Thinkers Timeline

John Kenneth Galbraith was an economist and writer. He was born in 1908 on a farm in Ontario, Canada, and died in 2006. He later became an American citizen and spent most of his career in the United States. Galbraith studied agricultural economics before moving into wider economic questions. He taught for many years at Harvard University. He was unusually tall, around two metres, and had a sharp, witty writing style that made his books bestsellers far beyond economics. Galbraith did not stay only in the university. During the Second World War he helped run price controls for the United States government, holding down prices to stop wartime inflation. Later he advised several Democratic presidents. In the early 1960s, President John F. Kennedy made him United States ambassador to India, a country Galbraith came to know and admire. His most famous books appeared in the 1950s and 1960s. 'The Affluent Society' (1958) and 'The New Industrial State' (1967) reached huge audiences. In them Galbraith argued that modern economics had not kept up with how rich societies actually worked. Galbraith was a public figure as much as a scholar. He believed economists should write for ordinary citizens, not just for each other, and he did so for over fifty years.

Milton Friedman was an American economist. He was born in New York City in 1912 and died in 2006. His parents were poor immigrants from Eastern Europe. He was the first person in his family to go to university. Friedman studied economics during the Great Depression, a time of mass unemployment in the 1930s. He spent most of his career at the University of Chicago, from 1946 onwards. The group of economists there became known as the 'Chicago School', and Friedman was its most famous member. Friedman was both a serious academic and a public figure. As an academic, he did careful statistical work on money, prices, and spending. In 1976 he won the Nobel Prize in Economics for this work. But he was also a skilled communicator. He wrote a popular book, 'Capitalism and Freedom', and later made a television series called 'Free to Choose' that was watched by millions. He became the best-known voice arguing for free markets and a smaller role for government. His ideas influenced political leaders in the 1980s, especially in the United States and Britain. He also advised governments in other countries, including Chile, which later drew strong criticism. Friedman was admired and attacked in roughly equal measure. Few economists of the twentieth century were as influential, and few were as fiercely debated.

Jeffrey Sachs is an American economist. He was born in 1954 in Detroit, in the United States. He studied economics at Harvard University, where he was a brilliant student. He became a full professor at Harvard while still very young. Sachs is known for working in the real world, not only in the university. From early in his career, he advised governments. In the late 1980s and 1990s, he gave advice to countries trying to change from communist or crisis-hit economies to market economies. These included Bolivia, Poland, and Russia. This advice was bold, fast, and very controversial. Later, Sachs turned his focus to global poverty. He moved to Columbia University in New York. He became a leading voice arguing that extreme poverty could be ended, and soon. He advised the United Nations and helped shape major global anti-poverty goals. He also led a large project called the Millennium Villages. It tried to lift specific African villages out of poverty, using many kinds of help at once. Sachs has written bestselling books, including 'The End of Poverty'. He is a famous, energetic, and divisive figure. Some see him as a tireless campaigner against poverty. Others sharply criticise his methods and results.

Mariana Mazzucato is an economist. She was born in Rome, Italy, in 1968. Her father was a physicist, and when she was a child the family moved to the United States, where her father worked at Princeton University. She grew up mostly in the United States and later returned to Europe. She holds both Italian and American citizenship. Mazzucato studied history and international relations as an undergraduate, then moved into economics for her doctorate. Today she is a professor at University College London, in Britain, where she founded a research centre called the Institute for Innovation and Public Purpose. She became widely known in 2013 with her book 'The Entrepreneurial State'. It argued that governments, not just private companies, are major drivers of new technology. Later books include 'The Value of Everything' (2018), 'Mission Economy' (2021), and 'The Big Con' (2023). Mazzucato is unusual among economists for her direct influence on real policy. She has advised governments and international bodies around the world, including in Britain, Italy, South Africa, and the European Union, and she works with the United Nations and other organisations. She is also a strong communicator who reaches a wide public. As a living, working economist, her ideas are still developing and are actively debated.

Esther Duflo is a French-American economist. In 2019 she became, at age 46, the youngest person ever to win the Nobel Memorial Prize in Economic Sciences. She was also only the second woman ever to win it. She was born on 25 October 1972 in Paris, France. Her mother was a paediatrician who travelled to countries like Rwanda and Haiti as a doctor for child victims of war and poverty. Her father was a professor of mathematics. Her mother often returned with stories of suffering children. These stories shaped Esther deeply. She was a strong student. She studied history and economics at the École Normale Supérieure in Paris. She spent a year teaching in Moscow, where she also studied Russia's economic reforms. After a master's degree in Paris, she went to the Massachusetts Institute of Technology (MIT) in the United States for her doctorate in economics. She earned her PhD in 1999. MIT hired her at once. In 2003, with her colleagues Abhijit Banerjee and Sendhil Mullainathan, she co-founded the Abdul Latif Jameel Poverty Action Lab, known as J-PAL. The lab's mission was to use scientific experiments to test which anti-poverty programs actually work. J-PAL has grown into a global research network. By 2020, more than 400 million people had been affected by programs the lab has tested. She married Abhijit Banerjee in 2015. They share two children. They also shared the 2019 Nobel Prize. She is now President of the Paris School of Economics in addition to her MIT professorship. She is one of the most influential economists in the world.