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Table Of Contents

1 Introduction
2 The Subject of Economics
Definitions
Society’s Problem: Historical Development
The Good, the Laborer, and the Market
The Market System
3 Economics as a science
4 Principles of Economics: The Private Economy
Introduction
The Market: Determinants of Value in Exchange
Adam Smith on the Division of Labor and Society’s Wealth
Exchange Value
What about Labor?
From Exchange Value to Price
Robert Malthus on Value
David Ricardo on the Theory of Value
John Stuart Mill on Value
Leon Walras on Value
Wealth, Wants, and Distribution
Market Supply and the Returns to Factors
Adam Smith
Malthus on Returns to Factors
David Ricardo on the Returns to Factors
The Returns to Land: Rent
John Stuart Mill on the Returns to Factors
The Return to Labor
Returns to Capital
The Returns to Capital: Profits
Returns to Land, or Rent
Leon Walras on the Returns to Factors
Marshall on Production and the Returns to factors
The Marginal Efficiency of a Factor of Production
On Land Rent
The Returns to Capital, Interest, and Profit
Summary
5 The Macro Economy: The World of John Maynard Keynes
The Birth of the General Theory: A Brief Background
Postulates of The General Theory
The Marginal Propensity to Consume
The Marginal Efficiency of Capital
The Rate of Interest
The Quantity Theory of Money
6 Principles of Political Economy: The Public Economy
The Public Economy
Defining the Public Economy
Principles of Taxation
Tax Bases: Income or Expenditure
David Ricardo: Principles of Tax Shifting and Incidence
John S. Mill and Leon Walras on Tax Principles
Mill on the Ability-to-Pay Principle
Walras on the Choice of the Tax Base, and Tax Incidence
Modern Tax Theory
Richard Musgrave: Two Approaches to Taxation
Two Approaches to Taxation
The Benefit Approach
The Ability to Pay Principle
State Expenditures: From Smith to Musgrave
Musgrave on the Role of Government
The Market versus the State
The Three Branch Model
The Function of the Allocation Branch
Social Wants
Merit Wants
The Distribution Branch
Samuelson: The Theory of Public Expenditures
The Public Sector Budget
Buchanan and Tullock: The Calculus of Consent
Buchanan and Tullock: Modeling of the State
Conception of the State
The Individual in the Social Choice Model
The Choice of Decision Rules
The Range and Extent of Collective Action
7 What Economists Do
Economics as a Profession
Economists on Economists
What Kind of Economists?
The Political Economist
The Academic Economist
The Nobel Laureates in Economics
The Economist as Adviser to Policy Makers
The Politics of Economics
8 Conclusions
Appendix
Bibliography
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What Economists Do: A Journey through the History of Economic Thought

What Economists Do: A Journey through the History of Economic Thought

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Published by iUniverseBooks
Economists are sometimes praised and often chastised for what happens to the nation and the world economies. But what exactly do economists do to earn either praise or scorn? Author Attiat F. Ott with Sheila Vegari explores the answer to that question in What Economists Do: A Journey through the History of Economic Thought.

Ott and Vegari outline the discipline of economics through the views and ideas of nine political economists of the seventeenth, eighteenth, nineteenth, and the twentieth centuries. The chronologies of ideas involve a journey through the history of economic thought from Adam Smith’s The Wealth of Nations to Nobel Laureate James Buchanan’s The Calculus of Consent.

This study reviews some of the arguments offered about economics as a science, presents the concepts of political economy, and discusses the principles of the macro economy as put forth by John Maynard Keynes in The General Theory. It also covers the idea of the public economy advanced by the classical economists and augmented by the work of Paul Samuelson, Richard Musgrave, Gordon Tullock and James Buchanan. It examines the role of the economist as a teacher, a political economist, and as an adviser to policy makers.

What Economists Do: A Journey through the History of Economic Thought provides an intriguing picture of how economics has come of age through a chronology of ideas and principles that shape the world’s economies.
Economists are sometimes praised and often chastised for what happens to the nation and the world economies. But what exactly do economists do to earn either praise or scorn? Author Attiat F. Ott with Sheila Vegari explores the answer to that question in What Economists Do: A Journey through the History of Economic Thought.

Ott and Vegari outline the discipline of economics through the views and ideas of nine political economists of the seventeenth, eighteenth, nineteenth, and the twentieth centuries. The chronologies of ideas involve a journey through the history of economic thought from Adam Smith’s The Wealth of Nations to Nobel Laureate James Buchanan’s The Calculus of Consent.

This study reviews some of the arguments offered about economics as a science, presents the concepts of political economy, and discusses the principles of the macro economy as put forth by John Maynard Keynes in The General Theory. It also covers the idea of the public economy advanced by the classical economists and augmented by the work of Paul Samuelson, Richard Musgrave, Gordon Tullock and James Buchanan. It examines the role of the economist as a teacher, a political economist, and as an adviser to policy makers.

What Economists Do: A Journey through the History of Economic Thought provides an intriguing picture of how economics has come of age through a chronology of ideas and principles that shape the world’s economies.

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Publish date: Aug 12, 2013
Added to Scribd: Aug 15, 2013
Copyright:Traditional Copyright: All rights reservedISBN:9781491701270
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