Board of Economic Advisors
Adam Smith is often touted as the world's first free-market capitalist, but is mostly known as Father of modern Economics and major proponent of laissez-faire economic policies. His idea was that, by selling products people want to buy, the butcher, brewer and baker hope to make money. If they are effective in meeting the needs of the customers, they will enjoy the financial reward. While they are engaging in their enterprise for the purpose of earning money, they are also providing products that people want. Smith argued, create wealth not just for the butcher, brewer and baker, but for the nation is populated with citizens working productivity to better themselves and address their financial needs. Similarly, Smith noted that a man would invest his wealth in the highest return for a given risk level.
Milton Friedman played three roles in the intellectual life of the twentieth century. There was Friedman the economist’s economist, who wrote technical, more or less apolitical analyses of consumer behavior and inflation. There was Friedman the policy entrepreneur, who spent decades campaigning on behalf of the policy known as monetarism—finally seeing the Federal Reserve and the Bank of England adopt his doctrine at the end of the 1970s, only to abandon it as unworkable a few years later. Finally, there was Friedman the ideologue, the great popularizer of free-market doctrine. All three roles were informed by Friedman’s faith in the classical verities of free-market economics. Moreover, Friedman’s effectiveness as a popularizer and propagandist rested in part on his well-deserved reputation as a profound economic theorist.
Hayek, like Friedman and most other Monetarists was a great believer in free markets. Also like Friedman Hayek was awarded the Nobel Prize in Economics. This was given jointly with another economist called Myrdal in 1974 - just after Friedman received his Nobel prize. However, there the similarity ends - initially. Hayek, as you can guess from his name is Austrian and so is often considered as being a part of the 'Austrian school'. He was a passionate opponent to Socialism and along with another economist called Ludwig von Mises formed the Mont Pelerin Society. This society was pledged to give individuals the freedom to make their own economic choices and campaigned to make people aware of the dangers of Socialism.
John 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.
These men's experiences with economics will be best be valued on our island, because we have four separate men dealing with four different views on economics and when putting them together cause jobs, behavior, socialism, and debt. When putting these things together we have a good enioverment of economics. We have a lesser chance to go into debt! With these men we can stay out of profit and have a good and working government that will help us instead of hurt us. This men are here to help us and put there brains together to make our island succeeded.