The History of Economic Thought

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Industrial Revolution

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The History of Economic Thought

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Presentation transcript:

The History of Economic Thought

Adam Smith

Thomas Robert Malthus

David Ricardo

Karl Marx

The growth of unions ensured protection of working class. Criticisim of Karl Marx The growth of unions ensured protection of working class. Middle & professional classes emerged. Technology did not lead to mass unemployment. However Predictions on oligopolies & trade cycles came true. His theories formed the basis for a centrally planned economy.

Alfred Marshall

John Maynard Keynes 2002, 2004, 2008, 2009

Milton Friedman

Supply-sider theorists Late 20th Century Economy developed by stimulating the supply of goods. Reduce taxes, encourage work, investment & government revenue. Deregulation & privatisation encourages competition, increase word production & reduce prices. Controversial because it advocates reduction of higher rates of tax which benefits the wealthy. However supply siders claim that reducing tax rates will lead to increased tax revenue. This is because increasing tax rates is a disincentive to work & invest.