Relevance Concepts Criticisms and Limitations of Classical Economic Theory is popular PDF and ePub book, written by Bortolina Habtamu in 2024-03-26, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Relevance Concepts Criticisms and Limitations of Classical Economic Theory can be Read Online from any device for your convenience.
Relevance Concepts Criticisms and Limitations of Classical Economic Theory Book PDF Summary
Seminar paper from the year 2024 in the subject Business economics - Miscellaneous, Addis Ababa University (Business and Economics), course: development theory, language: English, abstract: The classical school of economic thought began taking shape in the late 18th century, led by Scottish philosopher Adam Smith. In his groundbreaking book The Wealth of Nations published in 1776, Smith introduced several foundational concepts that came to define early classical theory. He observed the immense productive gains achieved through the division of labor in a pin factory, recognizing specialization as a primary driver of economic progress (Smith, 1776). Moreover, Smith theorized his famous metaphor of the "invisible hand”, suggesting that through unhindered individual self-interest and competition in a free market, social welfare is indirectly maximized (Smith, 1776). In the early 19th century, English political economist David Ricardo built significantly upon Smith's foundations. His 1817 work On the Principles of Political Economy and Taxation proposed the influential labor theory of value. Ricardo argued that the cost of production, and therefore the true value, of a good or service is determined by the quantity of labor required to produce it (Ricardo, 1821). He also formulated the principle of comparative advantage to explain patterns of international trade. During this period, Reverend Thomas Malthus published his Essay on the Principle of Population in 1798. In it, he contended that human populations tended to grow at a faster rate than the food supply, potentially resulting in recurrent famines unless checks like disease, war, or birth control intervene (Malthus, 1798 ).
Detail Book of Relevance Concepts Criticisms and Limitations of Classical Economic Theory PDF
- Author : Bortolina Habtamu
- Release : 26 March 2024
- Publisher : GRIN Verlag
- ISBN : 9783389003398
- Genre : Business & Economics
- Total Page : 31 pages
- Language : English
- PDF File Size : 12,5 Mb
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