Wordly economists
8 important questions on Wordly economists
Classical economics emphasizes Adam Smith's division of labour.
- Explain the division of labour:
- The division of labour is the separation of tasks in any economic system or organization so that participants may specialize (specialization).
David Ricardo (1772-1823)
One of the most influential classical economists along with Adam Smith and James Mill.
He was nicknamed the man who educated the commons.
Ricardo took the idea of absolute advantage a step further:
- Comparative advantage based on relative acts.
- What is comparative advantage?
- Comparative advantage is an economy's ability to produce a particular good or service at lower opportunity costs than its trading partners.
- A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize strong sales margins.
Labour theory of value
Best known advocates: Adam Smith, David Ricardo, and Karl Marx.
- Define the Labour Theory of Value:
- A good's value is determined by the material it is made from + the hours of labour put in producing it.
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Karl Marx (1818-1883)
Associated with communist regimes (Soviet Union, China) but Marx himself was not a government appointee.
Marx analyzed that capitalism was not evenly beneficial. Workers are marginalized by capital, they can only sell their labour.
Marx founded communism.
- What is communism in essence?
- The equally shared possession of all "means of production".
- Inequality, harsh working conditions, child labour, low salary.
- Class struggle > there will be a worker's revolution.
Thorstein Veblen (1857-1929) was an American economist and sociologist who, during his lifetime, emerged as a well-known critic of capitalism.
He developed the institutional approach.
- What is institutional economics?
- Institutional economics focuses on understanding the rode of the evolutionary process and the role of institutions in shaping economic behaviour.
- What is the Veblen critique on capitalism?
- That the motivation in capitalism for people to conspicuously consume their riches as a demonstration of their success.
- What is a Veblen good?
- Expensive champagne.
Veblen goods are considered desirable consumer products for conspicuous consumption because of, rather than in spite of, their high prices.
Joseph Schumpeter (1183-1950)
Capitalism is dynamic and moves upwards.
Creative destruction is collateral damage in economic progress.
- Provide an example of creative destruction:
- Landline telephone is declining because we all have cell phones.
Entrepreneurs are the drivers of progress.
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