Famous German Economists

Karl Marx was a German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist. He is best known for his works such as The Communist Manifesto and Das Kapital. Marx studied at various universities and received a doctorate in philosophy. He critiqued and developed Hegelian philosophy, collaborated closely with Friedrich Engels, and was actively involved in the Communist League. Marx's ideas, known as Marxism, have had a significant impact on intellectual, economic, and political history, influencing socialist thought and revolutionary movements worldwide.

Hjalmar Schacht was a prominent German economist, banker, and politician known for his roles in the Weimar Republic and Adolf Hitler's government. He served as Currency Commissioner and President of the Reichsbank, playing a key role in economic policies. While initially lauded for his contributions to the German economic recovery, he clashed with Hitler over re-armament policies. Arrested during World War II for alleged ties to the assassination attempt on Hitler, Schacht faced trials but ultimately had his sentences overturned.

Ernst Friedrich Schumacher was a British statistician and economist known for advocating human-scale, decentralized, and appropriate technologies. He served as Chief Economic Advisor to the British National Coal Board for two decades and founded the Intermediate Technology Development Group. His influential book "Small Is Beautiful" highlighted the importance of economics focused on people. Schumacher also published "A Guide for the Perplexed," critiquing materialistic scientism and exploring knowledge organization. His work continues to inspire discussions on sustainable development and alternative economic systems.

Friedrich List was a prominent German economist and political theorist known for developing the nationalist theory of political economy. He played a key role in advocating for the Zollverein, a pan-German customs union, from a nationalist standpoint. List promoted raising tariffs on imported goods while supporting free trade of domestic goods, viewing tariffs as an investment in a nation's future productivity. He collaborated on political science encyclopedias advocating constitutional liberalism and influenced liberal and nationalist ideas in Europe during his time.

Alfred Weber was a German economist, geographer, sociologist, and culture theoretician known for his significant contributions to modern economic geography. His work played a crucial role in shaping the field by focusing on location theory and industrial location analysis. Weber's research emphasized the impact of factors such as transportation costs, labor, and agglomeration on economic activities. He developed the concept of industrial location theory, which continues to be a foundational framework in understanding spatial economics and regional development.

Andre Gunder Frank was a prominent German-American sociologist and economic historian known for his work on dependency theory and world-systems theory. He incorporated Marxian concepts into his analysis of political economy, while diverging from Marx's stages of history. Frank's contributions to the field of economic history challenged conventional perspectives and offered new insights into global economic structures. Throughout his career, he played a significant role in shaping debates around development, underdevelopment, and the dynamics of the global economy.

Johann Heinrich von Thünen was a renowned economist from northern Germany who made significant contributions to the fields of agricultural economics and economic geography. Despite not holding a professorial position, he had a profound impact on economic discourse. Von Thünen is considered a founding figure in agricultural economics, known for his insights on topics such as rent, land use, and wages. His work continues to influence economic theory and practice to this day, solidifying his legacy in the field of economics.

Werner Sombart was a prominent German economist, historian, and sociologist known for his contributions to the field of social science during the early 20th century. He led the "Youngest Historical School" and introduced the concept of late capitalism. Sombart coined the term "creative destruction" associated with capitalism and authored the influential work "Der moderne Kapitalismus," which detailed the evolution of capitalism through various stages. His scholarly contributions and writings continue to influence the study of economics and sociology.

Thilo Sarrazin is a German politician and former member of the SPD, writer, and former senator of finance for the State of Berlin. He also served as a member of the Executive Board of the Deutsche Bundesbank. Sarrazin gained national attention for his controversial book criticizing Germany's immigration policy and multiculturalism. His book sparked a widespread debate on the costs and benefits of multiculturalism. As of July 2020, he is no longer a member of the SPD.

Martin Winterkorn is a German former business executive known for his leadership roles in Volkswagen AG, Audi, and Porsche Automobil Holding SE. He served as CEO of Volkswagen AG succeeding Bernd Pischetsrieder and was previously chairman of Audi AG. Winterkorn resigned from Volkswagen and Audi following the emissions scandal. He was indicted for fraud and conspiracy in the US and Germany. Winterkorn is a fugitive in the US, wanted for various charges, and has denied wrongdoing in court appearances. His criminal trial is expected to commence in Germany.

