Exploring Economic Thinkers and Their Impact

Objective:

Students will research three prominent economic thinkers—Adam Smith, Milton Friedman, and Warren Buffett. They will learn about their lives, contributions to economic theory, and real-world applications of their ideas.

Student Assignment Handout

Name: ___________________________  Date: ____________

Economic Thinkers Biography Project

Instructions:

For each of the three economists listed below, complete the following:

• Please write a short biography (around 200 words) summarizing their background, education, and career.

• Explain their major economic theories in your own words (1-2 paragraphs).

• Provide two real-world examples of where their theories were applied. Be sure to explain what happened.

• Cite one video and article you used in your research (include URLs).

1. Adam Smith

Known as the "Father of Modern Economics."Major Work: The Wealth of Nations (1776)Theories: Invisible hand, free markets, self-interest in capitalism

Suggested Resources:

Video: Adam Smith - The Wealth of Nations – Crash Course https://www.youtube.com/watch?v=ejJRhn2IJmY

Article: Adam Smith Biography – Investopedia https://www.investopedia.com/terms/a/adam-smith.asp

Search Examples for Application:

• Adam Smith's invisible hand real-world example

• Laissez-faire capitalism in history

2. Milton Friedman

Prominent 20th-century economist known for monetarismMajor Work: Capitalism and Freedom (1962)Theories: Free markets, limited government, monetary policy to control inflation

Suggested Resources:

Video: Milton Friedman - Free to Choose – PBS Documentary Excerpt https://www.youtube.com/watch?v=R5Gppi-O3a8

Article: Milton Friedman Biography – Britannica https://www.britannica.com/biography/Milton-Friedman

Search Examples for Application:

• Chile economic reforms Milton Friedman

• Friedman school vouchers case study

3. Warren Buffett

Renowned investor and CEO of Berkshire HathawayKnown for value investing and practical economic insights

Suggested Resources:

Video: Warren Buffett’s Investment Philosophy – CNBC https://www.youtube.com/watch?v=6h4kC5LZz1k

Article: Warren Buffett Biography – Investopedia https://www.investopedia.com/terms/w/warren-buffett.asp

Search Examples for Application:

• Warren Buffett's investment strategies in the recession

• Buffett Coca-Cola investment outcome

Short Practice Example:

Example Theorist: John Maynard Keynes

Known for: Advocating government spending to boost economic activity during downturns (Keynesian Economics). Describe in detail how Keynes learned his knowledge and what prompted him to advocate for government spending.

Real-world application: The New Deal programs during the Great Depression and U.S. stimulus packages in 2009 and 2020. Describe these in detail, known effects and repercussions.

Ideas for discussions inside response:

How did Keynes’ theory differ from laissez-faire economists? Do you think the government should intervene in markets today?

Due Date: ____________________  Total Points: _________