Famous Scottish Economists

Widely considered The Father of Economics, Adam Smith was a Scottish philosopher and economist. A pioneer of political economy, Adam Smith played a major role during the Scottish Enlightenment. His book The Wealth of Nations is regarded as the first modern work of economics and a forerunner of today's academic discipline of economics.

Scottish Enlightenment philosopher, historian, and economist, David Hume, is considered one of the most important philosophers to write in English. His book, A Treatise of Human Nature, is counted among the most influential works in the history of philosophy. His works have influenced numerous thinkers, including German philosopher Immanuel Kant and Christian philosopher Joseph Butler.

John Law was a Scottish economist best remembered for his work as Controller General of Finances under the Regent of the Kingdom of France, Philippe II, Duke of Orléans. Law is credited with founding Banque Générale Privée, the first financial organization to pioneer the use of paper money. Law is also credited with originating ideas like the real bills doctrine.

James Mill was a Scottish economist, historian, philosopher, and political theorist. Mill is credited with co-founding the Ricardian school of economics. He is also credited with writing The History of British India, which classifies Indian history into three parts: British, Muslim, and Hindu. The classification has played an influential role in the field of Indian historical studies.

Born to a hat manufacturer, James Wilson initially wished to study law but later joined his father’s business. Over the years, he established what is now the Standard Chartered Bank. Sent to Kolkata by Queen Victoria to introduce tax reforms, he introduced paper currency in the country, but died of dysentery.

Scottish Presbyterian minister and political economist Thomas Chalmers has been immortalized by the town of Port Chalmers in New Zealand, named after him. An ordained minister, he was initially a math lecturer. He later became the Free Church of Scotland’s first moderator. He tried applying Christian ethics to economic problems.

Credited with writing the first methodically written text on economics in English, James Steuart belonged to a noble family. His renowned work, An Inquiry into the Principles of Political Economy, was the first in English and the first by a Scottish economist to have “political economy” as part of its title.

Scottish economist and statistician John Ramsay McCulloch was one of the main promoters of the principles of British economist David Ricardo. He also wrote for The Edinburgh Review and co-established and edited The Scotsman. Once a University College, London professor, he was also known for his works on economic history.

Scottish economic historian and Anglican priest William Cunningham, a founding fellow of the British Academy, is best remembered for advocating historical method in economics and tariff reform and for criticising the nascent neoclassical economics and English free-trade policies. His The Growth of English Industry and Commerce became standard reference work on the industrial history of England at that time.