Essay 10 – Two Types of Economists Pick out one economist from the following list of prominent economists. Describe one (1) major work, or important study, that this economist completed that demonstrates this economist is a “Keynesian” (demand-oriented) or a “Classical” (supply-oriented) economist. Be sure to look at the Table, “The Two Broad Types of Economists in US,” in the Module for Week 11. Prominent Economists Milton Friedman Paul A. Samuelson Paul R. Krugman Robert E. Lucas Jr. Joan V. Robinson N. Gregory Mankiw John Kenneth Galbriath Martin S. Feldstein Janet L. Yellen Lawrence H. Summers Joseph E. Stiglitz Alan S. Blinder Alberto Alesina Fredrik von Hayek James M. Buchanan Arthur B. Laffer Deirdre McCloskey Carmen M. Reinhart Glen Hubbard Anne O. Krueger Alvin H. Hansen John R. Hicks Wikipedia or similar (Investopedia, encyclopedia, dictionary, etc.) is a good place to start out your search, but in accordance with the syllabus, do not cite it. If you do, you will receive a grade of “zero.” You should use a search engine (e.g., Google). Your reference URL must be valid and current. Remember you can only post once. All the other aspects of the usual rubric (typos, etc.) apply. Another good place to start out is non-mainstream web sites that have strong ideological biases, because they often vilify an economist on the other side, so you can quickly tell to which school of thought that economist belongs. But you still need to find a major work or idea for which the economist is known. To be absolutely clear: if you cite Wikipedia or similar (Investopedia, encyclopedia, dictionary, etc.), you will be given a “zero” grade, in accordance with the syllabus. Remember also that second posts are not allowed. Here are some other web sites that may be helpful to start your search. List of Nobel Laureates in Economics (Links to an external site.) List of Winners of John Bates Prize (Links to an external site.) Women Who Transformed Economics (Links to an external site.) No Second Post is Necessary Example: Peter J. Boettke My selection is Peter J. Boettke, a professor of economics at George Mason university. Dr Boettke is one of the leading Austrian economists in the U.S. according to the Wall Street Journal. As pointed out in the Table on “Types of Economists in the US,” Austrian economists belong to the Classical school of economics. One of his major works that demonstrates that he is a Classical economist is The Oxford Handbook of Austrian Economics, 2015. This book covers the main theories of the Austrian school of economics, but also offers unique insights into such issues as the collapse of communism, the failure of economic planning in less-developed countries, and the causes of the Great Recession of 2008-2009. The beginning of the book lists several basic propositions, similar to the “five foundations of economics” in our own text book. Two of these explain why American business people, advocates of free markets and libertarians love Austrian economists: private ownership of the means of production is a necessary condition for economic success; and the competitive market is a process of entrepreneurial discovery. This last proposition about the role of entrepreneurship is very important because it is often ignored in current textbooks on introductory economics. Sources: Evans, K. (Aug. 28, 2010). “Spreading Hayek, Spurning Keynes: Professor Leads an Austrian Revival.” Wall Street Journal. Retrieved September 27, 2017 from: WSJ article (Links to an external site.); Howden, D. (Spring 2012). “Review of Handbook on contemporary Austrian economics.” Erasmus Journal for Philosophy and Economics, pp. 100-105. Retrieved December 23, 2018 from: EJPE link (Links to an external site.).
