Netherlands

Erasmus of Rotterdam explains the making of man. Nobel prize winner Jan Tinbergen defines econometrics, the field of science to which he devoted his research. He created the first macroeconomic model and developed the coherence rule. He would go down as one of the first theorists of the post-war welfare state. Nobel prize winner Tjalling Koopmans devoted his academic research to the optimum allocation of resources. Koopmans was one of the first economists to stress the need to distinguish between endogenous and exogenous shocks. Koopmans shares his thoughts on the role of the economist and economic theory. Nobel prize winner Guido Imbens, rewarded for his contribution to labour economics, argues that social sciences deal more with cause and effect than correlations because more useful to policymakers who want to know what will be the effects of certain measures. He demonstrated that when universal basic income is provided, this has a very modest impact on labour supply. As for Willem Frederik Duisenberg, he identifies the main reason that leads to fiscal deficits.