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Adam Smith (Father of Capitalism):
- He introduced the concept of Division of labour.
- His books
- The theory of moral sentiments – 1759
- An Inquiry into Nature and causes of Wealth of Nations-1776
- “Economics is the science of wealth”
- He is also known as Father of Political economy
Ruskin & Carlyle:
- ‘A dismal science’ a dark science
Alfred Marshall (1842 – 1924)
- “Principles of economics – 1890”
- “A study of Mankind in the ordinary business of life”
Samuelson:
- Samuelson’s definition is known as a modern definition of economics
- “Economics is a science concerned chiefly with the way society choose to employ its resources, which have alternative uses to produce goods & service for present and future consumption”
- He coined the concept of Net Economic Welfare (NEW)
Karl Marx:
- He is known as Father of socialism.
- His book- Dos Capital.
J.M. Keynes:
- “Father of modern Macroeconomics”
- “The General theory of Employment, Interest and money”
Lionel Robbins:
- “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”
- “An essay on the nature and significance of economic science – 1932”
Simon Kuznets:
- The modern concept of GDP was developed by him in 1934
- Father of Economics in India.
- First calculated national income in India
- His book: Poverty and Un-British rule in India
Dr. V. Krishnamurthy
- Father of public sector in India.
P.C. Mahalanobis:
- Father of statistics in India