From Adam Smith to Richard Thaler — which are the most important figures that shaped the economic world.

Are you looking to enrich your economic knowledge? If you want to gain knowledge about economy but not study, here are some economic authors with their compelling ideas, on how countries and people behave. Their ideas incorporated philosophy and politics into economy, so reading what they wrote wont feel like a lecture.

Economy is mostly numbers and statistics, but it is also a bit philosophical, especially when it comes to political economy and macroeconomics. There were many economy philosophers who shaped the way we think. From the birth of capitalism to modern behaviour science, many changes have been made in this field, for example, the way the government works, businesses etc.

Adam Smith – The Father of Economics

Adam Smith is the first name that anyone will say, when you think economy. Read his "The Wealth of Nations" to learn about capitalism, the "invisible hand" , and why is he known as the father of economy.

Back in 1776, Adam Smith wrote The Wealth of Nations, a book that many call the foundation of modern economics. He introduced the idea of the “invisible hand,” suggesting that when people pursue their own interests, society as a whole can benefit. His ideas about free markets still influence how economies are run today.

David Ricardo – The Power of Trade

Ricardo explained something we now call comparative advantage: the idea that countries should specialize in producing what they’re best at, and trade with others. Sounds simple, but it completely changed how nations look at trade and globalization.

John Maynard Keynes – Fighting Recessions

During the Great Depression of the 1930s, economies were collapsing. Keynes argued that governments shouldn’t just sit and wait — they should spend money to keep people working and businesses running. His ideas gave birth to what we know as modern fiscal policy.

Friedrich Hayek – Freedom in Markets

Hayek took the opposite approach to Keynes in many ways. He warned that too much government control could limit freedom and harm economies. He strongly believed in free markets and individual choice, making him a central figure in economic debates that continue today.

Milton Friedman – Money Matters

Friedman made one thing very clear: money supply is key. He believed inflation happens when too much money is circulating, and that central banks should focus on controlling it. His work shaped monetary policies across the world, especially in the late 20th century.

Amartya Sen – Beyond Just GDP

Economics isn’t just about growth or profit — it’s also about human well-being. Sen shifted the focus from numbers like GDP to things that actually improve lives, like education, healthcare, and equality. Thanks to him, the United Nations created the Human Development Index, which looks at development more holistically.

Joseph Stiglitz – Pointing Out Market Failures

Stiglitz showed that markets don’t always work perfectly. For example, when one side of a deal knows more than the other (think car sales or loans), the results can be unfair. He has also been very vocal about the dangers of growing inequality in the world.

Daniel Kahneman & Richard Thaler – Psychology Meets Money

For centuries, economists assumed people make rational choices with money. But Kahneman and Thaler proved otherwise. They showed that emotions, habits, and biases shape our financial decisions. This gave rise to behavioral economics, which today influences everything from marketing to retirement savings plans.

These people viewed economy from a different angle, and their ideas on how countries should operate are.... interesting, to say the least. Kahneman and Thaler's idea that different factors affect our spending is very eyeopening. Do you think that economy should be seen as something that develops over time?