Thinkers Timeline

Friedrich Hayek was an economist and political thinker. He was born in Vienna, Austria, in 1899 and died in 1992. His full name was Friedrich August von Hayek. Hayek grew up in a Europe that was about to change violently. He served briefly in the First World War as a young man. Afterwards he studied at the University of Vienna, where he was part of a group of economists known as the 'Austrian School'. In 1931 Hayek moved to Britain to teach at the London School of Economics. There he became the main rival of John Maynard Keynes, the most famous economist of the age. The two men disagreed deeply about how economies work. In 1944 Hayek published 'The Road to Serfdom', a warning that government planning of the economy could lead to the loss of political freedom. The book made him famous far beyond economics. After the war he worked in the United States and later in Germany. For many years Hayek's ideas were out of fashion. Then, in the 1970s, they returned to influence. He shared the Nobel Prize in Economics in 1974. In the 1980s political leaders in Britain and the United States drew on his thinking. Hayek lived long enough to see his ideas move from the margins to the centre of debate.

Joan Robinson was a British economist. She was one of the most important economists of the 20th century. Many people think she should have won the Nobel Prize in Economics. She never did, almost certainly because she was a woman and because her views were politically uncomfortable. She was born in 1903 in Camberley, Surrey, in southern England. Her birth name was Joan Maurice. She came from an upper-middle-class family. Her father was a soldier and her mother was the daughter of a famous classics professor. Joan studied economics at Cambridge from 1922. The university had only recently begun allowing women to take degree examinations. She married another young economist, Austin Robinson, in 1926. They had two daughters. She became part of the famous group of Cambridge economists around John Maynard Keynes. Keynes was working out his revolutionary new theory of how economies actually work. Joan was one of his closest collaborators. She helped develop his ideas. She also did major original work of her own. Her 1933 book The Economics of Imperfect Competition introduced ideas that became standard in economics. She taught at Cambridge for over 50 years. She was finally promoted to a full professorship in 1965, much later than she should have been. She was sharp, sometimes difficult, and often controversial. She visited China multiple times during the Cultural Revolution and wrote about it more positively than later events would justify. She also visited North Korea and admired aspects of its economy. Some of these political judgements have aged badly. She remained intellectually active until shortly before her death in 1983.

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.

Arthur Lewis was an economist. He was born in 1915 on the Caribbean island of Saint Lucia, which was then a British colony. His parents were teachers who had moved there from Antigua. His father died when Lewis was seven, and his mother raised five sons alone. Lewis was a brilliant student. He won a scholarship to study in Britain at the London School of Economics. He had wanted to be an engineer, but as a Black man in the 1930s he believed no firm would hire him, so he turned to economics and business. He did extremely well. In 1948, at just 33, he became a professor at the University of Manchester. He was the first Black person to hold such a post at a British university. Lewis spent his career studying a single great question: why some countries are rich and others poor, and how poor countries can grow. He also worked in the real world. He advised the new governments of several countries that were becoming independent from colonial rule, including Ghana, and helped set up the Caribbean Development Bank. Later he taught at Princeton University in the United States. In 1979 he was awarded the Nobel Prize in Economics for his work on development. He remains the only Black person to win the prize in economics. He died in 1991 and is buried in Saint Lucia.

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.

Ha-Joon Chang is a South Korean economist. He was born in 1963 in Seoul, South Korea. He grew up during a remarkable period in his country's history. When Chang was a child, South Korea was poor. Within his lifetime it became a wealthy, industrial nation. Watching this happen shaped the central question of his career: how do poor countries actually become rich? Chang studied economics at Seoul National University, then moved to Britain to study at the University of Cambridge, where he earned his doctorate. He taught economics at Cambridge for over thirty years. In 2022 he moved to SOAS University of London, where he is a research professor. Chang is unusual among economists for how widely he is read. He writes bestselling books aimed at ordinary people, not just specialists. These include 'Kicking Away the Ladder' (2002), 'Bad Samaritans' (2007), '23 Things They Don't Tell You About Capitalism' (2010), and 'Economics: The User's Guide' (2014). His more recent book 'Edible Economics' (2022) explains economic ideas through food. He has also advised governments and international organisations, including United Nations agencies and the World Bank. He is known as a 'heterodox' economist, meaning he works outside the mainstream, and he argues strongly that economics should be open to many different schools of thought.

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.

Dambisa Moyo is an economist and writer. She was born in 1969 in Lusaka, the capital of Zambia, in southern Africa. She spent part of her childhood in the United States, where her father was studying, and then returned to Zambia. Moyo first studied chemistry. Later she turned to economics and finance. She earned a master's degree at Harvard University and a doctorate in economics at the University of Oxford. She worked at the World Bank in Washington. Then she spent several years at the bank Goldman Sachs, where she was an economist and strategist. Moyo became famous in 2009 with her first book, 'Dead Aid'. It argued that government-to-government foreign aid has harmed Africa. The book was a bestseller, and it was both praised and strongly attacked. Since then she has written more bestselling books about the global economy, about China and resources, and about why economic growth has slowed. Moyo is now a well-known public economist. She advises companies and sits on the boards of several large global firms. She is also an investor. In 2022 she was made a member of the United Kingdom's House of Lords, and she holds the title of Baroness. She is one of the most prominent African economists in the world.

Thomas Piketty is a French economist. He was born in 1971 near Paris. He studied mathematics and economics, and earned his doctorate at just 22 years old. For a few years he taught in the United States, but he chose to return to France, partly because he felt American economics relied too heavily on abstract mathematics and too little on history and real data. Back in France, Piketty helped build the Paris School of Economics and became one of its leading professors. He also helped create the World Inequality Lab, a research centre that gathers data on income and wealth from around the world. Piketty became world-famous in 2013 and 2014 with a long book called 'Capital in the Twenty-First Century'. It was an unexpected bestseller, unusual for a serious economics book, and it made inequality one of the biggest topics in public debate. Since then he has written more large books, including 'Capital and Ideology' (2019) and 'A Brief History of Equality' (2022). He continues to teach and research in Paris and is known for arguing, in newspapers and public talks, for strong policies against inequality. He is a working economist whose ideas and proposals are actively debated, admired by some and strongly criticised by others.

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.