The growth and expansion of the American economy has been made possible through the emergence and existence of a number of entrepreneurs and influential economists. Given the fair business environment in the United States influential economists have contributed a lot to the economic growth of the country. They are responsible for the prosperity and turndown of the whole society's entrepreneurial activities. This study is purposely carried out in order to identify the contributions made by Gary Becker, Adam smith, Christy Haubegger and Andrew Carnegie to the American economy. These famous entrepreneurs gave inspiration and insight to the upcoming entrepreneurs though their hand towards the economy of the society. The future entrepreneurs relay on the progress of the current ones to develop their skills and knowledge to also advance economically.
Gary Becker is one of the famous economists well known for his contributions to the world economy. Becker's proficiency is displayed in human capital, economic analysis of crime, population, discrimination, and the economy of the family. He was born on 2nd 1930 and in 1951 he received a B.A from the Princeton university. That was not the end of his studies but he continued and in the year 1952 he received M.A from the university of Chicago. He completed his studies after obtaining PhD from the Chicago university in the year 1955. It was after that that Becker became a professor in the university of Chicago in 1954 to1957 then 1957 to 1968 at the Columbia university (Sassatelli 41). Becker later on joined the department of economics in 1970 at the university of Chicago where he was a professor early on. He was a member in the booth school of business and head of department of sociology.
In the business world Becker was an affiliate of The Greatest Good, which was a philanthropy and business consulting company. In 1992 Gary S Becker won the Nobel prize for economic science, which was a great achievement to him, and the U.S.A . His main objective at the moment is to get a true way for formation of preferences, human capital, and check on addictions and population growth in the U.S.A.
Becker has written various articles and books, which have given hand towards the development of the US economy. He wrote The Becker-Posner Blog as a clarification work. In 1996 he played a significant role of an economic policy adviser during the campaign for Dole President. Becker in the 2000 got the national medal of science for the good work he did in social policy. He was the 2004 person to receive the Jacob Mincer for his success in labor economics being a member of the labor economists (Sassatelli 19). Additionally Becker served in the National Opinion Research Centre as a research associate in 1980 and in 1988 a research associate of Fiscal Institute and Monetary policy in Japan.
Adam Smith is another famous influential economist for his great contribution to the economy of the world. He is a philosopher from Scotland and an economist known to have written the book An Inquiry into the nature and Causes of the Wealth Of Nations (1776) that made him famous. He was studied in the University of Glasgow on scholarship then later in Balliol College at Oxford (Kennedy 14). After his graduation he become a lecturer delivering quality lectures because his excellence in English. It is due to that that in 1751 he was made the chair of logic then chair of moral philosophy in 1752 in the Glasgow University.
Adam smith published the Theory of Moral Sentiments in 1759 basing it on the lectures he delivered at the Glasgow University. In this theory Smith tells of the ethical ways that unit a society and the harmony of human beings in respect to their motives when carrying out various beneficial activities. Adam smith contributed a lot to economic freedom through his work in the book An Inquiry into the Nature and Causes of the Wealth of Nations. In this book he discussed various ideas that influence the economic growth namely, market function, division of labor, self-interest, and the international allegation to the economy (Kennedy 39). This lead to freedom in the economy of many states including the US.
Adam Smith 's intelligence helped enlighten to entrepreneurs the concept of a free market which has taken root up to date. He explained that self-interest worked like an invisible hand used to guide those who are wise in utilizing the nation resources to improve the outputs using human labor. He concluded that the whole state and its people should work with a common goal of promoting social unity regardless of the market forces. Adam smith contributed to the growth of the U.S.A economy through his work in the books he published. The concept of free market and self-interest had a positive impact on the economy of U.S.A. These ideas promoted economic growth in many other states making Adam Smith famous all over the world. He was among the 18th century moral philosophers whose work has lead to the present day theories on economy (Kennedy 67).
