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Essay / Research Paper Abstract
This 4-page paper, based on the textbook, A History of Economic Theory and Method, this paper discusses, compares and contrasts the theories put forth by Adam Smith, David Ricardo and Thomas Malthus.
Page Count:
4 pages (~225 words per page)
File: D0_MTsmrima.rtf
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Unformatted sample text from the term paper:
well compare and contrast three such well-known economists - Adam Smith, David Ricardo and Robert Malthus. The only source used for this piece is Ekelund and Herberts A History of
Economic Theory and Method. Though history has dubbed many economists as the "father of economics," 18th century philosopher Adam Smith can certainly
at least hold claim as one of the applicants for that position. His book, Nature and Causes of the Wealth of Nations, is pretty much considered the bedrock of most
economic theories. Though he introduced his theories well before the launching of the Industrial Age, his words, penned in the late 1700s, were predictive. His basic theory was that economics
is primarily the system by which exchange is driven by the use of money (rather than barter), with production at its best with division of labor. Smith was also famous
for his theories on allocation of resources (which economics stresses), as well as the idea that economic growth (rather than handouts) are one way people can improve their existence. As
Smith based his theories on what the Physiocrats had proposed some hundreds of years before, he also argued in favor of a government-free economy, one in which the attitude of
laissez faire held sway. In short, Smiths thought was that if the market and economy were basically left alone, that theyd function just fine. According to Smith, it was the
"invisible hand," what he termed as "the divine government of the universe" that would ensure the safety and smooth functioning of economics.
About a century after Smith made his pronouncements of economics, his disciple, Great Britains David Ricardo, came on the scene. While Smiths focus was primarily on the markets (and how
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