✅ V.N. Pandit

• Contribution: Indian economist known for work on macroeconomic modeling in India.

• Associated With: Empirical modeling of inflation and output in India using structuralist and Keynesian frameworks.

• Though not the originator of a globally dominant theory, his work helped apply and test existing theories in the Indian context.

✅ Milton Friedman

• Famous Theory: Monetarist Theory of Inflation

• Key Idea: “Inflation is always and everywhere a monetary phenomenon.”

• Emphasized that controlling the money supply is essential to managing inflation.

• Also known for: Permanent Income Hypothesis and Natural Rate of Unemployment.

✅ Fritz Machlup

• Famous Concept: Theory of Knowledge Economy

• Focused on the role of information and knowledge in economic growth.

• Major work: The Production and Distribution of Knowledge in the United States (1962)

• Helped define the idea of the “knowledge society” and studied intellectual property economics.

✅ John Maynard Keynes

• Famous Theory: Keynesian Economics

• Key Idea: In the short run, especially during recessions, aggregate demand determines overall economic output and employment.

• Advocated for government intervention to stabilize the economy.

• Major work: The General Theory of Employment, Interest, and Money (1936)