02bGottNeoclassConLibRadShow

02bGottNeoclassConLibRadShow - History of Economic Thought...

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History of Economic Thought Reader, “Adam Smith’s Theory of Capitalism” (On reserve: The Worldly Philosophers , Heilbronner.) Classical Political Economy ( or “Classical Liberalism”) Emerged with Industrial Revolution Adam Smith ( Wealth of Nations,) 1776) and David Ricardo (1810-20) Focus: classes and politics Workers, landlords, capitalists Production and distribution of economic surplus Profits and rents Landlords: “parasites” Value determined by labor (“Labor theory of value”) Capitalism: provides rapid increase in production (and wealth) for a nation Laissez-faire : government should not interfere with markets But Adam Smith advocated “ limited laissez-faire Education (including workers) Cultural institutions
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Socialism and Marxist Tradition Reader, “The Meaning of Marxism” Karl Marx and Friedrich Engels (1850 ff.) Also Political Economy and history Also focused on classes * “Labor theory of value” Developed critique of capitalism Exploitative Periodic crises Active in socialist political movement to overthrow capitalism * Reader, “The Meaning of Marxism: What we Mean by the Working Class.”
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Neoclassical Theory [ Reader, “Neoclassical Economics.” ] Alfred Marshall (late 19 th - 20th century) In part, a reaction to Marxism and focus on class
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02bGottNeoclassConLibRadShow - History of Economic Thought...

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