Economic ideas and trends play a crucial yet little-understood role in the development of the world in which we live and are therefore vital to understanding our society today. From mercantilists through Keynesians to modern economic thought, this handbook covers 50 of the greatest minds and 10 core theories. Including Hume, Smith, Marx, and von Mises, succinct biographies reach behind the personalities and reveal the outstanding contribution each has made to this internationally important and pervasive discipline. The essential concepts and themes have been expertly selected and the complex issues clearly explained within a social, political, and cultural context, allowing the rich history of economic thought to be told and the motivations behind its phenomenal global development to be understood.
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Petty distinguished between the “ natural ” price and the “ market " price of goods
. The natural price of an item was determined by the amount of “ socially
necessary ” labor time required for its production . The market price could deviate
Wicksell ' s theory of the cumulative process begins with the distinction between
the natural rate of interest — the real return on capital — and the market rate of
interest — the rate charged for bank borrowing . If the natural rate is higher than ...
Friedman ' s notion of the “ natural rate of unemployment ” became an important
concept . The “ natural rate ” was the minimum rate of unemployment consistent
with stable prices . Attempting to reduce unemployment beyond the natural rate ...
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EconomicsUser Review - airastotool - Overstock.com
Great read for perhaps a highschooler or college student interested in the field of economics. Gives a quick snapshot of many economists including their backgrounds and specialties within the field ... Read full review
MONEY AND FINANCE 30 Thomas Malthus
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