Board of Economic Advisors

Get to know your Economic Advisors!

Adam Smith

Adam Smith, is considered the founder of modern economics. In Smith's time, philosophy was an all-encompassing study of human society in addition to an inquiry into the nature and meaning of existence. Deep examination of the world of business affairs led Smith to the conclusion that collectively the individuals in society, each acting in his or her own self-interest, manage to produce and purchase the goods and services that they as a society require. He called the mechanism by which this self-regulation occurs “the invisible hand,” in his groundbreaking book, The Wealth of Nations, published in 1776, the year of America's Declaration of Independence.


Milton Friedman

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

Friedrich Hayek is well-known for his numerous contributions in the field of economics and political philosophy. Hayek's approach mostly stems from the Austrian school of economics and emphasizes the limited nature of knowledge. He is particularly famous for his defense of free-market capitalism and is remembered as one of the greatest critics of the socialist consensus.

Friedrich Hayek is the co-winner of the The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1974.


John Maynard Keynes

John Maynard Keynes, also examined capitalism and came up with some extremely influential views. In 1936, he published his General Theory of Employment, Interest, and Money. They mainly involve people's propensity to spend or to save their additional money as their incomes rise, and the effects of increases in spending on the economy as a whole.