1Adam Smith was born in County
Fify Kirkcaldy
2 Adam Smith was respected as
the father of game theory before
1950
3 His famous book “the wealthy of
nation was well know for the first
modern work of economics
4 Adam Smith’s theory was
challenged by John Nash.
He was a British political economist.
2. Ricardo's theory of comparative advantage
assumes the existence of an industry and trade
policy at a national level.
3. Ricardo's theory on international trade focused on
comparative costs and looked at how a country could
gain from trade when it had relatively lower cost.
4. On the Principles of Poli9324tical Economy and
Taxation is a book by David. The book concludes
that land rent grows as population increases.
1.
Formaini, Robert L. David Ricardo. dallasfed, n.d. Web. 2 Mar. 2015.
<https://www.dallasfed.org/assets/documents/research/ei/ei0402.pdf>.
 Malthus was an economic pessimist,
viewing poverty as man’s inescapable lot.
 In 1805 he became a professor of history and political
economy at the East India Company’s college.
 Malthus came to prominence for his 1798 essay on
population growth.
 The Malthusian theory of population made a strong
impact on British social policy. It had been believed
that fertility itself added to national wealth; the Poor
Laws perhaps encouraged large families with their
doles.

Ed. Donald G. MacRae. N.p., 24 Aug. 2014. Web. 2 Mar. 2015.
<http://www.britannica.com/EBchecked/topic/360609/Thomas-RobertMalthus/222944/Malthusian-theory>.
Jean-Baptiste Say
（1767 –1832 ）
• a French economist and businessman
• his field is political economy
• He is well known for Say's Law, often summarized as:
"Aggregate supply creates its own aggregate demand",
"Supply creates its own demand",
"Supply constitutes its own demand",
"If you build it, they will come",
“Inherent in supply is the wherewithal for its own consumption”.
• although Say’s Law is named after him, it was originate by James
Mill.
Work cite: Jean-Baptiste Say - Wikipedia, the free encyclopedia. N.p., 15 Jan.
2015. Web. 2 Mar. 2015. <http://en.wikipedia.org/wiki/JeanBaptiste_Say#Say.27s_Law>.
• Mill has been called “the most influential Englishspeaking philosopher of 19th century, and philosophy
built strong base for his later economy research.
• Mill expressed his view on freedom about personal
quality and self-improvements.
• Mill’s major contribution to utilitarianism was argument
for the qualitative separation of pleasures, and he
argued that intellectual and moral pleasures were
superior to physical forms of pleasure.
• Intensive study had injurious effects on Mill’s mental
health and state of mind. At the age of 20, he suffered a
nervous breakdown.
Duncan, Bell. Political Theory. N.p., 4 Feb. 2010. Web. 2 Mar. 2015.
<http://www.newyorker.com/magazine/2008/10/06/right-again>.
Adam, Gopnik. Right Again. N.p., 6 Oct. 2008. Web. 2 Mar. 2015.
<http://www.gutenberg.org/ebooks/10378?msg=welcome_stranger>.
 British
 <Economics of Industry>
 Mary Paley
 Professor of political economy at Cambridge
Citation:
Alfred Marshall
26 July 1842~ 13 July 1924
np, Alfred Marshall - Wikipedia, the free
encyclopedia, wikipedia, 16 Jan. 2015. web. 20
Jan. 2015.
<http://en.wikipedia.org/wiki/Alfred_Marshal
l>
Sara & Luisa
 1. Socialism will fall
 -planners will never have perfect info.
 -leads to totalitarianism
 2. The Road to Serfdom
 -one of the most famous book he wrote
 3. The Constitution of Liberty.
 4. Nobel prize in Economics
 -1974 10.4
1. One of the founders of modern
macroeconomics
(affected the theory and practice)
2. Informed the economic policies of
governments
3. Refined earlier work on the causes of
business cycles
4. Caused a revolution in economic
thinking (state the
idea that free markets would, in the
short to medium
term, automatically provide full
employment)
John Maynard
Keynes
• Marxism influenced Capitalism
• The book <Das Kapital>
• Establishment of plutonomy
• Changed status of proletariat
Jeffrey
Sachs
1.
Millennium Villages Project
2.
Advising in Latin America and postcommunist economies
3.
Work on global sustainable economic development
4.
In 2002 Sachs became director of the Earth Institute of Columbia
University.
 Paul Robin Krugman is an American economist.
 In 2008, Krugman won the Nobel Memorial Prize in Economic
Sciences for his contributions to New Trade Theory and New Economic
Geography
 Krugman is known in academia for his work on international
economics, liquidity traps, and currency crises. Krugman is ranked
among the most influential economic thinkers in the US
 Krugman has written over 20 books, including scholarly works,
textbooks and books for a more general audience, and has published
over 200 scholarly articles in professional journals and edited volumes.
He has also written more than 750 columns on economic and political
issues for The New York Times, Fortune and Slate.