Economics Essay - 1090 Words

Economics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics. Adam Smith The â€Å"father of economics† was born in Scotland. His birth occurred during the year of 1723. Adam Smith’s renowned book The Wealth of Nations examined the idea of capital and money, the progress of industry,†¦show more content†¦He felt that, except for certain extreme instances, the government should not interfere with the market. Adam Smith died in 1790, but his economic ideas have lived on. Adam Smith and his pioneering ideas and opinions are the basis on which economics has been built upon. David Ricardo David Ricardo was born in 1772 and was submerged into politics and government at a very young age. After he finished his schooling, Ricardo’s father placed him at the London Stock Exchange, where David had a full time job at the early age of fourteen. In 1819, by the advice of James Mill, a close friend, Ricardo joined the British Parliament. This opportunity, introduced Ricardo to the world of economics. He first became interested in economics due to Adam Smith’s 1776 book The Wealth of Nations when he was approximately twenty-seven years old. Thanks to his friend James Mill, Ricardo began recording his own economic ideas onto paper. Following in Smith’s footsteps, he was a classical economist, having a very strong idea that markets can regulate themselves. In 1815, Ricardo wrote the Low Price of Corn on the Profits of Stock Essay. In this Essay, David Ricardo discussed his hypothesis that as a company hires more labor with a fixed amount of land and capital, eventually there will be a point where hiring more workers will be less efficient. This is theory later became known as the law of diminishing marginal returns. The law of diminishing marginal returns can beShow MoreRelated Economics Essay1698 Words   |  7 Pages  Ã‚  Ã‚  Ã‚  Ã‚  Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. 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