Presentation.1.ECO.202-501 - 10 Famous Economists Facts...

This preview shows page 1 - 7 out of 33 pages.

10 Famous Economists Facts, Theories, and Personal Applications By Bryant Bell For Microeconomics 202 – Section 501
Image of page 1

Subscribe to view the full document.

Friedrich Engels Born: November 28 th , 1820 in Barmen, Prussia Died: August 5 th , 1895 in London England Early Life Came from a well-to-do, business family Influenced by the writings of Hegel Became a militant atheist Notable Facts An early proponent of communism Formed close bond and collaborated with Karl Marx on works such at The Communist Manifesto Refined Marx’s ideas, making them more digestible for public consumption
Image of page 2
Friedrich Engels Theory While scholars have trouble separating the ideas uniquely attributable to Engels from those of Marx in such works as Das Kapital , they can assess some directly attributable to Engels from his writings published before he began his relationship with Marx. Perhaps the most important of those is his theory of technological determinism. Contrary to many of his contemporaries who believed that technological advances increased productivity, wealth, and the standard of living in a manner benefitting all classes, Engels takes the view that these advances contribute to poverty by simultaneously supplanting laborers and promoting unsustainable population growth.
Image of page 3

Subscribe to view the full document.

Friedrich Engels Personal Applications Though I think history since the time of Engels has called into question his theory of technological determinism – for instance, we have seen a growth in the global middle class over the last century, and one often finds reports in today’s news of cell phones catalyzing leaps of efficiency in business practices in developing countries – it may be on the precipice of new relevance. Automation and artificial intelligence, among other advancements, threaten to make much of human labor obsolete. While conveniences such as making a bank transfer from my iPhone versus having to visit a bank in person increase my potential for productivity, I am cognizant of the increased competitiveness technology creates as it squeezes the bounds of labor, the reason for which I am striving to pursue more specialized and marketable skills through education.
Image of page 4
Vilfredo Pareto Born: July 15 th , 1848 in Paris, France Died: August 19 th , 1923 in Geneva, Switzerland Early Life Father was an Italian engineer and mother a Frenchwoman of humble origins Family moved from Paris to Italy during early childhood (1852) Completed high school at the age of 16 Notable Facts Pursued both industry and politics unsuccessfully Eventually gave up economics to focus exclusively on sociology Publications include Cours d’économie politique (1896–97), Manuale d’economia politica (1906), and Mind and Society (1916)
Image of page 5

Subscribe to view the full document.

Vilfredo Pareto Theory With his theory of income distribution, Pareto asserted that the distribution of wealth among classes was static and derived from human nature. With the Pareto efficiency (or optimality), he argued that well-being among members of a society was interdependent insofar that improvement in
Image of page 6
Image of page 7
  • Spring '14
  • FOX
  • Economics, Microeconomics, Nobel Prize, early life, Vilfredo Pareto, Paul Krugman. Paul Robin Krugman, Personal Applications

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern