Joan Robinson (1903-1983) “The purpose of studying economics is not to acquire a set of ready-made answers to economics questions, but learn how to avoid being deceived by economists,” said by Joan Robinson (Feb 03 2009) Throughout the years society has created a basis of what an economy is and how it is structured. Economists are said to be disciplined in the arts of economies, they know the ins and outs of every nook-and-cranny there is. They’ve studied the social science so well that they’re able to change our thoughts on how the economy should be run and we rely on them, which makes Joan intelligent for her quote. During the 1900’s being a woman economist was not the easiest task since there was the issue of woman equality. Many women struggled to receive recognition for their work. Joan Robinson was considered one of those …show more content…
This was based on the idea that capital can be measured and aggregated. This came to be called the Cambridge controversy and also became the position in Cambridge, England (1956) Through this it lead to opportunities allowing her to make several trips to China to observe their Economic Perspectives 1958, The Cultural Revolution 1969 and Economic Management 1976. She explains how the future expected rate of output associated with a capital good and expected future prices and costs, and then if given the rate of interest, we can value the capital good as a discounted stream of the future profit we can earn. Through this we are able to know the main purpose of the production function, which is to show how wages and the rate of interest are determined by technical condition and factor ratio (August 25 2014) With her knowledge of the production function she became valuable with analyzing China’s economy as she understood the concepts and could apply it. She thereafter produced many books in 1980 such as: Collected Economic Papers 1951-79 and Economic Philosophy
Principles of Economy stating that land obtains its value from the capital exhausted on it, and that the increase in the workers' wages than only on the returns of capital tends toward a progressive distribution of wealth among the society’s poorest classes. Carey worked his thoughts into a systematic body of doctrine with his publication of three volumes of his Principles of Political Economy. Carey became more devoted to his theories as the financial and economic depression that followed the 1837 panic were seen as urgent reasons for the continuous advocacy of protection and against free trade. Carey’s 1848 book of the Past, Present, and Future became influential making Carey a regular contributor to the New York Tribune wherein a correspondence with leading political figures was established on major economic and finance issues.
Blumenstein, Rebecca. "Women in the Economy (A Special Report) --- Life Imitates Art: Geena Davis
Although most economists cannot come to agreement on the definition of economics, the preceding quote from l. Robbins, in my opinion, seems to just about sum it up. Since the beginning, when man first had to choose between hunting and sleeping, there was economics. Today economics is in everything we buy, use, and make, from the gas in our cars to the food on our tables, economics plays a vital role with the manufacture, distrubution and consumption of each. To help us better understand the economic trends, certain men have become economist. In this paper I will revisit four of the major economists’ theories. Starting with the theories of Adam Smith, a philosopher well as an economist, to the modern (relatively) day theories of Milton Friedman, a Nobel Prize awardee, we will chronologically review the theories of Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman.
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the “father of economics.”
Ginther, Donna K., and Shulamit Kahn. "Women in Economics: Moving Up Or Falling Off the Academic Career Ladder?" The Journal of Economic Perspectives 18.3 (2004): 193-214. Print.
Despite its size, only 190 pages, the authors address the basic concepts of economics while also applying those politically and for personal finance decision making. Those basic concepts include scarcity, gains from trade, marginal decision-making, profit management, income growth, and Adam Smith’s invisible hand theories are all discussed within the first part of the book; allowing readers to understanding the concepts, Gwartney applies the same concepts to the creation of wealth and the importance of competition, private property, open trade, monetary stability, and lower taxes. This book educates its audience by evaluating our economy and government mechanisms without the overpowering display of charts, formulas, and graphs; which you would typically see in a textbook allow...
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.
Smith discusses the importance of individual freedom as it regards financial liberties when he writes, “Every man… is left perfectly free to purse his own interest in his own way” (Doc C). Smith believed that if a man could make money through his own means then its only fair for him to have the authority to choose what to do that hard earned money. The right to be in charge of one’s own finances has the possibility of society beneficting as a whole. Smith’s outlook on financial liberties delineates a commmon goal of the Enlightenment thinkers. It can be argued that aocial equality was the main idea of Mary Wollestonecraft’s discussion of women because she writes, “free them from all resraint by allowing them to participate in the inherit rights of mankind” (Doc D). Wollestonecraft wants women to access the same oppurnties as men. Equal educational oppurnity is important because it guides women through the sexist world that goes against them;
Moggridge, Donald. ed. 1980. The Collected Writings of John Maynard Keynes: Activities 1941-1946. London: Macmillan.
Heilbroner, Robert L. The Worldly Philosophers: the Lives, Times, and Ideas of the Great Economic Thinkers. New York: Simon & Schuster, 1999. Print.
Adam Smith was a philosopher who believed that no government interferences in the economy would result in a much more stable and prosperous economic system. “[Without government interference] the obvious and simple system of natural liberty establishes itself of its own accord” (document C). This shows how one’s self interest of gain drives the economy and no government interference should be made. Smith also talks about a happy and unexpected result when people pursue their own economic gain which basically supports the economy. “By pursuing his own interest he frequently promotes that of the society more [effectively] than when he really intends to promote it” (document C). This shows how personal interest and self gain end up driving the economy as more goods are bought and sold. Mary Wollstonecraft was another philosopher that shared common ideas with Smith. She believed that women should get equal rights and education as men. “... women must be allowed to found their virtue on knowledge, which is scarcely possible unless they be educated by the same pursuits [studies] as men” (document D). Wollstonecraft implies that equal education can lead to equal rights. This again goes back to individual freedom and decision making. “... reason and experience convince me that the only method of leading women to fulfill their peculiar duties is to free them from all restraint by allowing them to participate in the inherent rights of mankind” (document D). This shows how equal opportunities with both sexes can lead to success. It would just require women to have their individual freedom and rights. Both Smith and Wollstonecraft, Enlightenment philosophers, argued about individual freedom and person decision making without outer influences like the government or
Blumenstein, Rebecca. "Women in the Economy (A Special Report) --- Life Imitates Art: Geena Davis
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
...the broader situation of the implicit implications of the sexual divisions of labor. While certainly women in academic positions will mitigate the misogyny of Professor von X, it proposes little to change women's attitude towards making money for their own descendants. We are left to assume that a change in the intellectual elite will percolate down into the ranks of the working class.
There are two reasons help us to answer this question. Firstly, as it mentioned above, economics could provide supports to help people make right decisions. Everyone have to make a considerable amount of decisions in life and work, no matter they are politicians or housewives. For example, a wise politician makes use of economics theory to make economic decisions in order to run the country well and bringing prosperities to people. A smart housewife knows that breads’ and vegetables’ prices are economical in the afternoon under economics’ guidance. Some common rules hide incredible economics theories people might never notice because it seems so simple in the normal life. If we known these theories, we can take advantages of it to make right decisions at vital moment. Secondly, economics, as one of the most important subjects in academic circle, playing a significant role and affecting many aspects of our life. Before I study economics, I found many strange things whereas I can not explain by using common sense. For example, why are diamonds so much more expensive than water even thought water has vital importance to human existence than diamonds? Why does government levy taxes on merchandises to increase citizens’ financial burden? Why does the fast food restaurant drink can be refilled for free? After I learned the marginal cost and