Taking cue from the growing intra-industry trade, Paul Robin Krugman incorporated economies of scale and consumers’ preference for diverse goods to...

While Leonid ‘Leo’ Hurwicz gave the theory of incentive compatibility in mechanism design, Eric Stark Maskin and Roger Bruce Myerson extended his work...

Apart from providing microeconomic foundation to macroeconomic theories, Edmund Strother Phelps, going beyond the Keynesian hypothesis, clarified the...

While Robert John Aumann applied his mathematical skills to developing his works on repeated games, Thomas Crombie Schelling laid out simple and lucid...

Contrary to the Keynesian view that changes in aggregate demand drove business cycles, the works of Finn Erling Kydland and Edward Christian Prescott...

Robert Fry Engle III and Clive William John Granger introduced innovative methods — with time varying volatility and cointegration respectively — of...

The works of both Daniel Kahneman and Vernon Lomax Smith challenged the assumptions of neoclassical framework; while the former applied psychological...

George Akerlof, Michael Spence and Joseph Stiglitz applied the concept of information asymmetry to wide-ranging areas, enabling a more real-world...

While James Joseph Heckman devised a method for analysing selective samples and did research on effects of early childhood care on health, Daniel...

Chiefly known for dynamic analysis of fiscal and monetary policy under different exchange rate regimes, Robert Alexander Mundell made fundamental...

Amartya Sen transcended the boundaries of the discipline of economics, exuding a high degree of humanitarian concern, through his still-relevant works...

Amid the wide-ranging works of Robert Cox Merton and Myron Samuel Scholes in financial theory, the valuation of options by eliminating the need of...