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Adam Smith Essay Topics & Paper Examples

David Ricardo: Law of Diminishing Returns

David Ricardo, a 17 century English political economist, is considered an extremelyinfluential classical economist along with Adam Smith and Thomas Malthus. Ricardo was bornon the 27th April 1772 and helped develop key economic theories until his death on the 11thSeptember 1823 1. Ricardo grew up in a dominate English family where his father was also aneconomist, Ricardo credits his father and the reading of Adam Smith’s book The Wealth ofNations for his interest of the social science, economics2. Ricardo did not reach immediate fame,in fact it quite the opposite. It was not until age 37 when Ricardo first published his views oneconomics, after he reached the milestone of publishing his first article he continued to work anddeveloped his theories, it…

What is the purpose of economic theory?

An economic theory can be expressed as the ideas and principles that aims to describe how economies operate taking into account elements of micro and macroeconomics (Cambridge University Press, 2013; LNPU, 2010). On one hand, microeconomics pertains to how supply and demand functions in individual markets and consumer behaviour. In contrast, macroeconomics is the study of how the entire economy works as a whole for example, why there might be a specified percentage of inflation or unemployment (Rodrigo, 2012). In addition, economic theories comprise of a kaleidoscope of economic variables and how they inadvertently influence one another in order to augments an economy‚Äôs state to reach its desired outcomes (Ouliaris, 2012). On the other hand, it is important to note…

The Effects of Industrialization on U.S. Economy and Society

The rise of industrialization during the 1900s brought many changes to the American economy and society. Urbanization (mainly due to immigration), new technologies, the rise of big business through industrial trusts, and the rise of laissez-faire capitalism are among the most significant of these changes. The rise of industrialization brought many significant changes to the American Economy and society during the 1900s. Some of these changes included urbanization, the rise of big businesses, and the rise of laissez faire capitalism. Industrialization had both a positive and negative effect on the U.S. economy and society. It allowed the United States to surpass many of its leading competitors including Germany and Great Britain but it also led to sharper Economic and class…