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Jan 1, 1501
Mercantilism
Fundamental ideas of mercantilism
The accumulation of wealth
that are necessary to achieve the objective of wealth accumulation (controls, restrictions, subsidies).
Trade at a global level is unchangeable.
Main Thinkers
Thomas Mun (1571 - 1641) The main objective of the Growth of National Wealth and the Commercial Balance.
David Hume theory called money-species flow mechanism
William Petty is one of the founders of Econometrics where mathematics and statistics are based. -
Physiocrats
It affirms the existence of a natural law, by which it would be insured without the intervention of the government.
Its meaning is Government of nature.
Main managers
Anne-Robert Jacques Turgot
Reflections on the formation and distribution of wealth (1766) or Letters on the freedom of trade of grain (1770).
François Quesnay (1694-1774), Founder of the Physiocratic school through his work Tableau économique, published in 1758. -
Neoclassical economy
It is based on the idea that the value of goods is a function of the utility or satisfaction that they assign to consumers.
For neoclassicists, on the other hand, the value of goods is explained by marginal utility, that is, the value that is assigned to the last unit consumed.
Main managers:
Alfred Marshall, he reconciled Ricardian theories with those of marginalism, thus forming the basis of the neoclassical economy. -
Classic Economics
The work of Adam Smith "An investigation on the nature and causes of the wealth of nations" was published, capitalism was the dominant economic system and the industrial revolution generated important socio-economic changes.
Its main representatives are:
Adam Smithsus greatest exponents of classical economics and philosophy of economics.
David Ricardo is the member of the current of classic economic thought, and one of the most influential along with Adam Smith and Thomas Malthus. -
Marxism
Main argument on which the Marxists are based is that capitalism is an erroneous economic structure and that it must be replaced by another that will abolish the bourgeois property system and the free market of goods and services. Marx believed that this dependence on the depressions could cause long-term damage.
Main managers
Karl Marx, his work covers different fields of thought in philosophy, history, political science, sociology and economics. -
Keynesianism
It supports interventionism as the best way out of a crisis. Keynes believed that the main cause of crises is low demand, derived from low consumer expectations. He proposed interventionism as a mechanism to stimulate demand and regulate the economy in times of depression.
Main representative
John Maynard Keynes, who focused his career on studying economic aggregates and economic cycles and his arguments built the basis of Macroeconomics. -
Economic liberalism
It wants to achieve economic development and efficiency in the allocation of resources is through a market without state intervention, it is the forces of supply and demand that naturally lead us to a balance where prices reflect the relative scarcity of goods and an efficient allocation of resources occurs.
Representative
David Ricardo author of two important economic treaties: The high price of ingots and Principles of Political Economy and Taxation.
