Friedrich Hayek

Friedrich August von Hayek, a prominent economist and philosopher, left an indelible mark on the study of economics, particularly through his contributions to the understanding of free-market capitalism and the role of knowledge in economic systems. Born on May 8, 1899, in Vienna, Austria, Hayek's intellectual pursuits spanned various fields, including economics, political science, and philosophy. His work earned him the Nobel Memorial Prize in Economic Sciences in 1974, a testament to his profound influence on economic thought.

Area of Study: Hayek's academic journey began with a focus on law and political science, but he soon gravitated towards economics. He studied at the University of Vienna, where he was deeply influenced by the Austrian School of Economics, particularly by economists like Ludwig von Mises. Hayek's primary area of study was the functioning of economic systems, with a keen interest in the decentralized processes of decision-making and the dissemination of information in markets.

JOHN BATES CLARK

John Bates Clark (1847–1938), the most eminent American economist of a century ago, was, in his own day Popular for: •Theory of marginal productivity Major Contribution •The Philosophy of wealth •The Distribution of wealth •Utility Theory •Marginal Productivity Theory •Captial Theory Area of study Clark was educated at Brown University and Amherst College. He then studied in Heidelberg, Germany , and Zürich, Switzerland. Returning to the United States , he taught at Carleton, Smith , and Amherst colleges and at Columbia University

WILLIAM STANLEY JEVONS

William Stanley Jevons (born September 1, 1835, Liverpool, England—died August 13, 1882, near Hastings, Sussex) was an English logician and economist whose book The Theory of Political Economy (1871) expounded the “final” (marginal) utility theory of value. Jevons’s work, along with similar discoveries made by Karl Mengers in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought

LEON WALRAS

Léon Walras (1834-1910), whose full name was Marie Esprit Léon Walras (the final “s” is sounded), is celebrated among economists and econometricians as the first to have formulated a multiequational general equilibrium model of economic relationships. He was born on December 16, 1834, in Evreux, a provincial town of Normandy, France.

CARL MENGER

Carl Menger (1840-1921), economic theorist and founder of the Austrian school of marginal analysis, was both the most influential and the least read of the major figures who gave economic theory the shape it preserved from about 1885 to 1935. There is little doubt that it was his immediate disciples who cast microeconomic theory into the form which, in its essentials, it still retains.