Board of Economic Advisors

Alani, Cayla, Iswariya, & Saida

Adam Smith

At age fourteen, Smith entered the University of Glasgow on scholarship. He later attended Balliol College at Oxford. He returned home, and after delivering a series of well-received lectures was made first chair of logic (1751), then chair of moral philosophy (1752), at Glasgow University. Smith retired to his birthplace of Kirkcaldy to write The Wealth of Nations, which was published in 1776. In 1778 he was appointed commissioner of customs. Today Smith’s reputation rests on his explanation of how rational self-interest in a free-market economy leads to economic well-being.

In our Island, Smith will contribute by finding trade and spending patterns, as well as, how to maintain a political economy. This will benefit when making economic spending decisions with other places and inland.


Milton Friedman

Milton Friedman was the twentieth century’s most prominent advocate of free markets. He attended Rutgers University, where he earned his B.A. at the age of twenty. He went on to earn his M.A. from the University of Chicago in 1933 and his Ph.D. from Columbia University in 1946. In 1951 Friedman received the John Bates Clark Medal honoring economists under age forty for outstanding achievement. In 1976 he was awarded the Nobel Prize in economics. Before that time he had served as an adviser to President Richard Nixon and was president of the American Economic Association in 1967.

Friedman will contribute to our society by helping deter detrimental inflation. His experience will help us understand the trends in our economy and reasonable prices.


Friedrich Hayek

Hayek was the best-known advocate of what is now called Austrian Economics. He earned his doctorates after WWI in law and political science at the University of Vienna. Friedrich, and a group of you economists joined Ludwig Von Mises's private seminar. In 1927, he became the director of the newly formed Austrian Institute for Business Cycle Research. During the 1930s, he moved to the faculty of the London School of Economics. Most of his work from the 1920's until 1930's was in the Austrian theory of Business Cycle, capital theory, and monetary theory. He said that the major problem in any economy is how people's actions are coordinated. He was concerned about knowing what causes the market to to fail to coordinate people's plan's to reach a point were a lot of people are unemployed.

Friedrich Hayek would benefit our island in providing a market that will eventually control the lack of unemployment. This means that the money supply would be also controlled to lead to this step. The economy would have no taxation, since taxation according to Hayek violates equality before the law.


John Maynard Keynes

Keynes was born in Cambridge and attended King’s College, Cambridge, where he earned his degree in mathematics in 1905. After leaving Cambridge, Keynes took a position with the civil service in Britain. He returned to Cambridge in 1908 as a lecturer, then took a leave of absence to work for the British Treasury. By 1919 was the Treasury’s principal representative at the peace conference at Versailles. At the 1944 Bretton Woods Conference, where the International Monetary Fund was established, Keynes was one of the architects of the postwar system of fixed exchange rates. Keynes became one of the most respected economists of the century when his eloquent book The Economic Consequences of the Peace was published in 1919.

Keynes will help our island by helping employ the practice of modern macroeconomics. He will also help by creating economic policies for our government.