History Of Economic Thought Flashcards
1
Q
Aristotle
A
True wealth is limited
Unnatural wealth is unlimited
Money is a measure of value
Valué to exchange
2
Q
Plato
A
Division of Labour
Currency system
3
Q
Name a Mercantilist
A
Thomas Mun
4
Q
Thomas Mun - beliefs
A
Gold was prime measure of countries wealth
Exploitation of colonies
Protectionism
5
Q
Thomas Mun - contributions
A
State intervention Trade and commerce No export of gold and silver Manufacturing is essential Discourage imports
6
Q
Name a Physiocrat
A
Francois Quesnay
7
Q
What book did Francois Quesnay write
A
Economic Table
8
Q
Francois Quesnay beliefs
A
Wealth had its origin in agriculture Private ownership of property Laissez Faire Trade is expense Free trade No added value from manufacturing
