History of Economic Thought an der Hochschule Rhein-Waal

Karteikarten und Zusammenfassungen für History of Economic Thought an der Hochschule Rhein-Waal

Arrow Arrow

Komplett kostenfrei

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

studysmarter schule studium
d

4.5 /5

studysmarter schule studium
d

4.8 /5

Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs History of Economic Thought an der Hochschule Rhein-Waal.

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who were the cameralistst?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

What was the main focus of Cameralists?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who were the Physiocrats?

Das war nur eine Vorschau der Karteikarten auf StudySmarter.
Flascard Icon Flascard Icon

Über 50 Mio Karteikarten von Schülern erstellt

Flascard Icon Flascard Icon

Erstelle eigene Karteikarten in Rekordzeit

Flascard Icon Flascard Icon

Kostenlose Karteikarten zu STARK Inhalten

Kostenlos anmelden

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

What were the main ideas of the Physiocrats?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who was Adam Smith?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

What were the main ideas of Adam Smith?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who was Jean-Baptiste Say?

Das war nur eine Vorschau der Karteikarten auf StudySmarter.
Flascard Icon Flascard Icon

Über 50 Mio Karteikarten von Schülern erstellt

Flascard Icon Flascard Icon

Erstelle eigene Karteikarten in Rekordzeit

Flascard Icon Flascard Icon

Kostenlose Karteikarten zu STARK Inhalten

Kostenlos anmelden

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

What were the main ideas of Jean-Baptiste Say?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who was David Ricardo?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

What where the most important ideas of David Ricardo?

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

How was did Utility Function and the Demand emerge?

Das war nur eine Vorschau der Karteikarten auf StudySmarter.
Flascard Icon Flascard Icon

Über 50 Mio Karteikarten von Schülern erstellt

Flascard Icon Flascard Icon

Erstelle eigene Karteikarten in Rekordzeit

Flascard Icon Flascard Icon

Kostenlose Karteikarten zu STARK Inhalten

Kostenlos anmelden

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

Who was John Stuart Mill?

Kommilitonen im Kurs History of Economic Thought an der Hochschule Rhein-Waal. erstellen und teilen Zusammenfassungen, Karteikarten, Lernpläne und andere Lernmaterialien mit der intelligenten StudySmarter Lernapp. Jetzt mitmachen!

Jetzt mitmachen!

Flashcard Flashcard

Beispielhafte Karteikarten für History of Economic Thought an der Hochschule Rhein-Waal auf StudySmarter:

History of Economic Thought

Who were the cameralistst?

  • emerged after 1500 until middle of 19th century in german-speaking lands
  • worked in "Kammer" as consultant and administrator  to royals
  • known as german "Mercantilism"
  • worked as economists, political scientists and lawyers

History of Economic Thought

What was the main focus of Cameralists?

  • practice, generate ability to work effectively
  • high importance on industrial products and agriculture ("German physiocrats")
  • survival of regime, politics over economy
  • military capacity to enforce through government and keep system working
  • Goals were economic development, creation of technologies, human capital, new enterprises and growth of population (Happiness)
  • State seen as participant within economic order as a 'business firm'
  • State should be able to finance itself (state enterprises)
  • Exploitation of natural resources
  • Taxes as last source, shouldn't harm welfare or main needs of taxpayer

History of Economic Thought

Who were the Physiocrats?

  • between 1756 and 1774
  • founders are François Quesnay and the Marquis de Mirabeau
  • theory tries to explain wealth of nation, created first scientific economy system
  • Tableau Economique was main contribution

History of Economic Thought

What were the main ideas of the Physiocrats?

  • wealth of nation is generated by agriculture, only agriculture labour is seen as productive
  • Tableau identifies flows of expenditure generated by initial income: expenditure of one class can be translated into income of another class
  • Wealth needs to circulate freely, state interference should be avoided, first idea of "invisible hand"
  • policies of ceiling price seen as disadvantage to producer, could reduce total amount of food available on market
  • trade as mechanism to equilibrate markets
  • free trade in grains to avoid scarcity and increase wealth, agriculture should produce in large scale with acess to technology
  • Critique: large the poor portion of economy, because markets need a long time to come to steady state, no social welfare, efficiency instead of equality

History of Economic Thought

Who was Adam Smith?

  • main work was Wealth of Nations (1776)
  • view of government: state has obligation to provide defense and system of justice, condition for secure and stable economic growth
  • wealth is what money can buy
  • critique to mercantilism

History of Economic Thought

What were the main ideas of Adam Smith?

  • trade is advantageous when difference in goods production costs between countries
  • Trade when cheaper purchase in another economy
  • Absolute advantage for nation produces larger amount of good or service for same amount of inputs or same amount using fewer inputs (products at a cost price lower than competitor)
  • Absolute advantage comes from worker productivity
  • Theory of Labour Value: Worth or Real Value of Good or Service is objective and comes from hours of human labor, materials and tools used. Also need for surplus of those to make grow possible, since it requires an investment. Determined by general inputs needed at this point of time in society to produce the goods and create a surplus
  • Limitations of theory: on which proportions exchange is made defines the terms of change, what would happen if a country can not produce any good at lower cost? exluded from benefits of specilization and trade?

History of Economic Thought

Who was Jean-Baptiste Say?

