Smith is sometimes called the ‘Father of Economics.’ Smith’s work makes a powerful case at no cost market economics, but he was also conscious of conditions where the free market might be against the public interest, for instance, monopolies. In the prior intervals of credit tightening, business consolidation favored the state-owned enterprises over their much less-nicely-funded private rivals.
Vernon L. Smith is most famous for developing the field of experimental economics. His strategy to the economic sciences grew out of his early training in electrical engineering (he received his PhD in the subject from Caltech in 1949). Afterwards he earned his doctorate in economics from Harvard in 1955. With this scientific training undergirding his background in economics, Smith found a novel answer to a typical drawback.
He developed ideas of micro-credit score and micro-finance as an efficient way to promote financial growth. Amartya Sen, (1933) Indian economist. Awarded Nobel Prize … Read More