All Posts Tagged With: "David Ricardo"
Keynes’s Ghost
The multiplier argument is founded on two key assumptions that turn out to be false. First is the notion that savings are not spent but rather are withdrawn from the expenditure stream. The multiplier’s second incorrect premise is that government expenditures are “autonomous”; that is, government spending does not depend on current income.
9Jun2009 | James C. W. Ahiakpor | 5 comments | ContinuedFree Trade: History and Perception
In the natural sciences, such as physics, there is a large number of statements that can be made about the world that command general assent from scientists and those with a scientific education. This is not true to anything like the same degree in the human and social sciences, such as economics and history. The [...]
1Mar2006 | Stephen Davies | 0 comments | ContinuedKnut Wicksell: A Sesquicentennial Appreciation
Richard Ebeling is the Ludwig von Mises Professor of Economics and chairman of the economics department at Hillsdale College. In the early months of 1889 a 37-year-old Swedish student named Knut Wicksell was walking through the streets of Berlin in Germany when he happened to notice in the window of a bookstore a recently published [...]
1Dec2001 | Richard M. Ebeling | 1 comment | ContinuedDoes Trade Exploit the Poorest of the Poor?
Roughly 180 years ago David Ricardo discovered comparative advantage. He showed that trade benefits both trading partners even when one is less productive than the other across all activities. There are gains from trade and specialization even in that case.
1Sep2001 | Russell Roberts | 0 comments | ContinuedHappy Birthday, Carl Menger
February 23 is the 161st anniversary of the birth of Carl Menger, founder of the Austrian school of economics. As the economist Joseph Salerno has written, “[I]n its method and core theory, Austrian economics always was and will forever remain Mengerian economics.” It would be hard to overstate how important Menger was in the development [...]
1Feb2001 | Sheldon Richman | 2 comments | ContinuedHow the Theory of Comparative Advantage Saved My Marriage
Ted Roberts is a freelance writer in Huntsville, Alabama, who often writes on public-policy issues. My neighbor is a kindly man with the pink and white complexion of a healthy turnip—and the generosity of a squash plant in dark loam. He has two green thumbs and big hands with long fingers obviously designed to pluck [...]
1Nov2000 | Ted Roberts | 0 comments | ContinuedEconomic Freedom and Economic Growth
One of the most enduring questions in economics is what causes economies to grow. The full title of Adam Smith’s well-known treatise, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776, clearly shows that the causes of prosperity were Smith’s primary concern. He concluded that free markets, the protection [...]
1Feb1998 | Randall G. Holcombe | 26 comments | ContinuedClassical Economists, Good or Bad?
Until the Keynesian revolution in the 1930s, most economists taught the sound principles of classical economics: free trade, balanced budgets, the gold standard, and laissez faire. Adam Smith (1723-1790), the founder of classical economics, has been lionized as the foremost exponent of these principles. David Ricardo, Thomas Malthus, and John Stuart Mill, among others, have played supporting roles.
1Oct1996 | Mark Skousen | 1 comment | Continued-
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