Christy Haubegger is the other famous entrepreneur who has given hand to the economic growth of the world. She was born on 15th August 1968 in Houston, Texas. She got her first degree in BA (Philosophy) from the university of Texas then a 2nd degree in law from Stanford law school. She is known to be the founder of the Latina magazine, which was a bilingual magazine, projected to the women of Hispanic in the US (Nogales and Laura 207). Haubegger is a member of various social, civic, and political organizations including the Latino Business leadership group, Management Leadership for Tomorrow and the new America Alliance.
Christy initiated projects for the Latinas and received many awards for her good work. She was named as "woman of the New Century" by the Newsweek in 2001. She is also among the top 10 models chosen by the Ms because of her good work in contributing to the economy of the world. She was recognized for being the youngest woman to be appointed in the American Advertising Federation Hall of Achievement because of her previous success in the Hispanic market. Christy was ranked number 22 by the Hollywood Reporter as being the most influential Latino in Hollywood (Nogales and Laura 205).
In 2002 Christy had a mission of escalating Latinos' stories and presence through motion pictures and television programs, which she had done early on in the magazines. This is when Christy got into the world of entrepreneurship and her life changed then. She participated in production of a romantic comedy "chasing papi" released into the market in May 2003. Christy took part as an executive producer of the comedy " spanglish " of Oscar-winner James L. Brooks released in 2004 by Columbia pictures. Currently Christy is working with Creative Artists Agency where she created market for the music, motion picture, and television clients. In so doing Christy has motivated and encouraged the upcoming entrepreneurs hence promoting the economy growth. Christy is also a film producer and has created employment opportunities for the growing generation.
Andrew Carnegie is also a famous influential entrepreneur born on the 25th of November 1835 in Scotland. In 1848 they were forced to move to the U.S.A because the Scotland economy had been depressed. Andrew 's family moved to join the other Scottish colony living at Allegheny. There he worked with the cotton factory while 12 years old as he also attained education in the night school to catch up with other students. Carnegie worked with the local Pittsburgh office as a messenger at the age of 14. He was identified by Thomas A. Scott because of the abilities he had at that early age. Thomas was a manager of Pennsylvania Railroad and made Carnegie a secretary. Scott move on with Carnegie Washington where he had been allotted assistant secretary of the civil war (Gillam 83). There Carnegie organized the military telegraph system for his appointee Scott. Carnegie became the manager of the Pennsylvania Railroad after the civil war ended. He invested in many ventures that were profit making included the Woodruff Sleeping Car Company and small factories and iron mills. Keystone Bridge was one of the most important companies of Carnegie that had one-fifth of his shares.
Carnegie was a focused entrepreneur who always kept an eye on what the other entrepreneurs were doing to improve his skills. He always visited the iron industry in British to and at a time he noticed that steel was a strong metal in making heavy goods than iron (Gillam 12). He went forward with the idea, opened a steel furnace at Braddock, and employed many partners who helped him with the work.
Carnegie in his mission of improving the economy of the people took interest in political and social issues of the people. He wrote many books including Round the World (1881),Triumphant Democracy (1886), and An American Four-in-Hand in Britain(1883). Carnegie wrote the article "Gospel of Wealth" and it was published by the North America Review. In the article Carnegie proposed that the rich people in the society should use their wealth to upgrade the other community members below them (Gillam 27).
In 1889 Carnegie went to New York to carry out research on the status of the economy of that state. He gave hand to the people of U.S.A, U.K, Canada and other states by giving money to help improve education in the area by establishing libraries, universities, and good schools. It is through all this that Carnegie became famous. He got high profits from his steel industry, which not only benefited his family but also the other states at large.
It is apparently clear that the American economy has been shaped by various hardworking individuals. The role of an entrepreneur in from the four individuals clearly shows how they were able to identify competitive market niches. Their ideas of course contributed much to the growth and expansion of the American economy. As a society, it is important to appreciate the efforts made by entrepreneurs and provide the available opportunities that may enable the entrepreneurs to thrive well with their activities.