmans made major contributions to the field of economic planning by way of developing the theory of the optimal...

In emphasising the role of in institutions in their economic analysis, Gunnar Myrdal and Friedrich von Hayek paved the way for later research in...

Wassily Leontief’s input-output model was a pathbreaking tool for analysing inter-sectoral dependencies in the economy — an innovation that helped...