History of economic thought

What is Liberty? The main definition of Liberty is personal freedoms. Throughout history, Liberty has been thought of a right that everyone has and acquires to be a citizen of the United States. One important event in history where people portrayed Liberty and freedoms was Shays’ Rebellion. Shays’ Rebellion was an uprising over civil rights and economic rights that the rebels and war veterans obviously thought that they were lacking. The people of the march had the freedom to stand up for what…

A sample of the essay I wrote for History of Economic Thought, comparing the economic theories of Adam Smith and Friedrich Hayek. As society has progressed, economic thought has evolved in response to the ideas presented by scholars like Adam Smith and Friedrich Hayek. Because Smith and Hayek resided in two fundamentally different time periods, the body of economic knowledge available to them differed greatly. While Hayek had centuries of analysis at his disposal, Smith had little prior…

I have long been fascinated by the way politics and economics influence individuals and how decisions made by political leaders can change the course of history. I am intrigued by the historical development of political and economic thought, as evidenced when studying the history of China. Milton Friedman’s Capitalism and Freedom provided me perspective on the connectivity of economic and political freedoms needed to strengthen democratic institutions. I also enjoyed Thomas Piketty’s Capital in…

will summarize the key developments in macroeconomics history. In particular I will discuss the similarities and differences between Keynesian and classical economics, specifically how each one handles issues of unemployment. I will also discuss what new developments, starting in the 1980s, have changed macroeconomic thought. Before the great depression of the 1930s, the classical economic views were what most people concerned with economics went by. This classical view was that…

conversation between two family members. Alex: Hey, Josh, I’m having a hard time understanding what we’re talking about in philosophy class. Josh: Alright Alex, What do you need help with? Alex: Do you remember the lecture on thought and language? Josh: Ah yes, that was pretty hard. Alex: Could you explain it to me? Josh: I can try. The professor asked us a question. He said, do you need language to think, or can we think without…

At a young age, Osama Bin Laden studied economics and business administration at King Abdulaziz University before dropping out his third year and doing what he did. Bin Laden’s schooling certainly wasn’t a meaningless three years; however, his lack of interest in his education prompted him to drop his major and pursue his real passion in religion. It’s interesting how one young student’s choice of university changed the course of history. Being born a first generation American, I didn’t have the…

The Marshall Plan was the idea behind a speech made by U.S. Secretary of State, George C. Marshall that suggested that the United States assist Europe with their economic devastation; however, there was no actual “plan.” Once the plan was approved and became the European Recovery Program it lasted from April 1948 to December 1951. During that time there was approximately $12.5 billion dollars given to 12 European countries. The Marshall Plan did have its faults but overall was a success in…

Depression in 1929 was the longest financial downfall in history, this downfall tested the leadership of Herbert Hoover and Franklin Delano Roosevelt and changed the lives of everyday Americans. The Great Depression of the 1930s was a worldwide phenomenon, composed of an infinite number of separate but related events. People believe that Black Tuesday was the only cause of the Great Depression but the crash did open the door to national economic issues. During the Depression there were two…

influential systems that throughout modern history have had an impact the social structures, economic methods and political position of many nations. The importance of analyzing the similarities and differences between both systems present an insight to how…

takes action to influence the economy. Economic policy refers to the actions that governments take in the economic field, economic policy hopes to accomplish a constant flow of supply and demand as well as incoming money. The economy has many working factors such as; supply-side economics, demand-side economics, and monetary policy. Supply-Side economics emphasizes the thought of strong economy policies that remove impediments to supply. Supply-Side economics originated from President Ronald…