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Marginalism 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…

Why Do Some People Get Paid More Than Others?

Pay in the private sector is a matter of demand and supply, sometimes influenced by market imperfections. In the public sector the picture is less clear cut, but the public sector must be considered if only because in so many countries it is such a major employer. (It would be a big mistake to assume that MRP doesn’t affect the public sector just because it doesn’t exist in most of the public sector. Since public sector employees have alternative work available in the private sector then what they could have earned in such an alternative job will influence how much they will have to be paid to beattracted to the public sector. The most obvious example of this idea at…