History of Economic Thought

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History of economic thought Theorists who have shaped the development of economy and economic thought through the centuries have invariably been affected by their countries and situations. That this is so can be traced by eh thoughts of some of the most prominent economic theoreticians that include Smith, Ricardo, Malthus, Marx, and Keynes. Each of these in turn has produced their own ideas about reproduction of labor force in classical political economy. Labor has traditionally been related to growth outcome of product and trade, rise (and as some see it negative influence or increasing rationalization) of capitalism, and complexity of industrialization. Adam Smith is widely considered the founder of economics and the father of capitalism. What is less well known is the fact that he was influenced by French philosophers and writers who shared his dislike of mercantilism. Influenced by these writers, Smith developed the theory of an invisible hand that became the bedrock of Western Capitalism. Often misquoted, Smith is both praised and discredited as the father of one of the most influential movements in history. Smith was the first oen who was prescriptive rather than descriptive and hence the popularity of his system. According to Smith, in his Wealth of Nations, competition is the foundational source of national wealth and governments should refrain and abstain from interfering in free trade. On the contrary, tariffs, taxes, and other regulations should serve purely
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