Professional Documents
Culture Documents
ECONOMISTS
KEY CONCEPTS OF
THE WEALTH OF
NATIONS
1. Division of Labor
2. Wage Rates
3. Distribution of Wealth
4. Natural and Market Prices
5. Smith and Mercantilism
6. Law of Diminishing Returns
7. Smith and Physiocracy
8. Natural Products
9. Governments
10.Human Conduct
David Ricardo(1772-1824)
British political economist - the third
of 17 children from a Sephardic
Jewish family of Portuguese origin Ricardo was a huge influence on
19th-century economics. After
making a fortune as a stockbroker,
he became fascinated by economics
- and wrote the influential The
Principles Of Political Economy
And Taxation (1817). He was one of
the very significant figures in the
development of economic theory. He
clearly and consistently formulated
the Classical system of political
economy. The legacy of Ricardo
influenced over economic thinking
throughout the 19th century.
MAJOR WORKS OF
DAVID RICARDO
1. The High Price of Bullion
2. Essay on the Influence of a Low Price of Corn
on the Profits of Stock.
3. On the Principles of Political Economy and
Taxation
4. On Protection of Agriculture
5. On International Trade Theory
KEYNES THEORY ON
ECONOMICS
Keynes made clear the level of output and employment in
the economy as being affected by Aggregate Demand. In an
opposite of Says Law(supply creates its own demand), Keynes
in substance asserted that demand creates its own supply, up
to the margin set full employment.
Aggregate demand is the total desired purchases by al the
buyers of an economys output. In hat Keynes called
classical economic theory, fluctuations in prices, in certain
wage and interest rates, would make aggregate demand
propensity to the full employment level or what was called
potential output.
Video Presentation
THE END
THANK YOU FOR
LISTENING