Prepare a research or study paper and submit it next meeting on the following topics.

1.economic geniuses and their generations -what are their contributions to the study and application of economic theories
and principles that they respectively espoused?

•adam smith

•david ricardo

•carl marx

•john Bernard keynes

•joseph schumpeter

Adam smith-(1723-july 17,1790) was a British economist philosopher, and author born in Scotland, as well as a moral
philosopher, a pioneer of political economy, and a key figure during the Scottish enlightenment, also known as the father of
economics Smith wrote two classic works, the theory of moral sentiments (1759) and an inquiry into the nature and causes
of the wealth of nations(1776) the latter, often abbreviated as the wealth of nations, is considered his magnum opus and the
first modern work of economics in his work, Adam Smith introduced his theory of absolute advantage.

Principles and contributions

-classical economics, free market, economic liberalism, division of labour , absolute advantage , the invisible hand.

David ricardo (18 April 1772 -11 September 1823) was a British political economist one of the most influential of the classical
economists along with this mathus, Adam Smith and james mill.

Contributions – ricardian equivalence labor theory of value, comparative advantage, law of diminishing returns, ricardian
socialism, comic rent.

Ricardo became the theoretical father classical political economy. However, schumpeter coined an expression. Ricardian vice
, which indicates that rigorous logic does not provide a good economic theory. This criticism applies also to most neoclassical
theories, which make heavy use of mathematics, but according to him theoretically unbound, because the conclusion being
drawn does not logically follow from the theories used to defend it.

Karl heinrich marx ( 5 may 1818 -14 match 1883)was a German philosopher, economist, historian, sociologist, political
theorist journalist and socialist revolutionary. Born in trier, Germany marx studied law and philosophy at University. He
married Jenny von westphalen in 1843. Due to his political publications, marx became stateless and lived in exile with his
wife and children in London for decades, where he continued to develop his thought in collaboration with German thinker
friedrich engels and publish his writings, researching in the reading room of the British Museum. His best known titles are
1848 pamphlet the communist manifesto and the three volume das capital (1867-1883).marx's political and philosophical
thought had enormous influence on subsequent intellectual, economic and political history. This has been used as an
objective, a noun, and school of social theory. Contributions and notable ideas: Marxists terminology, surplus value,
contributions to dialetics and the labour theory of value , class conflict, alienation and exploitation of worker, materialist
conception of history.

john Maynard Keynes(june 5 1883 -21 1946 ) was a British economist, whose ideas fundamentally changed the theory and
practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and
greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20 th
century. His ideas are the basis of school of thought known as keynesian economics, and it’s various offshoots.

Contributions-macroeconomics keynesian economics, liquidity preference, spending multiplier, ad-as model, demand – side
economics

Joseph schumpeter-(8 February 1883-8 January 1950)was an Australian political economist. He later emigrated to the US and
in 1939, he obtained American citizenship. He was born in moravia, and briefly served as finance minister of German –
Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career.

Contributions -business cycles , creative destruction, economic development, entrepreneurship evolutionary economics.