Sunday, April 14, 2013

Early Economics

Some of the earliest theories about what causes economic ingathering were developed by renowned economist offer Smith, Thomas Malthus, David Ricardo, John Stuart Mill, and rase Karl Marx.         Theories formed during their time were largely cultural in nature. They situated dandy emphasis on the importance to economic growth and how it related to culturally conditioned attitudes towards certain values such(prenominal) as diligence and hard work, ambition for higher standards of living, pry for others property rights, inventiveness, and efficiency. Theories were also developed regarding regimens roles in planning and control versus the free merchandise trunk and what combination of the two will be about beneficial to economic growth. Some economist, namely socialist and communist, argued that an thriftiness that was totally planned and controlled by government would grow to a greater extent than rapidly than a capitalist prudence. Additionally, a socialist educational policy would be more successful in educating in the masses and would greatly increase the supply of what is now called benevolent capital. Economists who supported a free market system hold that investment in human and non-human capital was indeed all important(predicate) for rapid economic growth; however, they deemed that a capitalist economy was necessary to allocate economic resources most efficiently. It is inarguably though, that each of these great economists all made valuable contributions to theories on economic growth.

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        Adam Smith was born in Scotland in 1723 and is best know for his book, An Inquiry into the Nature and Causes of the Wealth of Nations, in which Smith gives his comment of how rational, self-interest in a free market system leads to economic well being by acting as an invisible hand which leads people to unintentionally promote cabarets interest while pursuing their own. Smith believed that more wealth to common people would benefit the nations economy and society as whole. He...

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