United Kingdom

For Francis Bacon, David Hume, and John Stuart Mill, money must circulate to benefit the economy. Adam Smith draws attention to the mobility of capital and the harmful effects of monopolies that hurt the interest of all orders of men in a country, and of all men in all other countries. He stresses the importance of the liberal reward of labour. For him, trade is the quintessence of the market economy, and the interests of the consumer must take precedence over those of the producer. David Ricardo explains price formation. John Maynard Keynes defines what it takes to be an economist. He sets out his vision of unemployment dynamics, not shared by Arthur Cecil Pigou. Winston Churchill sees the entrepreneur as the engine of growth. Nobel prize winner Angus Deaton explains that nothing guarantees there is a general relationship between growth and poverty unless Nation-States intervene in the redistribution of wealth in their country. He draws attention to the importance of well-being and worries about extreme inequality. Another Nobel prize winner, John Hicks, the father of modern microeconomics, sets out his theory of wages. Nobel prize winner Oliver Hart explains why contractual incompleteness matters. Nobel prize winner Ronald H. Coase discovered and clarified the significance of transaction costs and property rights for the institutional structure and functioning of the economy.