ECON 111 Notes - History of Econ. Thought

ECON 111 Notes - History of Econ. Thought - ECON 111 Notes...

Info icon This preview shows pages 1–3. Sign up to view the full content.

ECON 111 Notes - History of Econ. Thought I. Pre-mercantilism a. Aristotle—first true scientist II. Mercantilism a. 1550-1750 certain philosophy is about one thing, try to answer the question: How can we make a nation wealthy? (Increase wealth of a country) b. Mercantilist say that the goal is to accumulate gold o Export and don’t import o Conquer or acquire territory o Enslave the people III. Criticism of Mercantilism a. Tomas Mun (1630) o Book on Mercantilism Why mercantilism is a good idea o Mentions that there might be a small problem with the theory that we should accumulate more and more gold o Problem is INFLATION b. David Hume (1752) o Is Mercantilism logical or not? o Mercantilism is illogical self-defeating o Ex: Mercantilist say: Export, don’t import Increase in gold
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Money supply in country is increasing Prices of domestic goods go up Exports go down, incentives for import goes up o SPECIE FLOW MECHANISM ^ c. Adam Smith (1776) The Wealth of Nations o
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ 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