Did you know that the father of modern economics is considered to be Adam Smith? He is best known for his 1776 book The Wealth of Nations, which laid the groundwork for classical economics and free-market capitalism. Another influential economist is John Maynard Keynes, known for his theory of Keynesian economics. He advocated for government intervention during economic downturns to stimulate demand and promote economic growth. Milton Friedman, a Nobel Prize-winning economist, was a proponent of monetarism, which argues that changes in the money supply have a major impact on economic activity. Joseph Stiglitz, a modern economist, focuses on income distribution and globalization. He is a critic of free-market economics, advocating for government intervention to address income inequality and promote social welfare. Elinor Ostrom, the first woman to win the Nobel Prize in Economics, studied the governance of common-pool resources. Her work challenged the traditional belief that common resources are inevitably overexploited. These economists have made significant contributions to the field of economics and have shaped our understanding of how economies function. Their ideas continue to influence economic policies and debates around the world.