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by: Miss Sigurd Dicki

PrinciplesofMicroeconomics ECON201

Marketplace > Drexel University > Economcs > ECON201 > PrinciplesofMicroeconomics
Miss Sigurd Dicki
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This 22 page Class Notes was uploaded by Miss Sigurd Dicki on Wednesday September 23, 2015. The Class Notes belongs to ECON201 at Drexel University taught by YotoYotov in Fall. Since its upload, it has received 10 views. For similar materials see /class/212542/econ201-drexel-university in Economcs at Drexel University.


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Date Created: 09/23/15
ECON 201 TOP 10 TEN NAMES AND IDEAS YOU HAVE TO KNOW AND REMEMBER The following people have made major contributions to the Economic theory in general and Microeconomic theory in particular Their theories and ideas have served and still serve as benchmarks in analyzing understanding and predicting economic events as well as guidelines in undertaking public policy measures What I have compiled is a very concise sketch of their lives and work and yet it provides enough information for you to at least introduce yourselves to the greatness of these people and their ideas Knowing and understanding those ideas will put a new perspective and clarijy your perception of the world surrounding you Adam Smith John Maynard Keynes Alfred Marshall Vilfredo Pareto Gary Becker Samuel Gompers Joseph Schumpeter Henry George DaVid Ricardo Thomas Malthus 1 The list is far from comprehensive l have compiled these biographies using internet resources so that the list re ects the theories and ideas that are discussed in this particular course Adam Smith 1723 1790 Biographical Facts Adam Smith12 is often seen as the founding father of economics He developed much of the theory about markets that we regard as standard traditional economic theory now Adam Smith was Scottish and after graduating from Glasgow at the amazing age of 17 he was a fellow at Oxford and then he lectured back in Scotland again first at Edinburgh and then Glasgow Universities Surprisingly this was not in economics In fact it was not until 10 years after leaving the Chair of Moral Philosophy at Glasgow that he wrote the book or series of books for which he is most famous After Glasgow he decided to go travelling Almost certainly this was not backpacking and sleeping out in stations as he spent much of this time meeting the in uential thinkers of the day It was this that helped him to formulate his ideas and once he got back to Scotland again he started writing Major W0rks and Theories Adam Smith s main work was 39The Wealth of Nations39 actually its proper title was An Inquiry into the Nature and Causes of the Wealth of Nations39 but we39ve got lazier these days He wrote it in five books and it was published in 1776 In the work he stressed the benefits of division of labor specialization and its need and outlined the workings of the market mechanism price system Perhaps the concept most associated with him is the invisible hand39 This was not a personal physical problem of Adam Smith s but referred to the operation of market forces He argued that markets would guide economic activity and act like an invisible hand allocating resources Prices would be the main means to do this Prices would rise when there was a shortage of something and fall when it was plentiful To illustrate his points about specialization he used the example of pinmaking If one man tried to carry out all the operation necessary to make a pin drawing the wire cutting it sharpening it he would be able to make very few However specialization would lead to a much greater output of pins as each part of the process would be carried out much quicker Adam Smith argues that it was market forces that ensured the production of the right goods and services This would happen because producers would want to make profits by providing them Without government intervention thus forming a laissezfaire leaveusalone environment public wellbeing would increase from competition organizing production to suit the public This was the basis of the free market economy Competition would mean producers trying to outsell each other and this would bring prices down to their lowest possible levels making minimal profit If there was not enough competition this would mean that producers would 1 I have used the following link as an excellent and concise biographical sketch for Adam Smith httpwww bi ednet bri ac uk V39 quot 2 The picture is from the web page of the Library for Economics and Liberty at httjgwwweconliborglibragEncbios make more pro t This would soon attract more rms to join this industry bringing prices down All this would end up bene ting the consumer without any necessary intervention This system had 2 requirements however One was that the market needed to be free of government intervention and the other