Axel Alfred Weber is a distinguished German economist, professor, and banker with a notable career in the financial sector. He currently serves as a board member and chairman of UBS Group AG, a prominent Swiss investment bank and financial services company. Previously, he held the prestigious position of president of the Deutsche Bundesbank and was a member of the European Central Bank Governing Council. Weber is also recognized for his membership in the esteemed Group of Thirty, showcasing his expertise and influence in global financial matters.

Bernd Lucke is a German economist, professor, author, and former politician known for co-founding the Alternative für Deutschland (AfD) in 2013, where he served as the party's federal chairman. He was elected as a Member of the European Parliament (MEP) for AfD in 2014. Prior to his political career, Lucke was a professor of economics at the University of Hamburg. He later founded the political party Liberal-Konservative Reformer after leaving AfD in 2015. Lucke has since returned to academia following an unsuccessful reelection attempt in 2019.

Ferdinand Tönnies was a prominent German sociologist, economist, and philosopher known for his significant contributions to sociological theory. He is best known for his distinction between Gemeinschaft (community) and Gesellschaft (society). Tönnies co-founded the German Society for Sociology with Max Weber and Georg Simmel and served as its president for many years. He published over 900 works covering various aspects of sociology and philosophy. Alongside Weber and Simmel, Tönnies is considered one of the founding fathers of classical German sociology.

Klaus Schwab is a German mechanical engineer and economist known for founding the World Economic Forum (WEF) in 1971. He has served as the chairman of the WEF since its inception, playing a key role in shaping global economic discussions. In 2024, it was announced that Schwab would transition from Executive Chairman to Chairman of the Board of Trustees, showcasing his continued dedication to the organization's mission. Schwab's leadership and vision have made a lasting impact on the world of economics and international relations.

Wilhelm Röpke was a prominent German economist and social critic known for his role in shaping the post-World War II economic recovery of Germany. As a Professor of Economics in various universities, he contributed to the development of the social market economy through his theories and collaboration with other influential figures such as Alfred Müller-Armack and Walter Eucken. Röpke's ordoliberal ideas, implemented by Minister for Economics Ludwig Erhard, were instrumental in Germany's economic resurgence, earning him recognition as a key figure in the country's "economic miracle."

Silvio Gesell was a German-Argentine economist known for founding Freiwirtschaft, an economic model for market socialism. He established the magazine Geld-und Bodenreform in 1900, focusing on monetary and land reform. Gesell later started Der Physiokrat in Argentina, which closed in 1914 due to censorship. He participated in the Bavarian Soviet Republic, leading to his detainment on treason charges. Despite this, Gesell was acquitted by a Munich court after delivering a compelling defense speech.

Samuel Freiherr von Pufendorf was a prominent German jurist, political philosopher, economist, and historian. Known for his commentaries on natural law theories, he played a significant role in shaping political concepts that influenced the American Revolution. Pufendorf's work acted as a precursor to the Enlightenment in Germany. Throughout his career, he engaged in disputes with clerical circles over accusations of heresy, despite maintaining traditional Christian beliefs. He was ennobled by Charles XI of Sweden shortly before his passing at the age of 62.

Gottfried Feder was a German civil engineer and self-taught economist known for his significant role within the early Nazi Party. He played a crucial role as an economic theoretician and key member of the party. Feder's lectures, particularly one delivered in 1919, were influential in drawing Adolf Hitler into the party, showcasing his impact on the movement's development. Through his work and ideas, Feder contributed to shaping the economic policies and ideologies that would define the Nazi Party during its early years.

Ernst Engel was a prominent German statistician and economist known for his significant contributions to the field. He gained recognition for developing the Engel curve, which illustrates the relationship between income and spending patterns. Additionally, Engel formulated Engel's law, which states that as income rises, the proportion of income spent on food decreases. Through his research and theories, Engel made a lasting impact on the understanding of consumer behavior and economic principles, solidifying his reputation as a respected figure in academia.

Rüdiger Dornbusch was a distinguished German economist known for his work in the United States. Throughout his career, he made significant contributions to the field of macroeconomics, particularly in the areas of exchange rates, international economics, and economic growth. Dornbusch's research and publications played a pivotal role in shaping economic policy and theory, earning him global recognition and influence. His work continues to be widely studied and referenced by economists, policymakers, and students around the world.

