Sonnet II: Karl Marx and the Worker's Chain
The factory floor, where toil begins its grind,
A class divides the owners from the mass;
The wealth is made, while workers fall behind,
Their surplus value captured as they pass.
So Marx observed the system's cruel design,
The capital that crushes every soul;
He saw the struggle as a battle line,
And predicted workers soon would take control.
A specter haunts the world, a communist plea,
To break the chains of exploitation's hold;
A world where man from man could be set free,
And not a single life be bought or sold.
Though widely debated, his idea's strong might,
Still calls for justice in the worker's plight.
Sonnet III: John Maynard Keynes and the Public Purse
When darkness fell, and markets stalled their pace,
And unemployment stalked the barren street;
The classical ideas lost their saving grace,
And something new was needed to compete.
Then Keynes arose, with theories bold and bright,
That government could spend and make things new;
To stimulate demand and bring the light,
When private hands could not see things through.
He championed the public’s open purse,
To build the roads, the bridges, and the schools;
To break the cycle of an economic curse,
And not let fate be ruled by rigid rules.
His vision saved the West, when hope was low,
And taught the world that public spending helps us grow.
Sonnet IV: Milton Friedman and the Money Flow
From Chicago's school, a different voice arose,
That government's big hand should be restrained;
That inflation's threat, the harm that it bestows,
Could only by controlled money be contained.
Friedman believed the market knew its way,
With freedom paramount for every man;
That limited control would win the day,
The best solution in an efficient plan.
He preached of monetarism's simple truth,
Control the money, keep the prices stable;
And bring back all the market's vibrant youth,
To make the private enterprise more able.
His influence strong, in Reagan's, Thatcher's time,
Freed markets soared, in prose and in their rhyme.
Sonnet V: David Ricardo and the Global Trade
He saw the land, its value and its rent,
And how comparative advantage holds;
Though one land might be best in all descent,
By trading things, a better story unfolds.
Let Portugal make wine, let England weave,
Both gain by focus on what they do best;
A global market where all can achieve,
And put efficiency unto the test.
His model of trade, a cornerstone so strong,
That guides the flow of goods across the sea;
A world connected, where all can belong,
In mutual benefit, in unity.
Ricardo's logic, a brilliant, simple plan,
To spread the wealth for every living man.
Sonnet VI: Paul Samuelson and the Synthesis
He brought two worlds of thought into one place,
The micro forces and the macro might;
A neoclassical synthesis for the human race,
That made economics shine in clearer light.
He standardized the way the subject's taught,
In textbooks read by students far and wide;
The fundamental wisdom that he brought,
Helps policy and reason to decide.
Supply and demand, and Keynesian demand,
All find their balance in his thoughtful prose;
A comprehensive grasp of sea and land,
That every single modern student knows.
His work endures, a masterwork of mind,
To understand the world and humankind.
The user wants the
Sonnet X: Adam Smith's Unseen Hand
In Glasgow's light, where Adam Smith conceived,
A world of commerce, vibrant, vast, and free,
A force unseen, the "invisible hand," believed
To guide the markets, for all men to see.
He spoke of labour's strength, in every trade,
The division's power to increase the wealth,
If self-interest could only be obeyed,
And nations prospered, not by force, but health.
No government's heavy hand should steer the course,
But laissez-faire, a simple, elegant plan,
To let the market find its natural force,
And elevate the good of every man.
His words a blueprint for a world of gain,
Where choice and trade could break all prior chain.
Sonnet XI: The Call of Karl Marx
Then Marx arose, with words of fire and steel,
To see the system built on endless strife;
The exploitation that the workers feel,
The surplus value stolen from their life.
He saw two classes, locked in constant war,
The owning few, the many who must toil,
And argued that the rich would ask for more,
And keep the workers bound upon the soil.
The alienation of the self from work,
A hollow life, a meaning bought and sold;
He called for revolution, not to shirk,
But seize the means, a story to unfold.
His spectre haunts the systems built on gold,
A potent vision, powerful and bold.
Sonnet XII: The Wisdom of John Maynard Keynes
When markets failed, in times of deepest gloom,
And dire depression gripped the global stage,
Came Keynes, who shone a light within the room,
And turned the page to start a new, bold age.
