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Economic thought

  • 1550


    The prosperity of a nation depended on the capital it might have. As for capital this was represented by the precious metals that the state maintained under its power.
  • Period: 1571 to

    Thomas Mun (mercantilist)

    Was the directir of the east India trade company. He is known for introducing the multilateral balance of payments, wich consisted on the net of all export and import payments of a state and should be positive
  • Period: to

    Important event (mercantilist)

    -East India Trade Company founded.
  • Period: to

    Important event (mercantilist)

    -The thirty years war
  • Period: to

    Jean-Baptiste Colbert (mercantilist)

    His work allowed France to become a European power in the 2nd half of the seventeenth century trough a program of economic reconstruction.
  • Period: to

    William Petty (mercantilist)

    Foreshadowed Keynes 10% unemployment theory
  • Period: to

    David Hume (mercantilist)

    Considered a precursor to Adam Smith, he criticized the mercantilist theories and physiocratics prevailing in his time. He attacked the landowners considering that they did not contribute to the increase of the nation wealth
  • Physiocratic

    This school is defined by the rule of nature "land development"; aimed to reduce goverment influence and shifted the wealth of nations towards production. This school is perhaps the first well-developed theory of economics
  • Period: to

    Important event (physiocracy)

    The 7 years war
  • Period: to

    Important event (Classical)

    The industrial revolution
  • Period: to

    Richard Cantillon (physiocratic)

    His work "Essai" is considered the first complete treatise on economics. He dealt with cause and effect methodology, monetary theory and first-taking. It had significant influence on the works of Smith, Say, Bastiat and Quesnay
  • Period: to

    Jacqes Turgot (physiocratic)

    He reconized the function of the division os labor, investigated how prices were determined, an analyzed the origins of economic growth
  • Period: to

    Francois Quesnay (physiocratic)

    Distinguishes between three sectrors
    1.- Manufacturin sector
    3.-The idle
    He make the first circulatory diagram.
  • Classical

    -is widely regarded as the first modern school of economic thought.
    Is the source of the concept of the "invisible hand". Claime that free markets regulate themselves, when free of any intervetion.
  • Marxist

    Karl Marxs developed these socialist economic ideologies and prediction after seeing the opress and explotation. Characterized by the oppressed work force establishin its own dictatorship and one social class
  • Period: to

    Malthus (classical)

    He's famous for his theory on population growth. He claimed people are poor because they are immoral cause their pruduce more children that they can support. He thought property owners are morally superior.
  • Period: to

    Say (classical)

    He is known to have systematized the works of Smith. also fos his law, wich states that supply creates his own demand, this implting that markets do not need help in crating purchasing power. This is been used to advocate for free markets
  • Period: to

    David Ricardo (Classical)

    Grew himself popular with his theory of comparative advantage, wich implies that trading is useful for everyone, even poorer nations
  • Period: to

    Important event (classical)

    The Corn Law
    Omposed tax on imported grain
  • Period: to

    Stuart Mill (classical)

    He foresaw the need for many concepts, such as the involvement of the goverment to correct inevitable inequalities.
  • Period: to

    Karl Marx (marxist)

    Scientific socialism. He scarcely raised the way in wich the socialist state and economy should be organized once power has been conquered.
  • Period: to

    Friedich Engles (marxist)

    he did his work with KArl MArx. Laid the groundwork for modern communism.
  • Period: to

    Smith (classical)

    He became famous with the Division of Labor and the Invisible Hand.
    It discussed our tendency to admire the wealthy and look down upon the poor. Although Smith thought this was necessary, he worried it corrupts our moral compass.
  • Neoclassics

    Assumes that people have rational preferences, and act independetly based on full informaton. The economy is thought to arrive at an equilibrium
  • Period: to

    Alfred Marshal (neoclassic)

    His legacy is the Marshal Equilibrium, facilitated by the push and pull mechanism of supply and demand. A theory prices, this model mathematically shows that all markets can clear.
  • Period: to

    Pareto (neoclassical)

    He posed that an elite minority is universally necessary, because the majority of people is unable to think rationally. so in the interest of the majority the rational minority put foward ideas that give the majority the mental framework they need to move foward.
  • Period: to

    Jevons (neoclassical)

    He believed that there were certain laws in economics that were true troughout time. He considered economics to be the science of pleasure and pain, and assumed individuals rationally pursue a maximization of their self-interest.
  • Period: to

    Lenin (marxist)

    His leadership served him to be among the protagonist of the October revolution oh 1917 and to be, five years later, the supreme leader of the USSR
  • Period: to

    Walras (neoclassical)

    He formulated the marginal theory of value, and became the father of the economic equilibrium. Walras puts forth the general equilibrium scheme, wich was then expanded on by Pareto Optimality.
  • Period: to

    "Che" Guevara

    He contributed to the revolutions in Africa and other latinamericans countries.
    Dedicate part of his intellectual work to investigate the ways of organizing economic activity in socialism.
  • Keynesians

    Keynes' publication of the General Theory set in motion the "Keynesian revolution".
    Is a school of macroeconomic. His work changed the way people thought of the relationship between governmrnt and the economy
  • Period: to

    Keynes (keynesian)

    He built bussines cycles, his work affected the theory and practice of modern macroeconomic, and informed the economic policies of goverments.
  • Period: to

    Omportant event (keynesian)

    World war II
  • Period: to

    Jhon Hicks (keynes)

    He had many contributions on the field of economics were his stament of consumer demand theory in microeconomics.
  • Period: to

    Franco Modigliani (keynesian)

    Formulate the important Modigliani-Miller theorem incorporate finance. Originator of the life-cycle hypotesis.
  • Monetarism

    Macroeconomic school that emphasizes
    1.- Long-run monetary neutrality
    2.-Short-run monetary nonneutrality
  • Period: to

    Milton Friedman (monetarist)

    20th century's most prominent advocate of free markets. He was awarded the nobel prize in economics.
  • Period: to

    Anna Schwarts

    Coauthor of the infamous monetary bible "A monetary History of the United States"
  • Period: to

    Paul Samuelson (keynesian)

    Essential in creating the neoclassical synthesis, wich incorporated Keynesian and neoclassical principles and still dominates current mainstream economics
  • Period: to

    Friedrich A Hayec

    Made fundamental contributions, like the best-known called Austrian economics. "A claim for equality of material position can be met only by a government with tatalitary powers"