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Full-Text Articles in Economics
9. Economic Liberalism, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
9. Economic Liberalism, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism
Some of the classical economists thought that their function was to describe the general principles of economic life and not to prescribe the means of improving society. Wealth, not happiness, remarked Senior, is the economist's concern. Others, who took more seriously the titles they chose for the books they were publishing, thought differently. [excerpt]
10. Criticism And Revision Of Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
10. Criticism And Revision Of Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism
The work of the classical economists was primarily one of deduction. In a sense it is a tribute to their capacity to draw corollaries and conclusions from basic principles accepted as established truths. The finely spun theoretical model which they constructed was not long immune from attack by several quarters. As we shall see in Chapter XVI, the Marxian Socialists took the labor theory of value and used it to advocate the overthrow of capitalistic society. [excerpt]
8. David Ricardo And Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
8. David Ricardo And Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism
It is David Ricardo, (1772-1823) rather than Malthus who has long been regarded as the more outstanding of the classical economists after Adam Smith. His father was a Jewish immigrant to England who became a prosperous merchant and broker. Ricardo entered his father's business, but after marrying a Quakeress and embracing her faith was forced onto his own resources. By the time he reached his early forties he had gained a large fortune as a stock broker which enabled him to retire to a large rural estate. Here he played the role of landlord and engaged in serious study. In …
6. Classical Economics From Smith To Malthus, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
6. Classical Economics From Smith To Malthus, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism
In 1776, several years after his good friend James Watt had obtained the first patent covering the steam engine and several years before the process for making wrought iron was devised, Adam Smith (1723-1790), a retired professor of moral philosophy at the University of Glasgow, published An Inquiry into the Nature and Causes of the Wealth of Nations. This book was immediately popular. It went through five editions in English and was translated into four foreign languages during its author's lifetime, and has stimulated and provoked Western economic thought and debate down to our own time. It won for …
7. Malthus And The Problem Of Population, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
7. Malthus And The Problem Of Population, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart
Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism
One of the central beliefs of classical economic theory was that there is an inexorable tendency for population to press against the available natural resources, especially those providing the food supply. This doctrine, though not originating with him, was eloquently expressed by Thomas Robert Malthas (1766-1834) in an essay which first appeared in 1798. Malthus, a high-ranking graduate of Cambridge University, was a clergyman in the Church of England before he became a professor of history and political economy at the East India College, Haileybury, in 1805. This college had just been established by the British East India Company to …