Essay about New Ideas from Dead Economists

Essay about New Ideas from Dead Economists

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New Ideas from Dead Economists
Lukas Fricke
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.
Let’s get started with Adam Smith and his second coming. Adam smith was one of the greatest economics minds that have ever existed, teaching us that our wealth is not just in gold and silver but in the products that we produce and commerce we engage in! Much like today we can understand the idea of Gross National Product and how we can better adjust our habits and ourselves. Smith unlike most economists of that age understood the value in hard work and social aspect behind our decisions.
The United States Government has expected this same mantra when formulating the Consumer Preference Index to help adjust interest rates and overall rates that help dictate our lives day to day. The idea of the invisible hand can truly be seen in the methodology accepted by the farmers of the constitution and creating a governmental system that relies on nature, people opinions, and the mysterious ways of human psychology to help formulate our laws, health, economy and lives.
Now, the ideas of Thomas Malthus generally do not apply to the world today. It is important to understand that Malthus wanted to create a theory that explained the success of people in a population. Like Darwin’s theory of evolution (which was helped formed by Malthus doctrine) it is survival of the fittest. I do bel...


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... economic system, one that needs no interference, and needs to type of larger organization involvement.
So what have we learned throughout our time reading New Ideas of Dead Economists?
I personally have learned the idea, importance, and above all: luxury of not having a larger entity forcing and playing my opinions and decisions. All of these economists are know for pushing the envelope and working to change the ideas of modern governments such as the United States of America. Their work has put the US on top for freedom and the ability to truly be different and more open in its business dealings.
So we looked at being different and the importance of working through the why we do things the way we do with items and services. If not, we learned, who we are and why we buy, more than what we are and where we buy – something most like to perceive economics to be.

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