The Union of North America
Economic Advisors- Omar Elmougy (6th Period)
Smith is best known for two classic works: The Theory of Moral Sentiments, and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today. Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity.
The author of the bible of Capitalism is one of the world's most influential economists and will serve as a very crucial aspect of our Economic advisory board. Smith believed that free market economies are productive and helpful to the society. He said that if people were set free to work by themselves, it would lead to economic property and growth to all.
Friedman’s ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–08. Edward Nelson, the assistant director of the board of governors of the Federal Reserve System, argues, "in important respects, the overall monetary and financial policy response to the crisis can be viewed as Friedman’s monetary economics in practice." Friedman's challenges to what he later called "naive Keynesian" (as opposed to Neo-Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing Keynesian government policies. In the late 1960s, he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.
Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information which enables individuals to co-ordinate their plans is widely regarded as an important achievement in economics. Hayek made fundamental contributions in political theory, psychology, and economics. In a field in which the relevance of ideas often is eclipsed by expansions on an initial theory, many of his contributions are so remarkable that people still read them more than fifty years after they were written.
a British economist whose ideas have fundamentally affected the theory and practice of modern macroeconomics and informed the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and he is widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century. His ideas are the basis for the school of thought known as Keynesian economics and its various offshoots. He appeared to suggest that a reduction in wage rates would not reduce unemployment; instead, the key to reducing unemployment was to increase government spending and to run a budget deficit. Governments, many of them looking for excuses to increase spending, wholeheartedly accepted Keynes’s views. Most of his professional colleagues also accepted his views.