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human science (key historical development (1759- adam smith published the…
human science
key historical development
1759-
adam smith
published the theory of Moral sentiments
John Maynard Keynes
(1936)- in his attempt to develop an answer to the Great Depression, The General Theory of Employment, Interest, and Money . He argued that the Great Depression was a problem of insufficient aggregate demand and that if the private economy could not generate sufficient demand, it was the government's responsibility to do so
David Ricardo
- wrote on the forces that determine the functional distribution of income and the theories of value and price
1817-The Principles of Political Economy and Taxation
millton friedman
- monetarism ( focuses on the supply of money in an econom as the rimar means b which the rate of inflation isdetermined.)
scope and application
study of humans
economics
government's control of the market
macro econ: unemployment
inflation rate
supply and demand
resolving scarcity or over provision
application
market failure
opportunity cost affect decisions
meeting the demand of society at a suitable rate
shared knowledge
shared knowledge- knowledge that society agrees or accepts it to be correct.
accurate, earn through education
law of diminishing marginal returns
is it correct?
terminology/concept
scarcity
personal knowledge
shaped by the shared knowledge
law of demand- some people are attracted to expensive products to show off