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Principles Of Political Economy (Malthus)
''Principles of Political Economy Considered with a View to their Applications'', simply referred to as ''Principles of Political Economy'', was written by the nineteenth-century British political economist Thomas Malthus in 1820. Malthus wrote ''Principles of Political Economy'' as a rebuttal to David Ricardo's '' On the Principles of Political Economy and Taxation''. While the main focus of their work is to explain economic depressions in Europe and the reasons why they occur, Malthus uses his scholarship to explore price determination and the value of goods. Summary of ''Principles of Political Economy'' In ''Principles of Political Economy'', Malthus' rebuts David Ricardo's work, particularly rejecting idea developed by Jean Baptiste Say that theorizes that supply generates its own demand, known as Say's law. Say's law emphasizes the idea that there is no tendency towards a depression because as supply increases, people will naturally demand more. Say believes that an overfl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Robert Malthus
Thomas Robert Malthus (; 13/14 February 1766 – 29 December 1834) was an English economist, cleric, and scholar influential in the fields of political economy and demography. In his 1798 book ''An Essay on the Principle of Population'', Malthus observed that an increase in a nation's food production improved the well-being of the population, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level. In other words, humans had a propensity to use abundance for population growth rather than for maintaining a high standard of living, a view and stance that has become known as the "Malthusian trap" or the "Malthusian spectre". Populations had a tendency to grow until the lower class suffered hardship, want, and greater susceptibility to war, famine, and disease, a pessimistic view that is sometimes referred to as a Malthusian catastrophe. Malthus wrote in opposition to the popular view in 18th-century E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Ricardo
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, politician, and member of Parliament. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill. Ricardo was born in London as the third surviving child of a successful stockbroker and his wife. He came from a Sephardic Jewish family of Portuguese origin. At 21, he eloped with a Quaker and converted to Unitarianism, causing estrangement from his family. He made his fortune financing government borrowing and later retired to an estate in Gloucestershire. Ricardo served as High Sheriff of Gloucestershire and bought a seat in Parliament as an earnest reformer. He was friends with prominent figures like James Mill, Jeremy Bentham, and Thomas Malthus, engaging in debates over various topics. Ricardo was also a member of The Geological Society, and his youngest sister was an author. As MP for Portarlington, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
On The Principles Of Political Economy And Taxation
'' the Principles of Political Economy and Taxation'' (19 April 1817) is a book by David Ricardo on economics. The book concludes that land rent grows as population increases. It also presents the theory of comparative advantage, the theory that free trade between two or more countries can be mutually beneficial, even when one country has an absolute advantage over the other countries in all areas of production. During the Napoleonic Wars, Ricardo grew weary of the Corn Laws, a tax imposed on wheat by the British that made it impossible to import wheat from the rest of Europe. Ricardo, despite his wealth, supported those who could no longer afford grains and bread once the price floor was in effect to support farmers. In his argument, for what is now free trade, Ricardo highlights the idea that if a country can get a good from another country at a lower cost, it would behoove a country to source that item from the cheaper producing country than to produce the good locally. “To ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean-Baptiste Say
Jean-Baptiste () is a male French name, originating with Saint John the Baptist, and sometimes shortened to Baptiste. The name may refer to any of the following: Persons * Charles XIV John of Sweden, born Jean-Baptiste Jules Bernadotte, was King of Sweden and King of Norway * Charles-Jean-Baptiste Bouc, businessman and political figure in Lower Canada * Felix-Jean-Baptiste-Joseph Nève, orientalist and philologist * Gui-Jean-Baptiste Target, French lawyer and politician * Hippolyte Jean-Baptiste Garneray, French painter * Jean-Baptiste (songwriter), American music record producer, singer-songwriter * Jean Baptiste (grave robber) – A 19th-century gravedigger in Utah, United States, notorious for robbing hundreds of graves, leading to his exile and mysterious disappearance. * Jean-Baptiste Alphonse Karr, French critic, journalist, and novelist * Jean-Baptiste Bagaza, chairman of Supreme Revolutionary Council in Burundi until 1976 and president of Burundi (1976-1987) * Je ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Say's Law