"In the long run, we are all long dead," he said,
And urged the state to intervene and spend,
To boost demand when all the hope had fled,
And on unemployment, put a timely end.
No self-correcting market would appear,
Without a push from fiscal policy;
He banished doubt, he conquered every fear,
And championed a new economy.
His modern macroeconomics took the stage,
And helped the world escape the downturn's cage.
Sonnet XIII: The Creed of Milton Friedman
Then Friedman came, the Chicago man of might,
Who championed the markets, free and grand;
He swore that inflation was a simple plight,
"Always and everywhere a monetary phenomenon," planned
By governments who printed money fast.
He preached of monetarism, strong and true,
And said that only markets were meant to last,
With minimal the things that states should do.
He argued for individual choice and free a trade,
A voluntary army, and less state control;
His theories on the global stage were played,
And shaped an era, taking up the role.
His legacy still sparks the warm debate,
On money's power, and the hand of fate.
Sonnet XIV: The Trade of David Ricardo
Ricardo saw the value in the land,
And how the rent would rise as progress grew;
But on the global scale, he took a stand,
On trade, and made his theory shine anew.
"Comparative advantage," was his cry,
Not absolute, but relative the gain;
Let each nation make what it makes best to try,
And trade will benefit from the simple chain.
Though one may make all things with more dispatch,
It’s better still to specialize and sell;
A perfect, logical, and elegant match,
That makes the global economy run well.
His theory stands, a pillar strong and wide,
On which the world's great trading lanes still ride.
Sonnet XV: The Synthesis of Paul Samuelson
A synthesis of old and of the new,
Did Paul Samuelson bring into the fold;
He married Keynes and classics through and through,
A story waiting for the world to be told.
The micro-level, with supply and need,
The macro picture, with the state's command;
He planted every fundamental seed,
To help us grasp the market and the land.
His textbook taught a generation's worth,
Of how the global systems interlink;
He formalized the science from its birth,
And gave us all a common way to think.
His careful balance helped us comprehend,
Where markets start, and where our choices end.
Sonnet XVI: Joseph Schumpeter's Storm
Creative destruction, was the stormy word,
That Schumpeter did lend to progress' name;
The old must die, a necessary third,
For innovation’s bright and blazing flame.
The entrepreneur, a hero in the tale,
Who brings the new, and sweeps the old away;
Through capitalism’s cycles, they prevail,
In a dynamic, ever-changing play.
It is a process, violent yet grand,
That fuels the growth, the dynamism of trade;
A necessary churning of the land,
Where firms will rise, and others quickly fade.
He saw the chaos as a vital part,
Of progress' pulse, and every market heart.
Sonnet XVII: The Praises of Friedrich Hayek
Hayek believed the market was a mind,
A vast computer that could gather facts,
And in the prices, all the world would find,
The information needed for their acts.
No central planner could possess the knowledge,
That millions held in bits of price and sign;
From the street corner to the highest college,
The market’s signal was the true design.
He argued fiercely 'gainst the socialist plea,
For freedom's plan was in the market's run;
That liberty was tied to being free
From central mandates when the day was done.
A champion of choice, a liberal man,
Who saw the knowledge in the market's plan.
Sonnet XVIII: Amartya Sen and Human Need
When welfare's measure came to simple gain,
Did Sen propose a deeper, richer view;
That income only tells a part of pain,
And human capabilities shine through.
He spoke of functionings, what a life could be,
Not just the means, but what one has the choice
To do and be, in true liberty,
And give to every person their own voice.
Development, not just a rising GDP,
But freedom from the want and lack of skill;
A moral purpose for economy,
To meet the needs, the human needs fulfill.
His focus on the poor, the chance to thrive,
Keeps true compassion in economics alive.
Sonnet XIX: The Ideas of Joseph Stiglitz
Stiglitz revealed the flaws we often hide,
The asymmetric spread of what we know;
Where some information is denied,
And markets fail where perfect data doesn't flow.
The hidden action, adverse selection's snare,
Where those with knowledge have the upper hand;
He showed that markets are not always fair,
And intervention often makes a stand.
He argued that the government could fix,
The gaps and failures of the private sphere;
To shuffle up the economic tricks,
And make the playing field a little clear.
His work a challenge to the free-market creed.
That balance, not pure freedom, is the need.
