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classical economics

 

            Classical Economics and Industrialization.
             School of Economics thought was begun at the late eighteen century with Adam Smith. Adam Smith had set many concepts and principles of classical economics in Britain. And his famous work Wealth of Nations was published in 1776. Smith argued that free competition and free trade. Also Smith introduced the labor theory of value and theory of distribution, later these ideas were taken up by Ricardo. Smith was well aware of the important of capital investment, and so as Malthus did. .
             Thomas Robert Malthus was born in Dorking, Surrey, England. Malthus was the second son of Daniel Malthus. His father had worked with Voltaire, Rousseau, and Hume. He was privately educated by his father and by tutors when he was a child. Robert Malthus went to Jesus College at Cambridge; he got his Master in 1791. In 1798, Malthus published his famous work, the Essay on Population. Malthus stated that population growth always tend to out run the food supply. Food supply increases arithmetically while population increase geometrically. Malthus was an economic pessimist who believed the poor were better off dead. But, If they did not have the good fortune of being dead, the "law of nature" would kill them off sooner or later. For example of poor, sick, starving. According to Malthus, trying to help poverty would lead to a larger population which overpopulation. If leave poverty alone, poverty would take care of itself. .
             David Ricardo, a British economist, was born in London in 1772. He left school at the age of fourteen to join a brokerage house; by his mid-20s he had amassed a fortune on the stock market.
            


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