Richard T. Ely

Richard T. Ely (1854-1943) was an influential American economist and social scientist known for his contributions to the fields of economics, labor relations, and social reform. He was a founding member of the American Economic Association and advocated for a more humane approach to economics that considered social welfare. Ely emphasized the role of government in regulating the economy to address issues like poverty and inequality. He played a key role in introducing ideas of applied economics, which focus on practical solutions to societal problems, laying the groundwork for future economic thought and policy in the United States.