Board of Economic Advisors
By: Ivan Chng, Pratik Jog and Hemraj Polavaram
Proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce, today known as gross national product (GDP). Smith also explored theories of the division of labor through which specialization would lead to a qualitative increase in productivity. Smith’s ideas are a reflection on economics in light of the beginning of the Industrial Revolution, and he states that free-market economies are the most productive and beneficial to their societies.
An American economist and statistician best known for his strong belief in free-market capitalism. Milton Friedman strongly opposed the views of Keynesian economists, encouraging governments to minimize their involvement in the economy by reducing taxes and ceasing inflationary policies.
Friedrich Hayek was a founding board member of the Mises Institute. Student of Friedrich von Wieser, protégé and colleague of Ludwig von Mises, and foremost representative of an outstanding generation of Austrian School theorists, Hayek was more successful than anyone else in spreading Austrian ideas throughout the English-speaking world. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena." Among mainstream economists, he is mainly known for his popular The Road to Serfdom (1944).
John Maynard Keynes
John Maynard Keynes is best known for his proposal that when national economies suffer a downturn, governments should borrow and spend money to boost economic activity. Part of the proceeds of the resulting economic growth should then be used to repay the debt.