Adam Smith – Father of Economics Thoughts (1723-1790) – was a social Scottish philosopher, scholar, and political economist. He went to Burgh School where he studied mathematics, Latin, writing and history. At the age of 14, he attended the University of Glasgow, and on 1740, he went to Oxford. In 1748, He started to lecture at the University of Edinburg where he met an economist named David Hume, then they became best friends. Smith’s thoughts and ideas where reflecting the lights of the start of the industrial revolution.
Gordon 's premise in Hamilton 's Blessing is that the national debt can be used positively in order to monetize an economy. In the book, Gordon uses economic history and theory to explore the start, rise and decline of the United States debt. Gordon opens his book by stating that this country was born in debt, and this debt has become so high that concerned individuals no longer think of it. Throughout the book he traces the history of the national debt dating back from 1791, when the central bank of the United States was created, up to modern days. The intellectual architect of this creation was Alexander Hamilton, the first Treasury Secretary as well as a central figure who had a deep impact on the economic development of the United States.
This essay discusses the economic contribution of Bertrand by firstly explaining his model and secondly evaluating the value of it in terms of the economical sciences. Next, it is going to state that a more important economic contribution of Bertrand is that his theory was the base for Edgeworth model and finally it establishes that Bertrand was the first economist that examines an oligopoly where firms set prices and therefore it is a
In fact, economic arguments were critical in the case of Germany 's unification: As John Keynes put it, paraphrasing Bismarck, Germany was unified by "coal and iron". The German Nation started in 1834 as a customs union which ensure low barriers to trade among its members. European architects
As a theory, the roots of liberalism can be traced back to the seventeenth century England. However, as an ideology , isolated strands of liberal thought can be seen in existence since the time of Ancient greeks and also in eastern philosophy. The word ‘liberal’ comes from the latin term ‘liber’ which means “free”. Liberalism is a political ideology which rests on rationality, ideas of liberty and equal moral worth of all individuals. The collapse of feudalism and the wave of enlightenment were the backbone to the rise of liberalism.
He described his purpose as to lay bare “the economic law of motion of modern society.” The second and third volumes were published posthumously, edited by his collaborator Friedrich Engels (1820–95) (The Editors of Encyclopædia Britannica , 2015). Much of Das Kapital spells out Marx’s concept of the “surplus value” of labour and its consequences for capitalism Marx’s concept of the “surplus value” of labor and its consequences for capitalism on das kapital. The nature of commodities, wages and the worker-capitalist relationship, among other things. Surplus value is the incipient capitalist starts by buying in order to sell, and to sell at a higher price, in order to get back by an increment in money surplus-value cannot come either from the buyer buying the commodities under their value, or from the seller selling them above their value. The increase in the value of money that is to be converted into capital cannot take place in the money itself, nor can it originate in the purchase, is not different from its value.
In 1759 Smith published his book The Theory of Moral Sentiments. The main content of this book was that human morality depends on sympathy between individuals and other members in society. Smith’s ideas have even been kept in modern society and his ideas are a reflection on economics. He stated that free market economies are the most productive and beneficial markets to the society. Edmond Burke Edmund Burke was born on 12 January 1729 and served in the British Parliament from 1774-1794.
Godwin was universally acknowledged at the beginning of the nineteenth century as the representative of the revolutionary spirit in England. Inquiring into the principles of society, of government and of morals, Godwin argued in favour of the reorganization of society on a simple basis with benevolence or justice instead of authority as its guiding principle. He believed in the perfectibility of man, and argued that a society founded upon reason would enjoy the full rights of justice and liberty. Political Justice was first published in 1798, and two further of justice and liberty. Political Justice was first published in 1798, and two further editions appeared in 1796 and 1798.
As a result, both sides of liberals have the same initial idea which the motive is to increase the superiority of individuals and having a better society. Although all liberals agree on the value of liberty, the views on the definition of ‘freedom’ from both liberals are quite different. Modern liberalism upholds the idea of the welfare state which supports ‘positive freedom’. From the points of view of modern liberals, people are born cooperative and would give a helping hand for those who do not have the abilities to achieve personal goals such as the poor and the disability people. Modern liberals assume that the government are set to provide a positive assistance of removing the hindrances such as diseases, ignorance, discrimination, and poverty which cannot be overcome by
One of the most significant benefits of Marx’s theory is that it restrains large corporations from gaining excessive power over workers and small businesses. Nowadays, the vast power of large corporations and monopolies seems to exercise on the whole world, through holding access to economies of scale, the ability to manipulate commodity prices, staggering sums of money, and even the influence of government policies. Hence, Marx’s theory predicted the inevitable tendency towards monopolization, whereby encourages free competition with in the market of small companies and monopoly. In addition, it also prevents conflicts that are created between the dominant and lower class when the latter class becomes aware of their oppression and revolts against the controlling