New PDF release: The Economics Book

By DK Publishing

ISBN-10: 1465407774

ISBN-13: 9781465407771

[/i] From Aristotle and Thomas Aquinas to Adam Smith, John Maynard Keynes, and the pinnacle fiscal thinkers of at the present time, [i]The Economics Book will take you on a trip via centuries of concept, elucidating even the main complicated of innovations. The Economics Book is the fundamental reference for college students and for someone with an curiosity in how economies paintings.

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Extra resources for The Economics Book

Example text

For the remainder of his life he moved between Ireland and England, both physically and in the focus of his work. Petty is regarded as one of the first great political economists. He died in 1687, aged 64. Key works 1662 Treatise of Taxes and Contributions 1690 Political Arithmetick 1695 Quantulumcunque Concerning Money 38 LET FIRMS BE TRADED PUBLIC COMPANIES IN CONTEXT FOCUS Markets and firms KEY THINKER Josiah Child (1630–99) BEFORE 1500s Governments grant merchants the monopoly of trade within specific regions.

LET TRADING BEGIN 45 The interdependence of consumers and producers was first illustrated by Quesnay. Consumers rely on producers for goods and services, who in turn rely on the consumers for sales and labor. Goods and services Consumer expenditure Households Wages, rent, dividends Firms Labor around the economy. The value of the total product of an economy is equal to the total income earned —a notion that was an important part of Quesnay’s theory. 164–65). ” This idea has obvious links to This system… is, perhaps, the nearest approximation to truth that has yet been published on the subject of political economy.

It involved time and distance, so it suffered from what has been called the “fundamental problem of exchange” —the danger that someone will run off with the goods or the money after a deal has been struck. To solve this problem, the “bill of exchange” was developed. This was a piece of paper witnessing a buyer’s promise to pay for goods in a specific currency when the goods arrived. The seller of the goods could also sell the bill immediately to raise money. Italian merchant banks became particularly skilled at dealing in these bills, creating an international market for money.

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The Economics Book by DK Publishing

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