Economics papers have had tremendous influence on how decisions are made, how strategies are developed, and how policy is determined. There is ample opportunity for productive research using economic science in the real world, economics has sometimes been called the "queen of the social sciences". Here's the list in chronological order:
1. A Theory of Production (1928) - Charles W. Cobb and Paul H. Douglas
Conclusion: You can figure out how much production a given amount of capital and labor can yield.
2. Paul Samuelson - Most influentional economists of the twentieth century. He won the second Nobel Prize in 1970 for "raising the level of analysis in economic science" the prize committe's code for "turning economics into mathematical disclipine". See here for contributions to economics and his groundbreaking book Foundations of Economic Analysis
3. The Role of Monetary Policy (1968) - Milton Friedman
Conclusion: There exists a "natural rate of unemployment," or the number of jobs a given economy can support.
Nobel Prize (1976): for achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.
4. The Pricing of Options and Corporate Liabilities (1973) - Rob Merton & Myron Scholes
Nobel Prize (1997): Merton & Scholes have, in collaboration with the late Fischer Black, developed a pioneering formula for the valuation of stock options. Their methodology has paved the way for economic valuations in many areas. It has also generated new types of financial instruments and facilitated more efficient risk management in society.
5. In a now-classic paper, Nobel Prize–winning economists Franco Modigliani and Merton Miller argued the important theory that, given certain assumptions, a company’s choice of capital structure does not affect its value
Modigliani, Franco, and Merton H. Miller. 1958. “The Cost of Capital, Corporation Finance, and the Theory of Investment.” American Economic Review, vol. 48, no. 3: 261–297.
6. Nobel Prize in Economics for 2003, Robert F. Engle in 1982 first suggested a way of testing whether the variance of the error in a particular time-series model in one period depends on the variance of the error in previous periods.
7. Momentum effect - momentum or trending effects in which future price behavior correlates with that of the recent past
Jegadeesh, Narasimhan, and Sheridan Titman. 1993. “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency.” Journal of Finance, vol. 48, no. 1:65–91.
1. A Theory of Production (1928) - Charles W. Cobb and Paul H. Douglas
Conclusion: You can figure out how much production a given amount of capital and labor can yield.
2. Paul Samuelson - Most influentional economists of the twentieth century. He won the second Nobel Prize in 1970 for "raising the level of analysis in economic science" the prize committe's code for "turning economics into mathematical disclipine". See here for contributions to economics and his groundbreaking book Foundations of Economic Analysis
3. The Role of Monetary Policy (1968) - Milton Friedman
Conclusion: There exists a "natural rate of unemployment," or the number of jobs a given economy can support.
Nobel Prize (1976): for achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.
4. The Pricing of Options and Corporate Liabilities (1973) - Rob Merton & Myron Scholes
Nobel Prize (1997): Merton & Scholes have, in collaboration with the late Fischer Black, developed a pioneering formula for the valuation of stock options. Their methodology has paved the way for economic valuations in many areas. It has also generated new types of financial instruments and facilitated more efficient risk management in society.
5. In a now-classic paper, Nobel Prize–winning economists Franco Modigliani and Merton Miller argued the important theory that, given certain assumptions, a company’s choice of capital structure does not affect its value
Modigliani, Franco, and Merton H. Miller. 1958. “The Cost of Capital, Corporation Finance, and the Theory of Investment.” American Economic Review, vol. 48, no. 3: 261–297.
6. Nobel Prize in Economics for 2003, Robert F. Engle in 1982 first suggested a way of testing whether the variance of the error in a particular time-series model in one period depends on the variance of the error in previous periods.
7. Momentum effect - momentum or trending effects in which future price behavior correlates with that of the recent past
Jegadeesh, Narasimhan, and Sheridan Titman. 1993. “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency.” Journal of Finance, vol. 48, no. 1:65–91.