Born in 1881 in Lemberg, Austria to a prominent Viennese family. Discovered Austrian School at University of Vienna and converted to free-market economics. Became Bohm-Bawerk's post-doctoral student and developed monetary theory
Laissez-faire means "allow to do" in French. Term originated in 18th century during Industrial Revolution. French businessman M. Le Gendre coined term in response to Colbert
Laissez-faire means "let do" in French, referring to free transactions between private groups. Term likely originated from 1681 meeting between Colbert and French businessmen. Vincent de Gournay popularized the term as "let do and let pass"
Born in 1723 in Kirkcaldy, Scotland, raised by mother Margaret Douglas. Studied at Glasgow University and Balliol College, Oxford. Became professor at Glasgow University in 1751. Moved to France in 1763 as tutor to Charles Townshend's stepson
Born in 1912, Friedman studied economics at Rutgers and Chicago universities. Served in government during WWII, developing anti-taxation policies. Became University of Chicago professor in 1946, founding money and banking workshop
Smith published "The Wealth of Nations" in 1776 to describe industrialized capitalism. Book challenged mercantilism's fixed wealth theory and tariff-based trade. Smith believed self-interest leads to societal benefit through market mechanism