Sonnet XX: Elinor Ostrom's Common Wealth
The "tragedy of commons," long believed,
Was challenged by the wisdom Ostrom found;
How communities, though often undeceived,
Could manage resources on their own good ground.
Without the state, or private ownership's claim,
The local folk could find a better way,
To share the wealth, and play the common game,
And see the sun rise on a hopeful day.
Her work a testament to human wit,
To trust the people in their local sphere;
To find a balance where all can fit,
And manage shared resources without fear.
A new perspective, from the ground up shown
That grassroots governance can stand alone.
Sonnet XXI: The Dawn of Behavioral Thought
Then Kahneman came, a different kind of eye,
To see the human mind, its twists and turns;
Not always rational, beneath the sky,
A lesson that the proud economist learns.
He spoke of biases, of Prospect Theory's weight,
That losses hurt far more than gains can please;
The mind makes shortcuts, sealed by simple fate,
And acts in ways that set us ill at ease.
The pure, rational actor is a myth,
A phantom in the economic text;
Behavioral thought makes all our models shift,
And shows how often human minds are vexed.
His work a window to the way we choose,
And how our perfect logic we often loose.
Sonnet XXII: The Legacy of Robert Solow
When thinking turned to how a nation grows,
Did Solow build his influential chart;
The Solow-Swan model that the expert knows,
A formal structure, elegant and smart.
He showed that capital and labour count,
But technology's the engine of the rise;
A steady state where savings all amount,
To growth determined by the skills we prize.
It taught the world that progress isn't just
From building factories or hiring hands;
In innovation, we must put our trust,
To make a difference in all the lands.
His legacy endures, a guiding light,
On how economies can reach their height.
Sonnet XXIII: The Vision of Douglass North
Douglass North saw systems built on rules,
The institutions that define our fate;
The formal laws, the informal social tools,
That shape a nation, make it small or great.
He argued that economies won't thrive,
Without a framework, stable and secure,
Where contracts can be trusted and alive,
And property rights are a thing to endure.
It's not just markets, but the rules of play,
That build prosperity for all to share;
A different lens to view the light of day,
And understand why some have wealth to spare.
His focus on the rules changed how we see,
The complex path to true prosperity.
Sonnet XXIV: The Insights of Ronald Coase
When firms decide, or property takes hold,
Did Coase reveal a different kind of cost;
Not just the price in silver or in gold,
But transaction burdens, easily lost.
The Coase theorem argues, clear and free,
That if those costs are low, the parties can agree,
On who should bear the burden, peacefully,
And reach efficient outcomes, naturally.
He showed the hidden frictions of the trade,
The legal framework, the time it takes to sign;
A vital insight for the world he made,
To help us see the market's true design.
His simple theories, powerful and vast,
Help make the complex world we know at last.
Sonnet XXV: The Work of Gary Becker
Becker applied the economic lens,
To all of life, beyond the market square;
To crime, to family, to our human senses,
And showed that rational choice was everywhere.
We weigh the costs, the benefits we seek,
In every action, every choice we make;
Though controversial, his ideas speak,
Of human logic, for our own good sake.
He brought the rigour of the market's mind,
To social realms where sentiment held sway;
A unifying theory, we could find,
To understand the choices of our day.
His bold approach expanded economics' reach,
To every corner, every human speech
Sonnet XXVI: The Logic of John von Neumann
He brought the math, the logic hard and bright,
With Morgenstern, a monumental leap;
To understand the choices in the fight,
When strategy's the promise we must keep.
Game theory was born, a powerful new tool,
To model conflict, and the way we play,
When outcomes hinge on following a rule,
And others' choices dictate night or day.
From war's fierce planning to a simple trade,
The logic holds, in every single game;
The payoffs measured, and the choices weighed,
A scientific way to play the name.
His work endures, in every strategic choice,
A powerful and mathematical voice.
Sonnet XXVII: The Legacy of James Buchanan.
Buchanan looked at government's own hand,
And saw the actors in a public stage;
Not purely angels working for the land,
But self-interest, turning every page.
Public Choice was born, the theory clear,
That politicians and bureaucrats have goals,
Beyond the public good we hold so dear,
They aim for power, and they aim for roles.
He brought the market's lens to view the state,
And called for rules to bind the public will;
To make democracy more truly great,
And stop the impulse for the fiscal bill.