  • (1767 - 1832)
  • Classical liberal economist
  • Most famous contribution: Say's Law

History of Economic Thought

What were the main ideas of Jean-Baptiste Say?

  • Say's Law: supply creates its own demand ('Supply law')
  • Hypothesis:
    - price depends on cost of production and utility
    - added value not depends on productivity level inside, but intrinsic factors of product (preferences of consumer)
    - useful objects create value, generates wealth
    - exchange, market forces set price for good, needs to take place when sellers and buyers have different subjective evaluations of utility goods
  • good might be an accepted general initial price in market (in equilibrium or not)
  • Individuals might be rational
  • Cost of production influences perceived utility of producer
  • Say connected utility theory to market equilibrium (macroeconomic theory)
  • general market equilibrium: aggregated supply = aggregated demand
  • theory includes distribution of wealth among participants of economy
  • Interests (price of capital) distinguished from profit (reward of entrepreneur)
  • sum of all distributed revenues = value of total output
  • Social Accounting: national product = Total Income = Total Expenditure
  • Market equilibrium: quantity supplied = quantity demanded
  • no super production, each quantity supplied will find its demand
  • utility that good can offer sets it's market price
  • rationality to reach equilibrium
  • variety of goods create wealth instead of amount of money

History of Economic Thought

Who was David Ricardo?

  • 1772 - 1823
  • liberal, defendant of small government
  • criticism of Smith's theory
  • most important contribution: Theory of comparative advantage in Taxation Policy and Principles of Economics (1817)

History of Economic Thought

What where the most important ideas of David Ricardo?

  • aim for maximization of individual welfare for consumer (utililty maximization) and producer (profit maximization/cost minimization) today known as "general equilibrium model" and "Pareto optimal point"
  • Theory of Comparative Advantage:
    • absolute advantage when country is provided with perfect mobility of factors of porduction, leads to standardization of prices of factors (internally, in international market low or zero factor mobility between countries, excluding free trade areas with free mobility of workers)
    • every nation has certain characteristics which explain which are the goods to be produced, which goods will be exported (produced in excess of domestic demand) and which are imported goods (demanded by consumers, but production does not exist, has been abandond or is insufficient)
    • relative differences between the conditions of production of goods can be defined from opportunity cost
    • sacrificing one unit of a good, two nations increase production of another good in different proportions
      -> comparative advantage, leads to specialization to good that can be produced relatively more efficiently
    • Nations can gain simultaneously: both get larger amount of goods

History of Economic Thought

How was did Utility Function and the Demand emerge?

  • Jeremy Bentham quantifies pleasure of consuming
  • Mill introduces quality as factor to quantify utility and not just quantity consumed
  • Cournot introduces demand as function of price (equilibrum point)
  • Walras derives demand from utility function
  • Edgeworth introduces indifference curve
  • Fisher gives notion of ordinal preference
  • Pareto develops preference and choice theory further

History of Economic Thought

Who was John Stuart Mill?

  • 1806 - 1873
  • promotes principle of subservience of economics to broader social science
  • most important contribution: Principles of Political Economy, heterodox (models created on real situations, antonym ortodoxy)
  • Laissez-faire: free market forces and individual freedom
  • Free-market capitalism could be tempered and guided by hand of goverment

Melde dich jetzt kostenfrei an um alle Karteikarten und Zusammenfassungen für History of Economic Thought an der Hochschule Rhein-Waal zu sehen

Singup Image Singup Image
Wave

Andere Kurse aus deinem Studiengang

Für deinen Studiengang History of Economic Thought an der Hochschule Rhein-Waal gibt es bereits viele Kurse auf StudySmarter, denen du beitreten kannst. Karteikarten, Zusammenfassungen und vieles mehr warten auf dich.

Zurück zur Hochschule Rhein-Waal Übersichtsseite

Theories of International Relations

Microeconomics

Comparative politics

Domestic Policy

Business Law

Competition & Regulation

International Taxation

History of English an der

Universität Wien

History of English an der

Universität Freiburg im Breisgau

History an der

School of Banking and Management in Cracow

History an der

HafenCity Universität Hamburg

History an der

HafenCity Universität Hamburg

Ähnliche Kurse an anderen Unis

Schau dir doch auch History of Economic Thought an anderen Unis an

Zurück zur Hochschule Rhein-Waal Übersichtsseite

Was ist StudySmarter?

Was ist StudySmarter?

StudySmarter ist eine intelligente Lernapp für Studenten. Mit StudySmarter kannst du dir effizient und spielerisch Karteikarten, Zusammenfassungen, Mind-Maps, Lernpläne und mehr erstellen. Erstelle deine eigenen Karteikarten z.B. für History of Economic Thought an der Hochschule Rhein-Waal oder greife auf tausende Lernmaterialien deiner Kommilitonen zu. Egal, ob an deiner Uni oder an anderen Universitäten. Hunderttausende Studierende bereiten sich mit StudySmarter effizient auf ihre Klausuren vor. Erhältlich auf Web, Android & iOS. Komplett kostenfrei. Keine Haken.

Awards

Bestes EdTech Startup in Deutschland

Awards
Awards

European Youth Award in Smart Learning

Awards
Awards

Bestes EdTech Startup in Europa

Awards
Awards

Bestes EdTech Startup in Deutschland

Awards
Awards

European Youth Award in Smart Learning

Awards
Awards

Bestes EdTech Startup in Europa

Awards