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united nations
finances millenium development goals (MDG)
international development Association (IDA)
finances United Nation (UN)
classical growth theory
modern category of economic theory that is applied to the work of several economist
developed by most British economist during the industrial revolution
Adam Smith
father of modern economics
scottish economist
wealth of the nation
Adam smith wrote the book ______
Adam Smith
defines the economics as an inquiry in to the nature and causes of the wealth of the nations
familiar in the law of supply and demand
leave alone theory
laissez-faire theory aka ______ : promotes market capitalism (free market) opposing government intervention and business operations
david ricardo
he extended the theory of Adam Smith
david ricardo
he also develop the concept of comparative advantage (country or location especialization)
gains from trade
this is the extra production/output from international trade
karl marx
father of modern socialism
marxism theory
the means of production should be held by the ones operated them
milton friedman
american economist
monetarism theory
monetarism theory
money supply is the primary factors which drives different economics situation (value of money)
john maynard keynes
father of macroeconomics
keynesian theory
promotes government spending on infrastructures and education to increase consumer demand (makes accessible and affordable to the public)
thomas malthus
an economist and philosopher proposed malthusian theory
population theory
malthusian theory also known as ______
malthusian theory
human population grows faster than food supply
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