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Timeline of Economic Thinking, Measuring wealth using silver/gold, Adam…
Timeline of Economic Thinking
Mercantilism
Classical School of Economics
19th Century Development
Neoclassical School of Economics
Keynesian Economics
Monetarism
Behavioural Economics
Circular Economy
Laissez faire
Measuring wealth using silver/gold
Adam Smith - Father of classical economics
Wealth = value of goods/services
Labour theory of value
Invisible hand
Ricardo - international trade
Say's law of markets
Absolute/comparative advantage
Demand comes from production; more production = more demand = economic growth
Value of good = utility generated
Utility can be measured
Marginal revolution - emphasis on demand
Increasing aggregate demand fosters economic growth
Government intervention - fiscal/monetary policy
Economic growth = supply of money
Humans are irrational at times - we cannot assume they are perfect decision makers
Instead of Take - Make - Dispose, Reuse and Recycle goods
Donut Economy
18th Century
19th Century
20th Century
21st Century