His work a warning, keep the government small,
Or watch the public interest surely fall.
Sonnet XXVIII: The Insights of George Akerlof
Akerlof exposed the lemon's hidden fate,
The used car market, where the buyer fears,
That sellers know much more, soon or late,
Which leads to failure, and to buyers' tears.
"Asymmetric information" was the key,
To market problems, where the quality lacks;
The good cars hide, the bad ones roam so free,
And efficiency breaks down upon its tracks.
His work revealed where markets can go wrong,
And justified some rules, some oversight;
A necessary rhythm to the song,
To bring the hidden problems into light.
His work ensures we see the market's flaws,
And strive for systems built on fairer laws.
Sonnet XXIX: The Genius of Herbert Simon
He challenged reason's perfect, flawless reign,
The "rational man" who knew all, clear and true;
Said Simon, we have limits in the brain,
Our "bounded rationality" is due.
We "satisfice," we do not optimize,
We seek enough, not everything that's best;
A simple, human logic that applies,
To all our choices, putting us to test.
He brought psychology to economics' door,
And showed the human mind is complex, slow;
A different kind of logic to explore,
To help our understanding truly grow.
His genius lies in seeing human worth,
Not as machines, but as we are from birth.
Sonnet XXX: The Work of Robert Lucas Jr.
Lucas looked ahead, with rational eyes,
At how the future shaped the present day;
He taught that people are not taken by surprise,
And factor in what policies will say.
"Rational Expectations," was the phrase,
That challenged Keynesian short-term fixes deep;
For people learn, and change their mindful ways,
And make promises that the government must keep.
No easy boost from printing money more,
If people know the inflation that will rise;
They act beforehand, evening up the score,
And make the policy goals their enterprise.
His theories powerful, a new design,
That makes the macro models more refined.
Sonnet XXXI: The Insights of Thomas Schelling
Schelling explored the choices we all face,
When strategy is key and outcomes depend,
Not just on us, but others in the place,
On nuclear war and how disputes might end.
He looked at Micromotives that we have,
And how they lead to macro, larger results;
The segregation that we cannot waive,
The unexpected patterns that adult.
He showed that small choices, seemingly benign,
Can lead to systems we never would choose;
A powerful and insightful design,
That in the logic, we can often lose.
His work on game theory and dynamics shines,
And helps us see the world, in complex lines.
Sonnet XXXII: The Legacy of Vernon Smith
Smith took economics to the lab's domain,
And built experiments, controlled and clear;
To see how markets work, and test the rain,
Of theories old, and banish every fear.
He showed that real people, playing games,
Could often reach what theory had defined,
That supply and demand had real names,
And rationality was not left behind.
He pioneered the field, a guiding light,
Of experimental economics' grace;
To test the models with the human might,
And put the science in a certain place.
His work endures, the evidence is sure,
That human action makes the truth endure.
Sonnet XXXIII: The Work of Finn Kydland & Edward Prescott
They focused on the time, the future's reach,
And "time inconsistency," the problem clear,
When promises made, are easy to impeach,
And future actions lead to doubt and fear.
They showed the need for rules, for steady laws,
Not just discretion, changing every day;
For certainty provides the market's cause,
And helps the long-term planning find its way.
Their real business cycle theory too,
Revealed the cycles in the rise and fall;
Not just from money, but from changes true,
In technology, that answers nature's call.
Their influence on macro, deep and vast,
Ensures that stable policies will last.
Sonnet XXXIV: The Insights of George Akerlof & Robert Shiller
With Shiller, Akerlof did warnings sound,
On "phishing" in the marketplace so grand;
Where firms exploit the flaws they have all found,
In human nature, across every land.
They show how easily we are misled,
By tricks and traps designed to part our cash;
Our rational minds, so often left for dead,
In market moments that are quick and rash.
Their work a caution, keep a wary eye,
On all the ploys the companies might use;
To see the truth, beneath the market sky,
And be much wiser in the way we choose.
They bridge the gap, from bias to the deed,
And plant within our minds a cautious seed.
Sonnet XXXV: The Legacy of Christina Romer
Romer studied history, the past as guide,
On fiscal policy and how it works;
The effects of taxes, where the answers hide,
And spending's power, in all its twists and quirks.
She looked at data, from the war's demands,
To peacetime cuts, and found a clear result:
That government can help with guiding hands,
To stop the downturn, and the market's jolt.
