Considered the father of modern economics, Adam Smith's "invisible hand" theory suggests that the economy is self-regulating and will naturally find its equilibrium if left alone.
Keynesian economics focuses on government intervention to promote economic growth during recessions.
Known for his belief in free market economics and monetarism, Friedman's ideas influenced the policies of the Reagan administration in the 1980s. His ideas are still widely debated today.
Sen's capabilities approach argues that economic development should focus on expanding people's abilities and opportunities rather than just increasing their income.
Stiglitz's work on information asymmetry and market failures has influenced policies on regulation and antitrust in many countries.
Piketty's book, "Capital in the 21st Century," argues that wealth inequality will continue to increase without government intervention.
Duflo's work on randomized control trials in economics has revolutionized the field of development economics and has led to more evidence-based policy making.