Ricardo argued nations should specialise in these industries where they had been relatively better than other countries. Adam Smith (1723-1790) was a Scottish social philosopher and pioneer of classical economics. He is best recognized for his work ‘The Wealth of Nations‘ which laid down a framework for the idea of classical free-market economics.
His most significant financial contributions have studied entrepreneurship. Whereas neoclassical economics careworn perfect competition, Kirzner criticized this angle in his guide Competition and Entrepreneurship on the grounds that it beneath-emphasized the significance of entrepreneurs.
What Is Homo Economicus?
John Hicks (1904 – 1989) British economist. Highly influential in strengthening Keynesian macroeconomic principle by way of his IS-LM principle of Demand, interest rates and cash supply. He additionally worked on shopper demand concept in micro-economics.
Smith’s works have been dissected, referenced, critiqued and defended by various economists and economical colleges, however none can dispute his super influence on … Read More