was that there had to be competition Smith recognized immediately the danger of monopoly quotA monopoly granted either to an individual or to a trading company has the same e ect as a secret in trade or manufactures The monopolists by keeping the market constantly under stocked by never fully supplying the e ectual demand sell their commodities much above the natural price and raise their emoluments whether they consist in wages or profit greatly above their natural rate quot These are concepts that are so fundamental that they are still present in nearly all economics courses something to look forward to if you haven39t done it already John Maynard Keynes 188371946 Biographitul Feels Keynes 2 ls pahaps one othebesL Wn ofall economlsls Thls IS hardly sulpnslng for two s t 0th umewaslnpu lnglogelhecacohecenlcn queouheensung classlcal economlc theory that domlnated pollcyrmaklng clrcles n ll lme F ll Economlc Joumal e Bmaln s foremost economlcs publlcatlon a e H mm d a e a goup of lnlellecluals whose ranks lncluded wellelmown names such as vlrglnla Woolf FMFMd r mi Ra v mi RH H l lnyanl In a r MM 11 was lnerumenLal In prov ldlng Lhe amework for postwar economlc recovery p amphlet The ecanamlc eonseoneneee af lepeace 1919 Howeva the work he 15 best lmown forwas hls mam book publlshedln1936 It IS often l have used lhe fulluwmg lmk as an excellent and eennse hlegephleal 2 K eynes39 page n University ufHall a lsael at hug gull halla ae l1levlgatge hm decision making Many governments since the Second World War including in the UK and USA considered themselves to be Keynesian and pursued Keynesian demandmanagement policies It took the stag ation of the early 1970s to break the Keynesian consensus The title of this earthshattering work was The General Theory of Employment Interest and Money 1936 In the General Theory Keynes comprehensively challenged the Classical orthodoxy He argued that a slump was not a longrun phenomenon that we should all get depressed about and leave the markets to sort out A slump was simply a shortrun problem stemming from a lack of demand If the private sector was not prepared to spend to boost demand the government should instead It could do this by running a budget de cit When times were good again and the private sector was spending again the government could trim its spending and pay off the debts they accumulated in the slump The idea according to Keynes should be to balance your budget in the medium term but not in the short run One of his best known quotes summarizes this focus on shortrun policies quotIn the long run we are all dead quot So his theory was that the government should actively intervene in the economy to manage the level of demand These policies are often known as demand management policies aptly named since the idea of them is to manage the level of aggregate demand When economic activity is depressed perhaps because it had been reading too much Classical economics the government should spend more and when the economy is booming the government should spend less Alfred Marshall 184271924 mgmphmlrms Marshall was hum mm amddlerdass farnlly m Lnndnn and ralsed tn mist the elergy lle de ed hls parents washes and heearne an aeademle m malhernanes and eennnmles Ute wed hlmselftu he an astute malhehn clanihe 5L ed rnalh at s Juhn s Cullege Cambndgkbut llmlted hls quanmatlve expressmns Sn that he mlght appeal tn the layman demand Lhatwu curves arehlre sclssurbladesthatmtersect at eqmllbnum Mndern femurs that may have shl ed demand Dr Supply They uWeths appmachtu Marshall h h a buyers senslhvltytu pnce ThrFr Wuwrrna w HwPr m m lmHh nrndueer ls aemally pad mmus the zrnuunt that he wnuld wllllngly accept Marshall used V all u hl h l zppmachtu Whatlsnuwcalled welfare ecunumlcs snll stands nrne ThPr r r m m um shawl Marshall hag llwwweernllh ngUumg ncbms Frnseea h pll39lnmzwgexlzwschmledwhw Marshall39s term was quotappliancesquot Third the long period is the amount of time taken for capital quotappliancesquot to be increased To make economics dynamic rather than static Marshall used the tools of classical mechanics including the concept of optimization With these tools he like neoclassical economists who have followed in his footsteps took as givens technology market institutions and people s preferences But Marshall was not satisfied with his approach He once wrote that quotthe Mecca of the economist lies in economic biology rather than in economic dynamicsquot In other words Marshall was arguing that the economy was an evolutionary process in which technology market institutions and people s preferences evolve along with people s behavior Vilfredo Pareto 184amp1923 Kiagm hiraleFarotxm 1n Pans to Itallan exlles Pareto to eornplete hls eolueatron 1n Poly eehnre Insutute 1n Tunn 1n 1869 he applled hls prodlglous rna ernaueal abrlrues as an englneer for the rallroads Throughout hls llfe Pareto was an aetwe entre ofthe Italran