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Economists Essay

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Below is an essay on "Economists" from Anti Essays, your source for research papers, essays, and term paper examples.

Prominent Economists
  1. Adam Smith (June 16, 1723 – July 17 1790)
Country:   Kirkcaldy, Scotland
Occupation: Professor, moral philosopher, political economy pioneer, Private tutor of Henry Scott, the Duke of Buccleuch
Economics school: Classical economics
Economic concept:
  * Invisible Hand Theory – Says that if each consumer chooses freely what to buy and each producer chooses freely what to sell and how to produce it, the market will settle on a product distribution and prices that are beneficial for everyone.  
  * He explained economics as the science of the wealth in his book .According to him,” Prosperity of the individuals constitutes the prosperity of the nation. Gain of wealth or after acquiring the man can achieve his satisfaction”
Publications/ influential work: The Theory of Moral Sentiments – 1759
            An Inquiry into the Nature and Causes of the Wealth of Nations – 1776
Scholarly influences: not done

2. David Ricardo (18 April 1772 – 11 September 1823)
Country: England
Occupation: Member of Parliament, Businessman, Financier and Speculator
Economics school: Classical economics
Economic concept: The labour theory of value states that the relative price of two goods is determined by the ratio of the quantities of labour required in their production. His labour theory of value, however, required several assumptions:
  * Both sectors have the same wage rate and the same profit rate;
  * The capital employed in production is made up of wages only;
  * The period of production has the same length for both goods.
Ricardo himself realized that the second and third assumptions were quite unrealistic and hence admitted two exceptions to his labour theory of value:
  * Production periods may differ;
  * The two production processes may employ instruments and equipment as capital and not just wages, and in very different proportions.
  * Developed theories of rent, wages, and profits.
  * He...

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