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Period: Jan 1, 1501 to
Mercantilism
the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism. -
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Physiocrates
physiocrat, any of a school of economists founded in 18th-century France and characterized chiefly by a belief that government policy should not interfere with the operation of natural economic laws and that land is the source of all wealth. -
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Classical
Classical economics asserts that markets function best without government interference. It was developed in the late 18th and early 19th century by Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus, and John Stuart Mill. Many writers found Adam Smith's idea of free markets more convincing than the idea, widely accepted at the time, of protectionism. -
Adam Smith
was a Scottish moral philosopher, pioneer of political economy. Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today -
Thomas Malthus
was an English cleric and scholar, influential in the fields of political economy and demography.His An Essay on the Principle of Population observed that sooner or later population will be checked by famine and disease, -
Jean Baptiste Say
was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business. -
David Ricardo
developed the idea of Comparitive advantage -
Frederic Bartiat
Was Born. Developed the concept of opportunity cost. -
Karl Marx
Marx's work in economics laid the basis for much of the current understanding of labour and its relation to capital, and subsequent economic thought. -
Alfred Marshal
Wrote Principles of Economics the most dominant textbook of his time. Developed the concept of price elasticity. Developed that when the supply and demand curves cross like scissors this is equlibrium. -
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Neo-Classical
Neoclassical economics is a set of approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand. -
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Monetarism
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman, it argues that excessive expansion of the money supply is inherently inflationary, and that monetary authorities should focus solely on maintaining price stability. -
Joseph Schumpeter
He was a professor at Harvard University. He popularized the term Creative destruction. -
John Maynard Keynes
He Developed Keynesian Economics. Keynesian Economics is that in the short run economics output is strongly influenced by aggregate demand. -
Frederick Hayek
Was born. Known for his defense of classical Liberalism. Won the Nobel Memorial Prize of Economic Sciences for his theory of money and economic fluctuations. His service in WW1 led to his career choice because he wanted to avoid the mistakes that led to the war. Wrote the famous book "Road to serfdom". -
Milton Friedman
Was Born. taught at the Univeristy of Chicago for mor than three decades. Recieved Nobel Memorial Prize in Economic Sciences for studies on Consumption. -
Period: to
Keynesian
is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand (total spending in the economy).
