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TOPIC 4. ECONOMICS AND POLITICAL SCIENCE, mid XVIII century, L, L, K -…
TOPIC 4. ECONOMICS AND POLITICAL SCIENCE
Economy
social interactions that occur since goods are produced until they are consumed
starts where the raw material is removed
how it changes in different products
how are products distributed and sold.
Greek origins
oikonomia
means the direction or organization of a house
Economic theory
Physiocracy
Francois Quesnay and Jacques Turgot
the source of wealth is the land
a nation is richer as more land and agricultural production has.
Laissez-faire, laissez-passer which means “let go, let pass”
the State should not intervene in economic decisions.
Classic economy
Adam Smith, David Ricardo and John Stuart Mill.
State should not intervene in the way markets work
supply and demand
perfect competition in all markets
Flexible markets
Scientific socialism
work as a source of wealth
Karl Marx and Friedrich Engels.
critique to capitalism and the bourgeoisie
proposes the disappearance of social classes and the absence of capital accumulation.
https://www.youtube.com/watch?v=fSQgCy_iIcc#action=share
Neoclassical
Alfred Marshall.
factors of production land, labor and capital
Added the industrial organization element.
Object of study
he optimal utilization of natural and human resources to achieve a society that meets mankind needs.
fields
Managing all the resources available to the state; activities of the citizens of a state. (National economy).
When the state intervenes in all economic aspects (Economic interventionism).
The art of organizing and managing the income and expenses of a company (Business economics).
mid XVIII century
L, L, K