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Please explain classical political economy view of market mechanism in regards to Adam smith, Ricardo and Say
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- In light of Adam Smith, Ricardo, and Say, please explain the classical political economy perspective on the operation of the market.Are there any reasons why Smith's model of capitalism might not be a successful argument in favor of the free-market system? Explain.What does the invisible hand concept, introduced by Adam Smith, refer to in economics? A. The role of government in regulating markets B. The self-regulating nature of markets where individuals pursuing their own self-interest unintentionally benefit society C. The importance of charity and philanthropy in economic development D. The role of central banks in controlling interest rates
- Discuss the role of market mechanism in economicwhat are the four structures in economicsa. If “everyone used to be poor,” then how did some ancient civilizations afford to create massive buildings such as the pyramids of Egypt and the Buddhist statues of Afghanistan? "Everyone used to be poor" is a general statement regarding economic history with some notable exceptions, namely the civilizations that produced these monuments. Ancient civilizations lasted for hundreds of years. The political stability afforded by such longevity outweighed the lack of wealth these civilizations had. Ancient civilizations usually operated under a single ruler, allowing for more efficient allocation of resources than under decentralized power structures such as democracy or competitive markets. Civilizations that controlled many poor people could concentrate their limited wealth and labor resources toward one giant project.
- What are the things that we can learned from Adam Smith's Wealth of Nation that related to modern economics and how we can make him as a role model?Describe the modern capitalist system. (explain in 10-12 sentences)Economics what is the rational expectations, representative agent model, and why is it useful in the study of macroeconomics. ?
- Please answer correct explain please asap please Don't answer by pen paper. What are the main characteristics of each of the three economic ideologies we've analyzed in our class - mercantilism, liberalism and nationalism? What's common and what's different between these three templates? What historical processes provided the background to the rise of mercantilism, liberalism (Adam Smith) and nationalism (Friedrich List)? Please outline each of these templates and identify important differences between them.How is it that the problem of who to produce for is resolved in the capitalist system?Why we study microeconomics ? Discuss the origins of macroeconomics . Also explain the reasons why classical theories of economic system failed at some points ?