Her work provides the evidence we need,
That action by the state can turn the tide;
To help the jobless, plant the hopeful seed,
And keep the economy from things it must hide.
Her data-driven insights stand so true,
To show what policy can truly do.
Sonnet XXXVI: The Vision of Esther Duflo
Duflo brings the lab down to the field,
With "randomized control trials," clear and bright;
To see what help for poverty can yield,
And bring the evidence into the light.
From bed nets used to stop disease's spread,
To better teaching methods in the class;
She tests what works, not what is merely said,
And helps the aid to effectively pass.
Her rigorous approach to fighting want,
Has changed the face of world development;
No grand theories, no ideological haunt,
But simple facts, a clear and true intent.
Her work ensures that help is used with care,
And makes a difference, ending all despair.
Sonnet XXXVII: The Ideas of Thomas Piketty
Piketty looked at data, back in time,
Through centuries of wealth and income streams;
And found that capital grows in its prime,
Much faster than the wages in our dreams.
His Capital in the Twenty-First Century cries,
That inequality is in the plan;
Unless we act, the gap will always rise,
Between the wealthy and the common man.
He calls for taxes on the wealth we hold,
A global levy, strong and truly just;
To stop the concentration of the gold,
And build a world where all can share the trust.
His careful data makes the case so clear,
That action must be taken, conquering fear.
Sonnet XXXVIII: The Legacy of Kenneth Arrow
Arrow explored the choices that we make,
In groups, when voting shows a muddled will;
His "impossibility theorem" did break,
The notion that collective choice runs still.
He showed that no perfect system can be found,
To aggregate the preferences of all;
A paradox upon democratic ground,
Where social choices often rise and fall.
He also worked on risk and uncertainty,
And showed the need for markets for insurance;
His insights crucial for economy,
And how we manage risk with some endurance.
His genius vast, his logic sharp and true,
Helps us to see what systems can and cannot do.
Sonnet XXXIX: The Work of Robert Merton
Merton took the math of physics, strong and deep,
And brought it into finance, making sense
Of options pricing, secrets we can keep,
To manage risk, to build a safe defense.
The Black-Scholes model, with Scholes by his side,
Revolutionized the way the markets play;
How derivatives are valued, far and wide,
And risk can be effectively put away.
His work brought science to the world of trade,
And made the finance world more sophisticated;
Though some would say that problems have been made,
It's changed the way that risk is calculated.
His powerful equations hold their sway,
In every market, every trading day.
Sonnet XL: The Insights of Ronald Coase (Revisited)
Though mentioned earlier, his insights run so deep,
That more must be said of Coase's simple way;
On social costs, the promises we keep,
And how the law affects our work and play.
The factory pollutes, the farmer's crops all fail,
But Coase suggests a deal might be the key;
If property rights are clear, the trade will sail,
And efficiency will reign for all to see.
The transaction costs are all that truly bar,
The private solutions to the public's bane;
He showed how law and economics travel far,
To solve the problems, ease the simple pain.
His logic simple, powerful, and clear,
Helps make the complex market reappear.
Sonnet XLI: The Vision of Douglass North (Revisited)
North showed that history is built on rules,
Not just the whims of markets and of kings;
The institutions are the guiding tools,
That shape the world and all the wealth it brings.
From property rights to contracts that we sign,
The framework matters for the growth of trade;
It sets the course, it draws the crucial line,
Between the nations where a fortune's made.
Without the rules, the costs of trade are high,
And trust is absent, making markets fail;
His insights help us see the reasons why,
Some nations flourish, while the others wail.
His focus on the institutions' might,
Has cast upon development a brilliant light
Sonnet XLII: The Storm of Joseph Schumpeter
Creative destruction, was the stormy word,
That Schumpeter did lend to progress' name;
The old must die, a necessary third,
For innovation’s bright and blazing flame.
The entrepreneur, a hero in the tale,
Who brings the new, and sweeps the old away;
Through capitalism’s cycles, they prevail,
In a dynamic, ever-changing play.
It is a process, violent yet grand,
That fuels the growth, the dynamism of trade;
A necessary churning of the land,
Where firms will rise, and others quickly fade.
He saw the chaos as a vital part,
Of progress' pulse, and every market heart.
