Analysis of New Ideas from Dead Economists Essay

Todd G. Buchholz defines economics as the study of choice. Economists examine the consequences of the choices people make. The creation and evolution of economics over centuries came from the ideas of four economists: Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill, Karl Marx, Alfred Marshall and John Maynard Keynes. These well respected economists help the theory of economics grow and become what it is today. Economics started with the ideas of Adam Smith. He is credited as the first true economist. He had never taught nor took a class in economics. In his book The Wealth of Nations Smith alludes to the idea that self interest motives allows a nation to prosper entirely. People do something in order to gain something.†¦show more content†¦Smith advocated for free trade for a country. A country should export more than it imports. This stimulates the growth of the economy. Adam Smith was an optimist who sought the best for his country. On the other hand, Thomas Malthus had little hope for the future. He believed that the world’s population will increase faster than the production of food. The human race, he believed, would starve and there would be periods of chaos. Malthus said that the population increases at an exponential rate, nearly doubling amount. There is no way food growth would be able to catch up with population growth. Malthus’ solution was â€Å"War, Famine, and Plagues†. He believed that was the only way to decrease population and hopefully salvage the human race. These events would increase death rates liberating the world of disaster. Malthus tried to persuade lower classes form creating children and from marriage. At that time the lower classes were considered to be given higher wages, which would increase the makings of children and marriages. Thomas Malthus pleaded with everyone to make a change in order to decrease population. David Ricardo agreed with both the ideas of Malthus and Smith. Ricardo strongly argued for free trade. The idea of â€Å"cooperative advantage† emerged. The simply says that a nation should produce only the goods it best produces, rather than it producing every necessity. Then the nation will be able to buy the good that it needs for cheaper andShow MoreRelatedBook Report for Todd Buchholz’s â€Å"New Ideas from Dead Economists658 Words   |  3 PagesBook report for Todd Buchholz’s â€Å"New Ideas from Dead Economists This was a great read! Not only was it very informing on past and present economic thought, but it made economic issues seem exiting, ironic, and understandable. He connects economic principles with past and modern events like the fall of communism, global warming, overpopulation, and politics. Issues I didn’t even know existed were brought to life for me with his stories. 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