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Period: 1571 to
Thomas Mun (Mercantilist)
He was one of the first to recognize the importance of exporting intangible assets and defended the initial ideas of capitalism.
Among its means to enrich a kingdom, foreign trade comes first, with a preponderance of exports. -
Period: 1571 to
Thomas Mun (Mercantilist)
This English economist is considered the most outstanding representative of mercantilism. He was one of the first to recognize the importance of exporting intangible assets and defended the initial ideas of capitalism.
Among its means to enrich a kingdom, foreign trade comes first, with a preponderance of exports. -
Mercantilist
Its supporters strongly believed that the wealth and power of nations depended on increased exports, restrictions on imports and the accumulation of precious metals. -
Mercantilist
Its supporters strongly believed that the wealth and power of nations depended on increased exports, restrictions on imports and the accumulation of precious metals. -
Physiocrats
It was an economic theory that affirmed that the rules of the economy were given by the laws of nature, and that the earth was the only source of wealth by which a country could develop. For this reason, the Physiocratic school defended a development of France through the exploitation of agriculture.
Characteristics:
Natural order
Individualism and laissez-faire
Private property
Decreasing returns
Capital investment -
Period: to
Edward Misselden (Mercantilist)
English economist who established that the fluctuations in the exchange rate depended on the flows in international trade and not on the management of the banks, as well as the movements in the international trade of species. -
Period: to
Jean Baptiste-Colbert (Mercantilist)
He was a French economist at the court of King Louis XIV of France, where he served as general controller of finance and then Secretary of State of the Navy.
His work allowed France to become a European power in the second half of the seventeenth century, through a program of economic reconstruction -
Period: to
J. Baptiste Colbert (Mercantilist)
He was a French economist at the court of King Louis XIV of France, where he served as general controller of finance and then Secretary of State of the Navy.
His work allowed France to become a European power in the second half of the seventeenth century, through a program of economic reconstruction -
Period: to
François Quesnay (Physiocrat)
Was a French economist and physicist, founder of the Physiocratic school through his work Tableau économique, published in 1758.
This book was one of the first attempts, if not the first, to try to describe the functioning of the economy in an analytical way.
That is why it is one of the first important contributions to economic thought, which would then be continued by classical theorists such as Adam Smith and David Ricardo. -
Period: to
François Quesnay (Physiocrat)
Quesnay was a French economist and physicist, founder of the Physiocratic school through his work Tableau économique, published in 1758.
This book was one of the first attempts, if not the first, to try to describe the functioning of the economy in an analytical way. -
Classics
Its postulates focused on the promotion of economic freedom and economic growth. This school made special emphasis on the famous thesis of laissez-faire (in French, "letting do") and in free competition.
They developed theories about key economic concepts, such as value, prices, supply, demand and distribution. State interference in commerce and the economy in general was rejected by the classics. -
Period: to
Adam Smith (Classical)
Precursor of the classical school of economic thought. His work The Wealth of Nations is considered the first treaty of political economy finished and compact.
He is the author of the still-current doctrine of the "invisible hand of the market." He was one of the greatest exponents of market freedom to achieve economic and social development.
In his works he explained how the market was responsible for the efficient allocation of resources and how far their responsibilities in society reached. -
Period: to
Anne Robert Jacques Turgot (Physiocrat)
Is known as one of the first advocates of economic liberalism. In addition, he was the first to formulate the law of diminishing marginal returns in agriculture.
His most well-known work was Réflexions sur la formation et la distribution des richesses.
He also divided society into three classes: the farmer or producer class, the salaried class (stipendiée) or artisan class and the land owner class (available). In addition, he developed a remarkable theory of interests. -
Period: to
Anne Robert Jacques Turgot (Physiocrat)
is known as one of the first advocates of economic liberalism. In addition, he was the first to formulate the law of diminishing marginal returns in agriculture.
His most well-known work was Réflexions sur la formation et la distribution des richesses.
