Thinkers Timeline

Thorstein Veblen was an American economist and social thinker. He was born in 1857 in Wisconsin and died in 1929. His parents were immigrants from Norway, and he grew up in a Norwegian-speaking farming community in the American Midwest. He did not speak English easily until he was a teenager. Veblen was always an outsider. He was a brilliant but awkward student. He studied at several universities and earned a doctorate in philosophy, but he struggled for years to find steady academic work. When he did teach, he was an odd and difficult colleague. He was a poor lecturer, mumbled, and ignored normal university rules. He moved from job to job, never holding a senior post. He was also an outsider in his personal life, with a messy private life that scandalised the universities of his time and cost him jobs. Despite this difficult career, Veblen wrote books that shook economics. His first and most famous, 'The Theory of the Leisure Class', appeared in 1899. It was a sharp, witty study of how rich people use spending to show off their status. Later books attacked the whole way business and industry worked. Veblen died poor and largely alone in 1929, just before the Great Depression seemed to confirm many of his warnings about the instability of business-driven economies.

Ayn Rand (1905–1982) was a Russian-American economist, novelist and philosopher. She was born Alisa Rosenbaum in St Petersburg, Russia, and lived through the Russian Revolution and the early years of Soviet communism before emigrating to the United States in 1926. She developed a philosophy she called Objectivism, which she expressed through both novels and non-fiction writing. Her two most famous novels — The Fountainhead (1943) and Atlas Shrugged (1957) — sold millions of copies and made her one of the most widely read thinkers of the 20th century, despite being largely ignored or dismissed by academic philosophers. Her ideas remain deeply influential in American politics and business culture, particularly on the political right.

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.

Claudia Goldin is an American economist and economic historian. In 2023, she won the Nobel Prize in Economic Sciences, becoming the first woman to win it alone. She was born on 14 May 1946 in New York City. Her parents were not wealthy, but they valued education. As a girl she wanted to be a detective. Later she said she still thought of herself as one: a detective hunting for evidence in dusty archives. She studied at Cornell University and then went to the University of Chicago for her PhD, which she finished in 1972. At Chicago she was shaped by economists like Robert Fogel and Gary Becker. Fogel used historical data to study slavery and other economic questions. Becker applied economic thinking to family life and discrimination. Goldin would later use both approaches in her own work. She taught at several universities before joining Harvard University in 1990. At Harvard, she became the first woman to receive tenure in the Department of Economics. This was a serious barrier broken. Harvard's economics department, like most at the time, was almost entirely male. She has spent the rest of her career there. Her research focuses on the history of women in the labour market. She spent decades building long-term data sets on women's work and pay in the United States, going back over 200 years. This patient archive work made her one of the world's leading historians of women's economic lives. She has written many books, including Understanding the Gender Gap (1990), The Race between Education and Technology (2008, with her husband Lawrence Katz), and Career and Family (2021). She is still active in 2026.

Michael Eugene Porter (born 1947) is an American academic whose work on competitive strategy, national competitiveness, and the economic analysis of healthcare and social problems has made him one of the most influential management scholars of the past half-century. He was born in Ann Arbor, Michigan, the son of a military officer, and grew up moving around the United States and abroad as his father's postings changed. He studied aerospace engineering at Princeton, graduating in 1969, then earned an MBA at Harvard Business School in 1971 and a PhD in business economics from Harvard in 1973. He joined the Harvard Business School faculty in 1973 and has remained there throughout his career, holding the position of Bishop William Lawrence University Professor, the highest rank the university awards. His 1980 book Competitive Strategy introduced the five forces framework and the generic strategies of cost leadership, differentiation, and focus. Competitive Advantage (1985) developed the value chain framework. The Competitive Advantage of Nations (1990) applied strategic analysis to whole countries and introduced the diamond model and the concept of industrial clusters. Since the 1990s he has increasingly applied strategic analysis to social problems — healthcare, economic development, environmental protection, education. His 2011 article with Mark Kramer on creating shared value extended his framework to the broader question of what business should do about social problems. He has advised governments on competitiveness in many countries, served on corporate boards, and founded several organisations including the Institute for Strategy and Competitiveness at Harvard. He is known for his intense, systematic approach to analysis and for the discipline he brings to strategic thinking. His influence on how strategy is taught and practised globally has been substantial; he is often described as the most cited author in management and economics.

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.