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Ietm history of economic thought
- 1. History of Economic Thought FAMOUSECONOMISTS AND THEIR MAIN IDEAS
- 2. Outline Adam Smithand The Wealth of Nations Classical political economy Capitalism and Marx Neoclassical thought Depression and Reconstruction The "American Way" Monetarism and the Chicago school Global times Contemporary economic thought
- 3. The Athenians Oeconomicus ByXenephon One of the earliest texts in existence Mainly focuses on ideas regarding household management
- 4. The Republic byPlato A seminal text in philosophy and the ideas of democratic and republican forms of government Included many preliminary ideas regarding specialization
- 5. Politics by Aristotle Aristotles work criticizing many of Platos’s ideas regarding how society should be run and examining different forms of governments It began a discussion of private property rights and incentives that private property begins
- 6. Mercantilism Mercantilism is aschool of thought that focuses on a nations control of trade to promote a positive trade balance. Basically, we should always make sure to sell stuff to other nations to keep the nation prosperous.
- 7. Thomas Mun Oneof the Earliest Mercantilist Theorized that a country must export more than it imports to remain prosperous and advocated for policy pushing frugality and land utilization.
- 8. David Hume Agreedwith north that Trade should not be interfered with Argued that a trade surplus would lead to an increase gold/silver resulting in price inflation Hume was a major contributor to thought about morality and ethics.
- 9. Physiocrats A group ofeconomists who believe that the wealth of a country is solely derived from it’s lands value
- 10. François Quesnay Wrotethe Tableau Economique Theorized about the productivity of land and the net product of land.
- 11. Anne-Robert-Jacques Turgot Developedmany of the ideas of Fracois Quesnay Divided people into three classes , the land owners, agricultural, and salaried classes. Said only the new product of land should be taxed Argued for economic Freedom
- 12. The Classics Adam Smith British Philosopher Scottish Enlightenment Father of Modern Economics Wealth of Nations 1776 Industrial Revolution Division of Labor Invisible Hand: Individual effort is the producer of social good
- 13. Jeremy Bentham Developthe ideas of Utilitarianism Believed government should pursue utilitarian policies in regards to social welfare.
- 14. Thomas Malthus AnEssay on the Principle of Population published from 1798 to 1826, observed that sooner or later population gets checked by famine and disease. He wrote in opposition to the popular view in 18th-century Europe that saw society as improving and in principle as perfectible Malthus thought that the dangers of population growth would preclude endless progress towards a utopian society: "The power of population is indefinitely greater than the power in the earth to produce subsistence for man".
- 15. David Ricardo Memberof Parliament Businessman Financier and speculator, who amassed a considerable personal fortune. Most important contribution was the law of comparative advantage, a fundamental argument in favor of free trade among countries and of specialization among individuals
- 16. John Stuart Mill British philosopher Economist Civil servant Member of Parliament Proponent of utilitarianism, an ethical theory developed by Jeremy Bentham
- 17. Karl Marx pre-eminentsocialist economist Communist Manifesto Das Kapital 1867 History of class struggles Hegalian Dialectic
- 18. Neoclassical Thought MarginalUtility application and development of Jeremy Bentham's utilitarianism determination of prices, outputs, and income distributions in markets through supply and demand Mathematical Analysis Austrian School
- 19. Alfred Marshall Attemptto put economics on a more mathematical footing Marshall's graphical representation is the famous supply and demand graph
- 20. Joseph Schumpeter Advocatethe use of deductive logic instead of mathematics Works on business cycles and innovation He insisted on the role of the entrepreneurs in an economy Creative Destruction Capitalism goes through long-term cycles, because it is entirely based upon scientific inventions and innovations. A phase of expansion is made possible by innovations, because they bring productivity gains and encourage entrepreneurs to invest. When investors have no more opportunities to invest, the economy goes into recession Austrian School
- 21. Leon Walras Oneof three economics that discovered the theory of marginal utility at the same period of time Father of the Lausanne School of thought and General Equilibrium Theory.
- 22. Carl Menger Oneof three economics that discovered the theory of marginal utility at the same period of time Father of Austrian Economics and developed the Subjective Theory of Value
- 23. Keynesian John Maynard Keynes 1930s: conditions necessitated public sector action General Theory provided conceptual reinforcement for New Deal policies of FDR already being pursued to quell the Great Depression. ...this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
- 24. Simon Kuznets Was thecreator of national Income Accounting (GDP/GNP) and how it’s calculated Originator of the Kuznets Curve (in a countries development inequality increases then decreases)
- 25. Monetarism and theChicago school
- 26. Milton Friedman School: Monetarist Father of Monetarist School of Economics One of the major libertarian icons of the 20th century Was against central banks and the gold standard Believed in the rule based monetary growth (money supply should grow with productivity and population)
- 27. Adolf Berle Oneof the first to use legal and economic concepts in conjunction Was a thought leader in what would be known as the field of corporate governance
- 28. Jean trolee –Winner Nobel Prize in Economy in 2014
- 29. Thomas Pikkety French economistwho works on wealth and income inequality. He is the author of the best selling book Capital in the Twenty-First Century (2013) which emphasizes the themes of his work on wealth concentrations and distribution over the past 250 years. The book argues that the rate of capital return in developed countries is persistently greater than the rate of economic growth, and that this will cause wealth inequality to increase in the future. To address this problem, he proposes redistribution through a global tax on wealth