The Economics Book
39 See also: Demographics and economics 68–69 ■ The labor theory of value 106–07 ■ The emergence of modern economies 178–79 ■ De ...
MONEY AND GOODS FLOW BETWEEN PRODUCERS AND CONSUMERS THE CIRCULAR FLOW OF THE ECONOMY ...
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42 I n economics one can think small—microeconomics—or one can think as large as the entire system: this is the study of macroec ...
43 landowners produce nothing. They spend their $2 million equally between farming and artisan products, and consume all of them ...
44 THE CIRCULAR FLOW OF THE ECONOMY by John Maynard Keynes (p.161) in the 1930s, when he pointed out the beneficial effects of a ...
LET TRADING BEGIN 45 The interdependence of consumers and producers was first illustrated by Quesnay. Consumers rely on producer ...
46 PRIVATE INDIVIDUALS NEVER PAY FOR STREET LIGHTS PROVISION OF PUBLIC GOODS AND SERVICES E ven within a well-functioning market ...
47 Lighthouses are a public good from which it is hard to exclude non-payers, and which many people can use at the same time. Th ...
THE AGE OF REAS 17 7 0 –18 2 0 ...
ON ...
50 T oward the end of the 18th century much of the world was undergoing enormous political change. The so-called Age of Reason p ...
51 description of what we now know as capitalism. However, The Wealth of Nations was far more than a description of the economy ...
52 M ost economic models are underpinned by the assumption that humans are essentially rational, self- interested beings. This i ...
53 Monks who lead a life of fasting and prayer, denying worldly goods in the expectation of an afterlife, act rationally within ...
THE INVISIBLE HAND OF THE MARKET BRINGS ORDER FREE MARKET ECONOMICS ...
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56 A ccording to the Scottish thinker Adam Smith, the West had embarked on a great revolution before the 18th century, with nati ...
57 See also: Economic man 52–53 ■ The division of labor 66–67 ■ Economic equilibrium 118–23 ■ The competitive market 126–29 ■ Cr ...
58 FREE MARKET ECONOMICS Smith described the ways in which labor, landowners, and capital (here invested in the horses and plow) ...
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