Microeconomics,, 16th Canadian Edition

Dividing through by gives and thus The total expenditure over all rounds is the sum of an infinite series. If we let A stand fo ...

The “rule of 72” says that any sum growing at the rate of X percent per year will double in approximately years. For two sums g ...

constant, , and see that this multiplies the whole value of GDP by : This is easily proved. The banking system wants sufficient ...

Suppose the public wants to hold a fraction, c, of deposits in cash, C. Now suppose that X dollars are injected into the system ...

therefore , which for small percentage changes is very closely approximated by where is the budget deficit and is equal to. The ...

Timeline of Great Economists Adam Smith (1723–1790) Adam Smith was born in 1723 in the small Scottish town of Kirkcaldy. He is p ...

development of modern economics, and even those who have never studied economics know of his most famous work, The Wealth of Nat ...

and spent the next 10 years alone, writing his most famous work. An Inquiry into the Nature and Causes of the Wealth of Nations ...

Thomas Malthus (1766–1834) Thomas Malthus was born into a reasonably well-to-do English family. He was educated at Cambridge, an ...

that the population would double every 25 years. His second proposition was that the means of subsistence (i.e., the food supply ...

Adam Smith’s The Wealth of Nations in 1799, he chose to divide his time between studying and writing about political economy and ...

John Stuart Mill (1806–1873) John Stuart Mill, born in London, was the son of James Mill, a prominent British historian, economi ...

book, Elements of Political Economy. J. S. Mill spent most of his life working at the East India Company—his extraordinarily pro ...

Karl Marx was born in Trier, Germany (then part of Prussia), and studied law, history, and philosophy at the universities of Bon ...

spent for plant and machinery than for wages, which would lead to lower profits (since profits arose only from the surplus value ...

Leon Walras (1834–1910) Leon Walras was born in France, the son of an economist. After being trained inauspiciously in engineeri ...

Pure Economics, published in 1874. In addition to all of Walras’s other accomplishments in economics (and despite his early poor ...

effectively displaced the German historical method on the continent and which survives today as an alternative to mainstream Neo ...

Alfred Marshall (1842–1924) Alfred Marshall was born in Clapham, England, the son of a bank cashier, and was descended from a lo ...

British theorists in the “Cambridge tradition.” His Principles of Economics, published in 1890, replaced Mill’s Principles as th ...