Based on the concept that two parties involved in an economic transaction share differing information — works of James Mirrlees and William Vickrey...

Based on the foundation stone of his rational expectations hypothesis, Robert E Lucas' works transformed the way we perceive macroeconomic analysis

John Forbes Nash, John Charles Harsanyi and Reinhard Selten expanded the frontiers of game theory by analysing the equilibria in non-cooperative games

Through the application of a statistical approach to economic history, Robert William Fogel and Douglass Cecil North traced various facets of...

Through his rationality assumption and the human-capital approach, Garry Stanley Becker forayed successfully, but controversially, into...

Ronald H Coase’s interdisciplinary and elementary work shaped the contours of the institutional structure of an economy

Maurice Allais harnessed his mathematical expertise to make a significant addition to general equilibrium theory and develop decision-making models...

Works of Harry Markowitz, Merton Miller and William Sharpe, though critisised for their restrictive assumptions, continue to guide financial markets...

Trygve Haavelmo’s fundamental contribution was in looking at economic problems in terms of probability, which had a major impact on the development of...

The Nobel prize in economics in 1987 was awarded to Robert Solow for his contributions to the theory of economic growth. Solow was at the...

James McGill Buchanan used economic tools to analyse constitutionally bound political decision-making that eventually found application in EU...

Franco Modigliani, a Neo-Keynesian economist, played a major role in establishing the ‘life-cycle hypothesis’ which explains the level of savings in...