Great Economic Ideas

Trace the tensions over time between natural law/laissez-faire beliefs and activist/interventionist positions in economics. Survey the ideas of “Father of Capitalism” Adam Smith and his precursors. See Smith's influence on the classical economists who followed him--Thomas Malthus, David Ricardo, John Stuart Mill, and Karl Marx. Economic theories evolved into the Marginalist and Austrian schools of thought--most prominently Alfred Marshall, Karl Menger, and Joseph Schumpeter. By the early 20th century John Maynard Keynes and his followers offered new economic theories, as did Milton Friedman, the Chicago School, and New Classical Economics.

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