Shagufta Shabbar



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The field of Economics has changed considerably since Adam Smith's 18th century proposition of key ideas to understand the economy. Many economists have made note-worthy contributions and have incorporated ideas from other fields to make the Economics field richer. Due to their phenomenal work they have procured great respect and have exceeded the limits of normal human understanding. But what has led them to do this? How did they come up with the path breaking theories? How did they develop theories that changed the way economists understood the working of the economies of the world? How did they channel their motivation to develop the economics field-changing its trajectory? These questions led the students of IBA to try to understand the factors behind the development of some great theories by these great minds. We have limited knowledge of the lives of these economists and the experiences that shaped their philosophies. This work is an effort by the students of IBA to learn the lessons from their life and work. This book has been divided into five themes using many IDEAS RePEc which is an economics bibliographic database. It is important to mention here that these economists have done such influential work and in such diverse fields that categorizing their work under just one theme was a difficult task. To do justice to all the esteemed economists that are part of this book, we have taken into account which field the economist has done the most impactful work and then made the themes accordingly. We hope that this book will in turn inspirit readers to form their own ideas and track paths that will lead them to their own important contributions in economics.

Table of Contents

Development Economics

Amartya Sen by Shagufta Shabbar --------------------------------------------------------- 9

Kenneth Arrow by Shagufta Shabbar ------------------------------------------------------ 12

John R. Hicks by Sumaira Ghafoor --------------------------------------------------------- 14

Max Otto Lorenz by Nida Vohra -------------------------------------------------------------- 17

Esther Duflo and Abhijeet Banerjee by Muhammad Masood Ahmed Siddiqui ---- 19

Muhammad Yunus by Eshal Arooj ------------------------------------------------------------ 22

Assar Lindbeck by Muhammad Umer Zahid ----------------------------------------------- 24


Robert Merton Solow by Muhammad Nadeem Sarwar --------------------------------- 27

Paul Romer by Muhammad Nadeem Sarwar ---------------------------------------------- 30

Joseph Eugene Stiglitz by Nida Vohra ------------------------------------------------------- 34

Robert A Mundell and John M Fleming by Aysha Khatoon ----------------------------- 36

Olivier Blanchard by Abdul Ahad -------------------------------------------------------------- 38

William D. Nordhaus by Syed Murtaza Nadeem ------------------------------------------ 40

Edmund Phelps by Shanze Moin ------------------------------------------------------------- 42

Financial Economics

Robert Shiller by Sumaira Ghafoor ----------------------------------------------------------- 45

James Tobin by Aysha Khatoon --------------------------------------------------------------- 47

Franco Modigliani and Merton Miller by Shujaat Hussain ------------------------------ 48

Behavioral Economics

Ernst Fehr by Ahmed Altaf Haroon Velmi --------------------------------------------------- 51

Gary S. Becker by Sara Maham -------------------------------------------------------------- 53

Colin Camerer by Sheeza Asim --------------------------------------------------------------- 55

Nava Ashraf by Muhammad Arsalan Rasheed -------------------------------------------- 57

Richard Thaler by Umer Saeed ---------------------------------------------------------------- 59

Dan Ariely by Umer Saeed --------------------------------------------------------------------- 61

Daniel Kahneman by Umema A. Siddiqi ---------------------------------------------------- 63

Herbert A. Simon by Shujaat Hussain ------------------------------------------------------- 65


Mariana Mazzucato by Ahmed Altaf Haroon Velmi --------------------------------------- 68

Douglass North by Hafsa Nawaz ------------------------------------------------------------- 70

Daniel L. McFadden & James J. Heckman by Shah Munir Khan --------------------- 72

Bertill Gotthard Ohlin by Asim Bashir Khan ------------------------------------------------ 75

David Card by Mahnoor Atif -------------------------------------------------------------------- 77

Joseph Alois Schumpeter by Muhammad Wasim Khan --------------------------------- 79

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Life and work of great economists