ECON 5705 Midterm Paper Brendan O’Neal

ECON 5705 Midterm Paper Brendan O’Neal -...

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Brendan O’Neal Brendan O’Neal ECO 5705 Midterm Paper Review of “The Worldly Philosophers” Heilbroner’s work, “The Worldly Philosophers,” gives a complete overview of the great economic thinkers of the last several centuries. How these great economic thinkers conveyed their ideas have had an impact on how the world views the distribution, creation, and acquisition of wealth. The men that are reviewed in the book are not ancient, or very old in comparison to history, philosophy, or civilization; these men who are reviewed are only as old as the late 18 th century. Economics has existed since the beginning of civilization, though its label has only evolved in the past several centuries. Basic economics as a system is simple; it relies on a small group of people who produces all it needs and consumes all that it produces. A market economy is a bit more complicated; decisions within this system are decentralized. A planned economy is a centrally run economy under one authoritarian command. It appears throughout texts and literature, that none of these economies exist in its described form; the world’s economies today in leading countries can best be described as mixed economies. They allow free enterprise, free trade, ingenuity, profit, and growth. The thinkers that I will review throughout this paper begin with Adam Smith, and will discuss David Ricardo, Karl Marx, Thorstein Veblen, John Maynard Keynes, and Joseph Schumpeter. Adam Smith may be best known for works like
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ECON 5705 Midterm Paper Brendan O’Neal -...

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