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These influential economists invested their talent in shaping
the social and political fates of nations. Thomas Gresham molded
the policies of kings and queens in sixteenth-century England. Adam Smith
argued for a free-market economy, citing benefits such as more wealth. Others
warned of possible problems with capitalism; Thomas Robert Malthus
predicted that unbridled population growth would lead to mass starvation,
while Karl Marx became the champion for an alternative systemsocialism.
Faced with crises like the Great Depression of the 1930s and the stagflation
of the 1970s, economists such as John Maynard Keynes and Milton
Friedman pioneered plans for economic recovery. And Alan Greenspan,
Federal Reserve Chairman since 1987, guided the U.S. economy through its
longest expansion period. |