The Contribution to Economics of Each from the Following: • Adam Jones • Thomas Malthus • David Ricardo • Karl Marx • Alfred Marshall • David Maynard Keynes • Milton Friedman

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 Essay about The Contribution to Economics of Each in the Following:  Adam Smith  Thomas Malthus  David Ricardo  Karl Marx  Alfred...

Write an essay talking about the contribution to economics of each from the following: •Adam Smith

•Thomas Malthus

•David Ricardo

•Karl Marx

•Alfred Marshall

•John Maynard Keynes

•Milton Friedman

" Many Economists have got tried to set up why the economy performs mainly because it does and want to have a basis pertaining to predicting how a economy will certainly perform when ever circumstances change”. (Nagel, T pg you 1999) Economic analysts are just people after all, with lived through different instances and activities in their lives, thus ultimately causing different principles and views. George Bernard Shaw once said that " If every economists were laid end to end they might not reach a conclusion”, (cited in Mankin, Taylor 2006) Through this essay we all will look at what input each of the over economists make, keeping in mind the era through which they lived. Reputed to be the father of " The Classical School” of economics, the Scottish born Hersker Smith (1772-1790) was a supply side economist. " He attributed economical expansion to expanding creation and transact with expanding demand as a by-product and consequence”(Jacobs, T 1985 p12) He offered the invisible hand of totally free enterprise, which will showed that folks in going after their own self-centered interest may benefit society. In other words, in the event that people want to sell, they have to produce what others require at an amount that they are willing to pay. (Palmer. N, 1990). He as well advocated the " Laissez-faire” approach, meaning the government will need to only get involved in the economy to be able to raise monies for the upkeep of facilities, to preserve the legal system also to defend the country. In Smith's book ‘An inquiry in to the nature to result in of the wealth of nations' which was published in 1776, he covered the prior two concepts as well as the trademark labour as well as the function of markets. Division of labour has not been a new thought but Smith believed it to be very important as a way of accelerating wealth. According to Delaney, Smith established the 5 canons of taxation. " Firstly, the tax levied on each person should be associated with the person's capacity to pay. Subsequently, the amount of duty which a person must pay should be certain and clear. Third, the manner and timing of payment of taxes must have regard towards the convenience of the tax paying customer. Finally, the price tag on collection should be small relative to the yield”. (2008) An additional belief of Smiths was your Labour Theory of Value, this means the value of a product or service is equal to the value of the labour involved in its development. (Delaney. In 2008). Smith believed that there was a distinction between productive and non-productive time. Teachers, technical engineers and people with similar vocations were considered to be nonproductive because they did not develop goods pertaining to resale or perhaps create funds for reinvestment. Smith likewise introduced the " value in use” and the " value in exchange” of the product (the paradox of value). Twenty years after Smiths death his writings and theories were embraced by next generation of writers and economists who have established Cruz as the founder of economic scientific research. It has been declared that before Adam Smith presently there had been much economic debate, but with him it reached the stage of speaking about economics. (Palmer, N) The classical school of thought was later developed and refined simply by Thomas Robert Malthus (1766-1834) and David Ricardo (1772-1823). Both were English born and had been followers of Smith's theories. Malthus is well know for his famous " Essay within the Principles of Population mainly because it affects the near future Improvements of Society” published in 1798. At this time of all time the Industrial Wave was occurring which designed more individuals were moving by rural areas into cities. Malthus observed many slums being containing food, drinking water and manure becoming a enormous problem. In the essay, this individual laid out how the population will grow by a geometric development, while food supply would simply grow by simply an arithmetic progression. He identified that there should be the on...

References: Jacobs, Her Principles of Economic Lifestyle Random house ny 85

Palmer, Noel T Economics 1990 Folens Dublin

Nagle, Esten Economics second Edt. 99 Colour Catalogs ltd, Dublin 13

Para Soto, Hernando The Secret of Capital, Why Capitalism Triumps in the West and Falls flat Everywhere Else Black Swan 2001

O'Grady Denis (1993) Leaving Qualification Economics Dublin 24 Folens

Delaney Richard (2008) Understanding Economics leaving Certificate. the academic Company of eire Dublin 12

Gregory Mankin, N and Taylor, Draw P (2006) Thomson Learning-publishers

http://c250.columbia.edu/c250_celebrates/remarkable_columbians/milton_friedman.html

Bibliography

www.investopedia.com/articles/economics/08/adam-smith-economics.asp

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