CARDAMOM PLANTERS ASSOCIATION COLLEGE

DEPARTMENT OF ECONOMICS
B.A ECONOMICS 3RD YEAR

SUBMITTED BY.
HISTORY OF ECONOMIC THOUGHT

DR.HEMA
HISTORY OF ECONOMIC
THOUGHT

PRESENTED
BY
S.PREMALATHA
 AUTHORS

• KARL HERINRICH MARK

• ALFRED MARSHALL
• ADAM SMITH
• JOHN MAYNARD KEYNES
• DAVID RICAROLO
 KARL HERINRICH MARK

Born : 5th may 1818

Nationality: Prussian
Karl herinrich mark philosopher author social theorist and an economic
He is famous for his theories about capitalism and communism
FAMOUS WORK:
The communist manifest summaries mark and Engel’s theories about the
Nature of society and politics and is an attempt to explain the goals of
Marxism and later socialism
 ALFRED MARSHALL
• Alfred Marshall 26th July 1842 was a British economist who was
one of the most Influential economist of his time.
• His book principles of economics 1890 was the dominant
economics text book in England.
• It brings the ideas of supply and demand margins utilities
and cost production.
• He is known as one of the founders of classified economics.
• Works:
• 1890 – principles of economics
• 1919 – industry and trade
• 1923 – money credit commerce
 ADAM SMITH
• He was born on 18th century Scottish economist philosopher
and author and is considered.
• He was father of modern economics.
• He was first published book in “ THE WEALTH OF NATIONS ”
• In his first book “ THE THEORY OF MORAL SENTIMENTS ”
• Adam smith theory is based on the principles of “ LAISSEZ FAIRE ”
 JOHN MAYNARD KEYNES
• He was born in 1883 in Cambridge England.
• He was president of the student union.
• he was work in general theory of employment interest and
money.
• In 1908 his father managed to get him a job as a lecturer
at kings college.
• Worked at the treasury during WWI.
• He published “ A TREATIES ON PROBABILITY ”.
• This was his dissertation it won him a fellowship at kings college Cambridge.
 DAVID RICARDO
• David Ricardo was born in 1772- 1823 England.
• David Ricardo began working with his father as a stock
broker at the age of 14.
• He was a business man.
• Ricardo most famous work in his “ principles of political
economy and taxation”
• He advanced a labour theory of value.
• According to Ricardo such premium over “ Real social value ”
 PAUL ANTHONY SAMUEL SON
• Paul Samuel son was an American economist.
• The first American to win the Nobel memorial prize in economic
sciences when awarding the price in 1970.
• He was born in 15th may 1915.
• The new York times considered him to be the
“ FOREMOST ACADEMIC ECONOMIST ” of the 20th century.
• Economics an introducing analysis first published in 1948.
• He was the field in macro economics.