Economic Therorists

Question 1

Thomas Malthus

Answer 1

• Supported laissez faire
• Wrote “Essay on the principle of population”
  
  • Pop. rose faster than food supply and without war, the will be a large pop. of poor

Question 2

David Ricardo

Answer 2

• Supported laissez faire
• Wrote “principles f political economy and taxation”
• believed poor will stay poor
• with abundance of resources and labor, mini. wage will go down

Question 3

Karl Marx

Answer 3

• Introduced Marxism
• Wrote “the communist manifesto”
• believed capitalism divided people in have and have nots
• believed would evenutally break down into communism

Question 4

Jeremy Bentham

Answer 4

-Introduced ultitarianism

Question 5

Adam Smith

Answer 5

• Believed in laissez faire
• 1776 wrote the “Wealth of Nations”
• Believed in 3 natural laws of economy
  1) law of self-intrest 2)Law of competition 3)Law of supply and demand