1,141
4
Essay, 2 pages (300 words)

Econ 5110 history of economic thought

Assignment is due History of Economic Thought A) Marshall’s attention was mainly directed towards microeconomic problems but aggregative theme had a place in his thought. He perceived the major economic question as determination of general price level. He developed a general price level developed around a version of “ quantity theory” of money (Barber 186). Marshall modified the existing procedure on this theory by shifting focus from rate of money turnover to an examination of money balances the community held. Marshalls cash balance approach was later to open up a fresh analytical horizon from one of his pupils (Barber 186). He maintained that the amount of money held was determined by institutional arrangements of the economy and could be treated as a constant on ceteris paribus assumptions (Barber 187). According to Marshall, despite the state of society, there was a certain amount of resources, people of various classes kept in form of currency, and if all remained same, there was a relation between volume of money and price levels. If one increased by five percent, the other would also increase by five percent.
B)
In the seventeenth century, many writings on economic policies by businesspersons and merchants existed. These were arguing in favour of policies that supported them. However, despite the biasness, some economists like Francis Bacon and Rene Decartes showed subtle and careful analysis. This seventeenth century economic thinking in England was mercantilist as typified by the doctrine of balance-of-trade. Irrespective of the actual aim of these writers, their doctrines were used to support protectionist interests rather than general economic interest that would be important to the whole economy. Compare to the neoclassical economist whose policies focused on general price levels, output, and income distribution, these economists were more biased.
Work Cited
Barber J. William. A History of Economic Thought. Harmondsworth: Penguin Books, 1967.
Print.

Thank's for Your Vote!
Econ 5110 history of economic thought. Page 1
Econ 5110 history of economic thought. Page 2
Econ 5110 history of economic thought. Page 3

This work, titled "Econ 5110 history of economic thought" was written and willingly shared by a fellow student. This sample can be utilized as a research and reference resource to aid in the writing of your own work. Any use of the work that does not include an appropriate citation is banned.

If you are the owner of this work and don’t want it to be published on AssignBuster, request its removal.

Request Removal
Cite this Essay

References

AssignBuster. (2022) 'Econ 5110 history of economic thought'. 28 August.

Reference

AssignBuster. (2022, August 28). Econ 5110 history of economic thought. Retrieved from https://assignbuster.com/econ-5110-history-of-economic-thought/

References

AssignBuster. 2022. "Econ 5110 history of economic thought." August 28, 2022. https://assignbuster.com/econ-5110-history-of-economic-thought/.

1. AssignBuster. "Econ 5110 history of economic thought." August 28, 2022. https://assignbuster.com/econ-5110-history-of-economic-thought/.


Bibliography


AssignBuster. "Econ 5110 history of economic thought." August 28, 2022. https://assignbuster.com/econ-5110-history-of-economic-thought/.

Work Cited

"Econ 5110 history of economic thought." AssignBuster, 28 Aug. 2022, assignbuster.com/econ-5110-history-of-economic-thought/.

Get in Touch

Please, let us know if you have any ideas on improving Econ 5110 history of economic thought, or our service. We will be happy to hear what you think: [email protected]