In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source of demand. It is named after Jean-Baptiste Say. In his principal work, ''A Treatise on Political Economy'' "A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value." And also, "As each of us can only purchase the productions of others with his/her own productions – as the value we can buy is equal to the value we can produce, the more men can produce, the more they will purchase." Some maintain that Say further argued that this law of markets implies that a general glut (a widespread excess of supply over demand) cannot occur. If there is a surplus of one good, there must be unmet demand for another: "If certain goods remain unsold, it is because other goods a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effective Demand
Effectiveness or effectivity is the capability of producing a desired result or the ability to produce desired output. When something is deemed effective, it means it has an intended or expected outcome, or produces a deep, vivid impression. Etymology The origin of the word ''effective'' stems from the Latin word , which means "creative, productive, or effective". It surfaced in Middle English between 1300 and 1400 AD. Usage Science and technology Mathematics and logic In mathematics and logic, ''effective'' is used to describe metalogical methods that fit the criteria of an effective procedure. In group theory, a group element acts ''effectively'' (or ''faithfully'') on a point, if that point is not fixed by the action. Physics In physics, an effective theory is, similar to a phenomenological theory, a framework intended to explain certain (observed) effects without the claim that the theory correctly models the underlying (unobserved) processes. In heat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher 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. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Price
In economic theory, a factor price is the unit cost of using a factor of production, such as labor or physical capital. There has been much debate as to what determines factor prices. Classical and Marxist economists argue that factor prices decided the value of a product and therefore the value is intrinsic within the product. For this reason, the term natural price is often used instead. Marginalist economists argue that the factor price is a function of the demand for the final product, and so they are imputed from the finished product. The theory of imputation was first expounded by the Austrian economist Friedrich von Wieser. See also * Economic theory * Economics * Factors of production * Inflation In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ... References Prod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Stuart Mill
John Stuart Mill (20 May 1806 – 7 May 1873) was an English philosopher, political economist, politician and civil servant. One of the most influential thinkers in the history of liberalism and social liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed "the most influential English-speaking philosopher of the nineteenth century" by the ''Stanford Encyclopedia of Philosophy'', he conceived of liberty as justifying the freedom of the individual in opposition to unlimited state and social control. He advocated political and social reforms such as proportional representation, the emancipation of women, and the development of labour organisations and farm cooperatives. The ''Columbia Encyclopedia'' describes Mill as occasionally coming "close to socialism, a theory repugnant to his predecessors". He was a proponent of utilitarianism, an ethical theory developed by his predecessor Jeremy Bentham. He contributed to the investigation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Blake (economist)
William Blake (31 January 1774 – 1852) was an English classical economist who contributed to the early theory of purchasing power parity. Life He was born in London on 31 January 1774, the son of William and Alicia Blake. He was educated at Charterhouse School, and entered Trinity College, Cambridge in 1789. He graduated B.A. in 1793 as 7th wrangler, became a Fellow of the college in 1795, and graduated M.A. in 1796. Giving up his fellowship in 1797, he entered Lincoln's Inn, and was called to the bar in 1799. Blake was elected a Fellow of the Royal Society in 1807. He served as President of the Geological Society of London in 1815–6, which he had joined in 1812. He became a member of the Royal Geographical Society in 1830. He also belonged to the Political Economy Club, from 1831, and the King of Clubs dining club of Whigs. Blake leased St John's Lodge in Welwyn, Hertfordshire, with a park of 130 acres, from 1819. He purchased the property in 1824, changing the name to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Political Economy
''Principles of Political Economy'' (1848) by John Stuart Mill was one of the most important economics or political economy textbooks of the mid-nineteenth century. It was revised until its seventh edition in 1871, shortly before Mill's death in 1873, and republished in numerous other editions. Beside discussing descriptive issues such as which nations tended to benefit more in a system of trade based on comparative advantage (Mill's answer: those with more elastic demands for other countries' goods), the work also discussed normative issues such as ideal systems of political economy, critiquing proposed systems such as communism and socialism. Along with '' A System of Logic'', ''Principles of Political Economy'' established Mill's reputation as a leading public intellectual. Mill's sympathetic attitude in this work and in other essays toward contemporary socialism, particularly Fourierism, earned him esteem from some of the working class as one of their intellectual champions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