ovemment s eeo llcles He nornre po publlshed parnphlets anol artreles olenounerng proteeuonrsrn anol m11 ansmwh1h he vlewed as belng the two reatest enemles of llberty Although he was e nly lnformed on ee n m1 polrey and frequently debatedrt Pareto dldnot stuoly eeonornres senously unul he was fortyetwo In 1893 he sueeeeoleol hls rnentor Walras as eharr ofeeonornres at the mversl Pareto s frrst book whlch he wrote at age fortyenrne and Manual afPaImmI Economy 1906 A selfrdescnbed paelflst who dJsdamed honors Pareto was nornlnated m 1923 to a Senate MW W are that year and was burned wrthout fanfare 1n a srnall eernetery 1n Cellgny The frrst andrnostfarnrlrarrs the eoneept of1gtareto optrrnalrty A Paretoeopurnal alloeatron of resourees ls aehreyeolwhen rtrs notpossrble to make anyone better offwrthout aklng sorn n m eo e else worse off The seeondls Pareto s law of lneorne desmbuuon Thls law whleh d u rlfr m D h A mm P r V F mud n Du m THl n m 1th u W t thought ls law shoulol be provlslonally aeeepteol as unwersal he thoughtthat exeeptrons were possrble d and as rt turns out rnany exeeptrons have been foun r eeonornrsts haol sald they would l sketehforvufreuapureto htt wawecanhbm hrur ncbms 2pureto39spremre 15 from the web page ofcurne Theory Net at http HWWW an etheorr ne39lchumgg meog eVrlfreulopureto htrnl In his later years Pareto shifted from economics to sociology This re ected his own change in beliefs about how humans act He came to believe that men act nonlogically quotbut they make believe they are acting logicallyquot Gary Stanley Becker 1930 Biographical Facts Gary S Becker1 won the 1992 Nobel Prize in economics for quothaving extended the domain of economic theory to aspects of human behavior which had previously been dealt withiif at alliby other social science disciplines such as sociology demography and criminology Becker was a professor at Columbia University from 1957 to 1969 Except for that period he has spent his entire career at the University of Chicago He holds joint appointments in the departments of economics and sociology Becker won the John Bates Clark Award of the American Economic Association in 1967 and was president of that association in 1987 Major Works and Theories Becker39s unusually wide applications of economics started early In 1955 he wrote his doctoral dissertation at the University of Chicago on the economics of discrimination Among other things Becker successfully challenged the Marxist view that discrimination helps the person who discriminates Becker pointed out that if an employer refuses to hire a productive worker simply because of his skin color that employer loses out on a valuable opportunity In short discrimination is costly to the person who discriminates Becker showed that discrimination would be less pervasive in more competitive industries because companies that discriminated would lose market share to companies that did not He also presented evidence that discrimination was more pervasive in more regulated and therefore less competitive industries The idea that discrimination is costly to the discriminator is common sense among economists today and that is due to Becker In the early sixties Becker moved on to the edgling area of human capital One of the founders of the concept the other being Theodore Schultz Becker pointed out what again seems like common sense but was new at the time education is an investment Education adds to our human capital just as other investments add to physical capital For more on this see Becker39s article Human Capital in this encyclopedia One of Becker39s insights was that a major cost of investing in education is one39s time Possibly that insight led him to his next major area the study of the allocation of time within a family Applying the economists concept of opportunity cost Becker showed that as market wages rose the cost to married women of staying home would rise They would want to work outside the home and economize on household tasks by buying more appliances and fast food Not even crime escaped Becker39s keen analytic mind In the late sixties he wrote a trail blazing article whose working assumption was that the decision to commit crime is a function of the costs and bene ts of crime From this assumption he concluded that the way to reduce 1 I have used the web page of the Library for Economics and Liberty as an excellent and concise biographical sketch for Gary Becker httgwwweconliborglibra Encbios crime is to raise the probability of punishment or to make the punishment more severe His insights into crime like his insights on discrimination and human capital helped spawn a new branch of economics In the seventies Becker extended his insights on allocation of time within a family He used the economic approach to explain the decisions to have children and to educate them and the decisions to marry and to divorce Samuel Gompers 185M924 Elgar maker a trade he