Eugen Dühring was a German philosopher known for his advocacy of positivism and criticism of Marxism. Initially, he worked as a qualified lawyer but had to shift his focus to philosophy due to an eye ailment that eventually led to his loss of sight. Dühring was a prolific writer, authoring works such as "Capital und Arbeit." His professional life was marked by his contributions to philosophy, his legal background, and his critical stance towards Marxist ideology.

Ludwig Bamberger was a prominent German Jewish economist, politician, revolutionary, and writer. He played a significant role in shaping economic policies and financial institutions in Germany during the 19th century. Bamberger was a key figure in the political landscape, advocating for liberal reforms and serving as a member of the National Liberal Party. As a writer, he contributed insightful analyses on economic issues and social reform. His legacy includes pioneering efforts in banking and finance, as well as his influential political contributions.

Hans Singer was a prominent development economist known for the Prebisch-Singer thesis, highlighting how terms of trade can disadvantage primary product producers. His work contributed significantly to heterodox economics, challenging mainstream views. Singer's research focused on issues of international trade, development, and income distribution, advocating for policies to address inequalities. He held various academic positions and advised international organizations, playing a key role in shaping economic thinking and policies. Singer's legacy continues to influence debates on economic development and global trade dynamics.

Hans-Werner Sinn is a prominent German economist known for his contributions to the field of economics. He has held several key positions, including serving as the President of the Ifo Institute for Economic Research for nearly two decades. Currently, he is a member of the German economy ministry's advisory council, where he provides valuable insights and expertise. Additionally, he holds the title of Professor Emeritus of Economics and Public Finance at the University of Munich, further solidifying his reputation as a respected figure in academia and public policy.

Carl Grünberg was an Austrian Marxist economist, economic historian, and sociologist known for his role in shaping Austromarxism. He played a significant part in establishing the Frankfurt Institute for Social Research, where he served as the founding director. Grünberg's work focused on the intersection of economics, history, and sociology, making important contributions to the understanding of social and economic systems. His legacy as a pioneering figure in Marxist thought and his influence on the development of critical theory continue to be recognized in academic circles.

Johann Karl Rodbertus, also known as Karl Rodbertus-Jagetzow, was a German economist and socialist who was a prominent member of the Linkes Zentrum in the Prussian national assembly. He defended the labor theory of value and argued that interest or profit amounted to theft. Rodbertus believed that capitalist economies naturally led to overproduction. His professional pursuits primarily focused on economic theories and socialist principles, advocating for a more equitable distribution of wealth and resources within society.

Rudolf Hilferding was an Austrian-born Marxist economist, socialist theorist, politician, and chief theoretician for the Social Democratic Party of Germany during the Weimar Republic. He studied medicine in Vienna and later became a leading journalist for the SPD. Hilferding served as Finance Minister of Germany, fled into exile during the Nazi regime, and passed away in Gestapo custody. He was known for his advocacy of the "economic" reading of Karl Marx, his theory of organized capitalism, and his influential work on finance capital and Marxist economics.

Herman Oskarovich Gref is a prominent Russian politician and businessman known for his significant contributions to the economic landscape of Russia. He served as the Minister of Economics and Trade of Russia for over seven years, showcasing his expertise in governmental affairs. Currently, he holds the esteemed positions of CEO and chairman of the executive board at Sberbank, the largest bank in Russia. Gref's leadership and strategic vision have played a crucial role in shaping the financial sector and driving the growth of Sberbank under his guidance.

Lujo Brentano was a prominent German economist and social reformer known for his significant contributions to the fields of economics and social policy. He played a key role in advocating for workers' rights and was instrumental in shaping labor legislation in Germany. Brentano's work focused on issues such as wages, working conditions, and social welfare, and he was a leading figure in the development of the German social welfare system. His research and advocacy had a lasting impact on labor relations and social policy in Germany.

Rüdiger Frank is a German economist and expert on North Korea and East Asia. He is a tenured full professor of East Asian economy and society at the University of Vienna, where he also heads the Department of East Asian Studies. Additionally, he serves as an adjunct professor at Korea University and the University of North Korean Studies in Seoul. Frank's research focuses on socialist transformation in East Asia and Europe, state-business relations in East Asia, and regional integration in the region.