All the twelve great economists had great contributions to economics and they all showed great enthusiasm in studying economics. There were some differences between their concepts of economics, but all of these concepts built up the basic ideas of the economics we studied today.
There were several criterion employed in ranking the economists.
First of all, the economist should have great influences in economics. He / she should have substantial theories which could be applied in the real world and could be used as reference to other economists.
Then he / she should enjoy his / her works in finding theories or developing his / her own ideas, he / she should show enthusiasm in studying economics. If he / she could enjoy his / her works, he / she would concentrate in the process of defining the theories and ideas and would give better results. Hence, meaningful and great economics theories would be formed.
Third, he / she should dedicate to spread the ideas of economics so that all people could receive the concepts of economics and hence improve the economy in the world.
Spreading the economics ideas was very important, other could make changes to his / her concepts and correct them.
Finally, he / she should have contributions to the society. It was very important for the economist to consider the public benefits when creating his / her own ideas which might have great influence to the society. As economics relates the allocation of resources in the world, the economics theories created might affect the wealth distribution in the world.
Among the twelve great economists discussed in this course, I would rank Alfred Marshall the first and Lerner Abba Potachya the second.
In my point of view, Alfred Marshall (1842-1924) who was the first economist I learned in this course, was the greatest economist among the twelve. He was just like the father of economics. He contributed most of his life in economics.
When he started teaching political economics at St John’s College, he was committed his career to developing this subject and helping to transform it into a new science of economics. He spent several years in developing and defining his economics ideas and deepening his understandings. He also visited the USA to probe economic conditions, and throughout his life he was tireless in his efforts to master the practicalities of the economic world. It seems that most of his life was surrounded by economics.
Also, might want to squeeze in a little detail about the role of Economics in our society.
After a few years, four great economists developed the model. These economists are; John Lintner in 1965, Jack Treynor in 1962, Jan Mossin in 1966 and William
Adam Smith and Karl Marx are undoubtedly two of the finest economic minds of the eighteenth
Many prominent economists have connected with society and made significant impacts to the economic scope of resourcing financial interest and embarking in independent productivity and innovation. Some major economic theorist includes Adam Smith, Karl Marx, and Milton Friedman. However, Alan Greenspan is one that in recent views made some impactful moves that changed the way the economy is seen and run. The changes made in earlier years, have affected higher education through today and the institutions need to review its financial framework in order to maintain its level of effective operation.
Seldom do individuals realize the significance of acquiring a proper understanding of economics as a whole, let alone any subfields that branch off of it. Every aspect of economics is relative to another within itself, much like the roots of a tree are relative to the leaves or fruit that it bears. Attempting to distinguish between micro and macroeconomics in terms of significance to the real world is unavailing. Having a formal comprehension of this science begins with the principles and theor...
Adam Smith was a enlightened thinker or philosopher, he believed in a laissez-faire economics. Smith taught people that the government should work for the people not against, especially when regarding the economy. His book The Wealth of Nations has influenced people to have a self ruling economy. Smith's ideas have allowed our world to become capitalist and more knowledgeable.
The economics, as an independent subject has already existed in this world for a long time. Maybe some people believe that the knowledge which is contained in economics is so far from them that it is not necessary to consider about is. Actually, economics always hides in our daily life and effects decisions what we made. Once I have hold the same opinion of economics is not really my business, but I do not think like this any more after I studied this subject. Economics no longer acts as an abstract terminology lying on the textbook far away from me, this word became meaningful and I am sure it will make some changes not only in my mind, but also in my future life.
Critically assess the extent to which “the ideas of economists” might improve the performance of an organisation of your choice.
In this class we constantly talked about the free market place and how it truly made a government different. How it made a country different. How it made a people different. Today, we are going to explore the ideas of economics and how the economic greats, Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill, Karl Marx, John Maynard Keyes, and Milton Friedman changed the ways we would forever do business.
Adam Smith is considered as one of the most influential economists in the 18th century. Although his theories have been criticized by several socialist economists, however, his idea of capitalism still has great impact to the rest of the economists during classical, neo classical periods and the structure of today’s economy. Even the former Prime Minister of Britain, Margaret Thatcher had praised on Smith’s contribution on today’s capitalism market. She commented “Adam Smith, in fact, heralded the end of the strait-jacket of feudalism and released all the innate energy of private initiative and enterprise which enable wealth to be created on a scale never before contemplated” (Copley and Sutherland 1995, 2). Smith is also being recognized as the father of classical political economy and he has two famous published works that laid out the reasons to support his ultimate idea of capitalism.
Adam Smith was a man of many achievements. As a Scottish philosopher and political economist he became famous by his classical and influential books. In 1759 he wrote a book called “The Theory of Mortal Sentiments”and in 1775 he wrote another called “An Inquiry to the Nature and Causes of the Wealth of Nations”. Known as the “father of modern economics” Adam Smith has greatly influenced society. Adam Smith’s history impacted the way that our society is today. Adam’s childhood, environment, education and events throughout his life contributed to the way that we view society. With Adam’s theories and great works he molded a pathway to different stand points on the public and its society. Among his great works are the wealth of nations and inquiry to the nature and causes of the wealth of nations alongside the theory Adam named the invisible hand. Adam also thought about the public from an economic and political stand point. Due to factors that influenced Adam’s early life, he was able to learn from those before him to become the great economist, politician, and philosopher that he was. This way, even though Adam Smith lived during the time of the scientific revolution his words of wisdom in politics and the economy are still used today in the public.
The main objective of economist is to maintain maximum output in production. In order to reach maximum efficiency, there are three questions that economists have to address. What to produce? Who are we going to produce these goods for? And, how are we going to produce it? All of these questions were answered by Adam Smith, a famous economist. Smith believes that there is such a thing as an “invisible hand” of economics that acts as the decider to all the basic three economic questions (Group Presentation).
The study of economics is important to everyone. Financial decisions affect everyone in their day-to-day routines. Economics is the study of how society manages its scarce resources (Mankiw, 2012). Macroeconomics is the study of economy wide phenomena, including inflation, unemployment, Gross Domestic Product, and economic growth (Mankiw, 2012). Macroeconomics is important because, it is how all of us relate into markets and economies. Many news articles today are centered on the economy and current events. One of these articles lends itself to many economic principles and ideas. Even though there are many important topics not covered in the article, the article titled, "You Are What You Owe" in Time, encompassed many general economic principles as well as the many macroeconomics indices illustrated in the article.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'