brought wth hlm to New York when hls famlly emlgrated to Amenca ln 1863 m Lle was dlfflcult m the erowded slums ofNew York There were afew relahyely large Elgarmakmg shops perhaps wth as many as 75 olten the same New York sweatshops and factones as they helpedthelr parents eke out allvlng By 1885 Sam Gompers had beeome hlghly skllled at hls trade and was employedln one of the larger shops He was respeeted by hls fellow workers mostly Germans who eleeted hlm as presldent of clgar Makers Umon Loeal 144 He and the other of cers were unpald as they market by seores ofnew lmmlgrants largely Bohemlan In 1881 p and Labor Counclls Although wrthout the ntle ofPresldent as head of the legrslahye eommlttee Gompers beeame lts leader praetleally speaklng but the organlzahon was strueturally weak and lneffecuve N rm m w dF r l t r d r h n ofLabor r mlquot h d Gomperssald rtwas much work llttle pay and very llttle honor Four r ltrth W Under mp r Broad soclal goals and pohheal entanglements were leftto others l G ompers Center fax L nw md c omputers at chrengdKent c ollege afL nw md m nntnned by Greg Eoozell htg www ken aw edurlhsgnmpershtm Gompers did have an interest in international labor issues At the conclusion of World War I he attended the Versailles Treaty negotiations where he was instrumental in the creation of the International Labor Organization ILO under the League of Nations He was a supporter of trade unionism in Mexico and though elderly and in failing health he went to Mexico City to attend the inauguration of Mexico39s reform President Calles and also the Congress of the PanAmerican Federation of Labor It was at the Congress that his nal collapse occurred He was rushed to a hospital in San Antonio Texas where he died on December 13 1924 Joseph Alois Schumpeter 18834950 mg m m Austnato parents who owned e urnpe 2 was very farnrharwrth busmes n he enteredthe Unwersrty ofoennato study eeonornre of more prornrsrng students o Von BuhmrBawer s s E39 8 3 q a m e served as rnrnrster of nance m 1919 de1 th nse oert1er Sehurnpeter le Europe and the Unwersrty ofBonn where he 1925untr11932 Inth t m r 1949 Sehurnpeter was presrdent othe Arnenean Eeonornre Assoeratron m 1948 Thus opens boo one rnrghtthrnk on the basrs ofthe quote that Sehurnpeterwas aMarxrst But the ana1ysrs that 1ed Sehurnpeter to hrs eone1usron ddffered tota11y from Kan Marx s Marx beheved that gurported1y g g he h h d so enee And unhke Marx Sehurnpeter drd not rehsh neeessary for the rntelleetual elass s exst L A He wrote thrs does notrnean thathe desrres rt future 0 rk entrepreneurshrp Indeed Sehurnpeterwas among the fxrstto 1ay out a e1ear eoneept of Mr or 11 km rnventrons but a1so by rntroduerng new rnean ofproducuon new produets and new forms of organrzauon These rnnovatrons he argued take just as rnueh 51011 and danng as do e proeess ofmvenuon Innovauon by the entrepreneur argued Sehurnpeter1edto ga1es of ereauve destrueuon as 1d V kw 1 1n obso1ete The questron as Sehurnpeter saw rt was not how eaprtahsrn adrnrnrsters enrstrng 1 sketehrorSehurnneter htt wawecanhbm hrur ncbms 2 Schemes Lvnweraty uf 11 nro mm at hug ngh hnru he 1V12Wgeatge htnu structures but how it creates and destroys themquot This creative destruction he believed caused continuous progress and improved standards of living for everyone Schumpeter argued with the prevailing view that quotperfectquot competition was the way to maximize economic wellbeing Under perfect competition all rms in an industry produced the same good sold it for the same price and had access to the same technology Schumpeter saw this kind of competition as relatively unimportant He wrote quotWhat counts is competition from the new commodity the new technology the new source of supply the new type of organization competition which strikes not at the margins of the pro ts and the outputs of the existing rms but at their foundations and their very livesquot Schumpeter argued on this basis that some degree of monopoly was preferable to perfect competition Competition from innovations he argued was an everpresent threatquot that quotdisciplines before it attacksquot He cited the Aluminum Company of America as an example of a monopoly that continuously innovated in order to retain its monopoly By 1929 he noted the price of its product adjusted for in ation had fallen to only 88 percent of its level in 1890 and its output had risen from 30 metric tons to 103400 Schumpeter never made completely clear whether he believed innovation was sparked by monopoly per se or rather by the prospect of getting a monopoly as the reward for innovation Most economists accept the latter argument and on that basis believe that companies should be able to keep their production processes secret have their trademarks protected from infringement and obtain patents Schumpeter was also a giant in the history of economic thought His magnum opus in the area was History of Economic