Leon Walras

France, 1834-1910

He revolutionized economics with his rigorous mathematical formulation of the mechanics of the price system.

Alfred Marshall

England, 1842-1924

He demonstrated the tremendous theoretical power of demand and supply curves, and bequeathed to economics the critical distinction between the short run and the long run.

[See Marginalist School]

Thorstein Veblen

United States, 1857-1929

One of the leading Institutionalists, he is best remembered for his theory of "conspicuous consumption" which parodied the ostentation of the Gilded Age.

[See Institutionalist School]