Turgot also divided society into three classes: the farmer or producer class, the salaried class (stipendiée) or artisan class and the land owner class (available). In addition, he developed a remarkable theory of interests. -
Period: to
Thomas Malthus (Classical)
He was an English clergyman who researched demography and political economy. He formulated his thesis about the reasons for the exponential growth of the population in the world, contrary to the slow growth of food production per capita, which led to an inevitable and dangerous decrease in the standard of living of the population.
Consequently, he argued that population growth depended on the available and fixed amount of fertile land. -
Period: to
David Ricardo (Classical)
This English economist deepened Smith's studies of the value of work and formulated the thesis of declining agricultural performance in the long term.
Likewise, it considered that the changing quality of the available land was the main cause of the decrease of returns in agricultural crops.
Ricardo was also pessimistic about population growth. Like Malthus, he felt that this would lead to poverty and stagnation due mainly to the increasingly limited resources available. -
Physiocrats
It was an economic theory that affirmed that the rules of the economy were given by the laws of nature, and that the earth was the only source of wealth by which a country could develop. For this reason, the Physiocratic school defended a development of France through the exploitation of agriculture.
Characteristics:
Natural order
Individualism and laissez-faire
Private property
Decreasing returns
Capital investment -
Neoclassics
Neoclassical economics is an approach to economics that relates supply and demand to the rationality of an individual and their ability to maximize profit or benefit.
It also uses mathematical equations to study various aspects of economics.
THEORETICAL CONTRIBUTIONS
Consumer theory
Theory of the producer
Market theory -
Keynesians
Current macroeconomic thinking concerned with the monitoring of macroeconomic policies from the demand side -mainly fiscal policies that are implemented through the multiplier.
The main argument of Keynesian thought is to endow institutions with the power to regulate economic processes to avoid market failures, crises and recessions to which economies fall during lean times, that is, when the growth of the production is not good. -
Marxist
The Marxist school was constituted from the writings and reflections of Karl Marx and Friedrich Engels, as an institution that deepened in the study, development and propagation of the communist doctrine.
For the followers of this doctrine, the goal is to identify and describe the objective laws that govern the relations of production that arise within capitalism. -
Period: to
Karl Marx
Only human work produces value, Karl Marx pointed out the exploitation of the worker, patent in the extraction of surplus value, that is, the part of labor not paid to the worker and appropriated by the capitalist. He denounced with it the unjust and illegitimate essence of the capitalist economic system -
Period: to
Carl Menger (Neoclassical)
He developed a theory of value based on the concept of marginal utility. His fundamental contribution to economic theory is reflected in his work Principles of Political Economy.
The fundamental idea that underlies Menger's microeconomic theory is to suppose that men give value to goods from the point of view of satisfying their needs, so that human needs always become the driving force of the economic system. -
Period: to
Alfred Marshall (Neoclassical)
He published two very important books:. In the first volume of the work he combined concepts of classical economics such as wealth, production, labor, capital or value with contributions from the marginalist school as utility and marginal utility. To the agents of production (land, labor, capital) added a new factor, that of industrial organization.
In the second volume, he presented the functioning of markets, an analysis of supply and demand and presented his theory of general equilibrium, -
Period: to
John Maynard Keynes (Keynesian)
In his main work, General Theory of Employment, Interest and Money, Keynes wrote his opinions regarding employment, monetary theory, and the cycle of trade, among other topics. Keynes said that the real cause of unemployment was insufficient investment spending.
In his Theory of Money, Keynes said that savings and investment were determined independently. -
Monetarist
It analyzes the functions of money as a medium of exchange and deposit of value. The basic objective is to analyze the total demand for money and the money supply.
It also studies the effects of financial institutions and monetary policies on economic variables, which include the prices of goods and services, wages, interest rates, employment, production and consumption. -
Period: to
Milton Friedman (Monetarism)
Friedman is famous for the discovery of the doctrine that came to be called monetarist. Among his works are "Monetary History of the United States", "Essays on Positive Economics", "Essays on the Inflationary Gap", "Monetary and Fiscal Framework for Economic Stability", making clear his position to discretionary, fiscal or monetary, to compensate for cyclical changes.