Analysis edited by his third wife Elizabeth Boody and published posthumously in 1954 In it Schumpeter made some controversial comparisons between economists arguing that Adam Smith was unoriginal that Alfred Marshall was confused and that Leon Walras was the greatest economist of all time Henry George 18394897 Biograpth Fans Polltleal eeonoml st bom m Phlladelphla 2 Sept 1839 He went to sea at an early age and reaehmg Callfomlaln 1858 remamedthere becommg nally atoumallst Henry George ls best remembered as a proponent ofthe slngle tax on land The goyemment shouldflnance all oflts projects he argued wlth proeeeds from only one tax Thls smgle tax wou be on the un mpr y landi h no bulldlngs no landseapmg ete George s ldea was not new It was largely borrowed from Davld Rlcardo James Mlll and John Stuart Mlll Major Warkx and remen 1n hls heyday Henry George was very popular wlth hls ldeas msplnng passlonate debate among young mtelleetuals In 1879 he publlshed Progress and Povertyquot whlch was lssued m the followlng year m New York and London an hls work He later narrowly mlssed bemg eleeted mayor of New York In the A produeuon and so on But atax on the ummproyed yalue ofland clalmed George was dlfferent for example W l l but rather from demand for aflxed amount ofland Therefore argued George beeause the qu wouldnot deelme as wlth othergoods norwo emand deelme beeause an s uldd o l d produeuye uses By tamng the whole ofthe yalue ofunlmprovedland the goyemment would dnye the pnee oflandto zero ttb r tntrw t n t M t tpanhywas W wry George s l w PF V l http HWWW srmuseum 91 SLQhgmgel html And what if you are your quotneighborquot What if you buy a large expanse of land and raise the value of one portion of it by improving the surrounding land Then you are taxed based on your improvements This is not farfetched It is precisely what the Disney Corporation did in Florida Disney bought up large amounts of land around the area where it planned to build Disneyworld and then made this surrounding land more valuable by building Disneyworld Had George s single tax on land been in existence Disney might never have made the investment So contrary to George s reasoning even a tax on unimproved land reduces incentives George s argument also assumes that in setting taxes the government can separate the raw value of land from the value of its improvementsia difficult if not impossible task especially for a politically motivated government Can the government tax the quotunimproved rental valuequot of the land under an of ce complex in Los Angeles without creating any disincentive for the owner to increase its improved value Objections aside Henry George may have been arguing for what is really the least offensive tax As Milton Friedman said almost a century after George s death quotIn my opinion the least bad tax is the property tax on the unimproved value of land the Henry George argument of many many years agoquot iCharles Hooper Charles Hooper holds an MS in engineering economic systems from Stanford University David Ricardo 177 e 823 King himl Fans Dayrtheardo was one ofthose rare peop1ewho txem us sueeess andlastmgf e Afterh1s fam1ly dtstnhentedht orrnarry ng outs1de h1s Je f th orna tuneasastoek ke da oan r edh1s estate was Wor e 00 m1ll1on1ntoday s do11ars At age twentyrsevenafterread1ng 1 W M fNaadnth d t td about economms He wrote h1s rst economms amcle at age Rmardo rstgamed nohee among econom1sts over the bulhon eontroyersy In 1809 he R wk F excess w v V Tu h n what 15 known today as rnonetansnn Major rkx an 1n h1s Essay on the In uence da Law Pnte dcdm an the Pro ts ameck1815R1cardo amculated what earne to be known as the 1aw of dtrnrnrshrng returns are used on a xed amount of landithe addmons to output will 61an sh d 1 Laws argumg for free trade Rmardo formulated the 1dea of comparauve eosts today ea11ed rnost econom1sts bel1ef1n free trade today The 1dea1s thrs a eountry that trades for produets athorne Say or mn R1 M wd workerson the H1 rh quotd d Thwk tn For very 39T39h r F r producmg Wme Slmllarly for eyery1oa o breadrtprodueesPoor1andgryes up two botues ofww 39T h r F r advantage 1n producmg bread 1 sketch fax D nnd Rxcarda httE myth eeonhh my zgg Ensbus If they exchange wine and bread oneforone Poorland can specialize in producing wine and trading some of it to Richland and Richland can specialize in producing bread Both Richland and Poorland will be better off than if they hadn t traded By shifting say ten hours of labor out of producing bread Poorland gives up the one loaf that this labor could have produced But the reallocated labor produces two bottles of wine which will trade for two loaves of bread Result trade nets Poorland one additional loaf of bread Nor does Poorland s gain come at Richland s expense Richland gains also or else it would not have traded By shifting three hours out of producing wine Richland cuts wine production by one bottle but