Adam Smith Essay Topics

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… View Article

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… View Article

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… View Article