Island Adventure

Board of Economic Advisors

Adam Smith

Adam was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment. Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). 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.

His experience will benefit the economy

Adam Smith's experience with being a moral philosopher and political economy pioneer, he's very intelligent. He's met with other intellectual leaders of his day. He expounded upon how rational self-interest and competition can lead to economic prosperity. Being one of the first big time and famous economist. He will be a great contribute to the economy.

Milton Friedman

Being an economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he profoundly influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century after John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New 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.

His experience will benefit the economy

Milton's political philosophy extolled the virtues of a free market economic system with minimal intervention. He had many different policies which will help keep economy diverse. He's had a lot of experience which every good leader needs. Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy." Being a well thought man, he'll definitely help.

Friedrich Hayek

He was an Austrian, later British, economist and philosopher best known for his defence of classical liberalism. Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena".

Hayek was a major political thinker 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.

His experience will benefit the economy

Being both an economist and a philosopher will help. He was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II. He claimed that limited democracy might be better than other forms of limited government at protecting liberty but that an unlimited democracy was worse than other forms of unlimited government because "its government loses the power even to do what it thinks right if any group on which its majority depends thinks otherwise". His personal insight will be very useful.

John Maynard Keynes

He was 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.

His experience will benefit the economy

John's experiences with macroeconomics and aggregating demand will be helpful since it was the first of its kind back then. He's a very good economist with smart and unique ideas. His radical idea that governments should spend money they don't have may have saved capitalism. His ideas were adopted by the leading western economies.