increases bread production by three loaves It trades two of these loaves for Poorland s two bottles of wine Richland has one more bottle of wine than it had before and an extra loaf of bread These gains come Ricardo observed because each country specializes in producing the good for which its comparative cost is lower Writing a century before Paul Samuelson and other modern economists popularized the use of equations Ricardo is still esteemed for his uncanny ability to arrive at complex conclusions without any of the mathematical tools now deemed essential As economist David Friedman put it in his 1990 textbook Price Theory quotThe modern economist reading Ricardo39s Principles feels rather as a member of one of the Mount Everest expeditions would feel if arriving at the top of the mountain he encountered a hiker clad in Tshirt and tennis shoesquot One of Ricardo39s chief contributions arrived at without mathematical tools is his theory of rents Borrowing from Malthus with whom Ricardo was closely but often diametrically associated Ricardo explained that as more land was cultivated farmers would have to start using less productive land But because a bushel of corn from less productive land sells for the same price as a bushel from highly productive land tenant farmers would be willing to pay more to rent the highly productive land Result the landowners not the tenant farmers are the ones who gain from productive land This finding has withstood the test of time Economists use Ricardian reasoning today to explain why agricultural price supports do not help farmers per se but do make owners of farmland wealthier Economists use similar reasoning to explain why the beneficiaries of laws that restrict the number of taxicabs are not cab drivers per se but rather those who owned the limited number of taxi medallions licenses when the restriction was first imposed Thomas Robert Malthus 17664834 Klagmphrm Fans and Memes Thomas Robert Malthus s dledp s p a es at St John s College Cam hdge ug helsknown f0 hrsdr s agarhstoyerpopulatrohMalthus hotopposepopulatr h row per ather he oppos owtht at ldo tstrrp the foo s y He predetedth tpopulatroh uldgro georhetheallywhrl the food suppl ldrherease ohly metreally l grhrh al ealyptre vlslon and hls wrdely aeeepted subsrstehee theory ofwages wages wlll drop to the rhrrurhurh requrredto sustarh a dlsmal selehee teehhology r e pesuerdes refrrgerauoh rheeharuzed farm equrprheht and rhereased erop nearly doubled from forty years duhhg hls urhe to over seventy years today Although Vrhwnrll Vh39kn people huhgry Ml u h h belreyed there eould be a general oyersupply u the short run These oyersupplres whreh he ealled gluts are how ealledreeessrohs or depresslons Major Wark An Essay on the Prmcxple afPapuIatmn The Frrst Eduoh a short work dseussrhg both supply and demand faetors rh ueherhg populatroh srze was an rmmedate popular hrt but was wrdely rhrsuhderstood and overslmpllfled at the tune and ever srhee Ml u h to rllustrate eohduohs u the absence of eeohorhre ehorees and eeohorhre checks to the Malthus see the related Teacher s Comer by Morgan Rose Eduoh hus sueeessryely clanfled hls explauauohs and provlded extehswe pathrbreaklng rhprrreal work eouhtry by eouhtry to test hls hypotheses aboutthe rhteraeuoh ofhuman conomlcrbased ehoree as a eheekto the lockrstep progresslons of anthrheue Thls work set the s E E e e tage f r auan r l eyrdehee ahd applreauohs l sketehrorMslthus htt wawecanhbm brur ncbms Greatly respected by economists in his day but often misunderstood and missummarized by laymen then and since Malthus was one of the first economists to popularize the importance of rsthand research in economics in the form of his travelling to collect firsthand data for editions after the 1st eg 6th edition Books III Malthus cleverly explores dozens of applications 6th edition Book III and addresses many moral and religious concerns 6th edition Book IV He was also one of the rst economists to introduce the power of mathematics to economics in the form of his oftenmisunderstood comparison of arithmetic versus geometric progressions as an illustration of possible underlying determinants of differing growth rates when unchecked by economic incentives References Library for Economics and Liberty s web page htt wwweconlibor libra Encbios 2 Virtual Museum of the City of San Francisco at httpwww m 39 39 quot 39 e2 html 3 Virtual Economy httpwww hi ednet bris ac uk vir 39 iiiquot cu y 4 David LeViFaur s web page httpnnli haifa no N leVi html 5 Game Theory Net httpwww quot v net DictionarvPeopleVilfredoPareto html 0 Illinois Labor History Society web page which is sponsored by The Center for Law and Computers at ChicagoKent College of Law httpwwwkentlaweduilhsgompershtm 7 The History of Economic Thought web page written and maintained by Gon3alo L Fonseca httphomepagenewschooleduhet


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