Competing Schools of Economic Thought by Lefteris Tsoulfidis

By Lefteris Tsoulfidis

The maximum works of economists have the aptitude to supply insights on present monetary advancements and coverage demanding situations lengthy once they are written. This publication seeks to enquire the evolution of the center principles and coverage options of the main faculties of monetary inspiration, and to provide and severely review these theories that experience survived over the years and will tell us approximately present advancements and monetary rules. The theories of significant economists are provided and used to advertise an realizing of the underlying mechanisms of the economic climate and to handle modern difficulties and concerns. furthermore, the booklet explores the attention-grabbing dynamics of transferring from one tuition of monetary notion to a different. every one bankruptcy concludes with a precis, severe comments, a suite of questions for mirrored image and dialogue, and proposals for extra reading.

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Eatwell (1977, pp. 61–68) argues that Smith thought that the market prices are determined by supply and demand but not by the intersection of demand and supply curves. Market prices depend on a variety of forces which include uncertainty, bad crops, monopoly, etc. Consequently, they cannot be determined in terms of systematic forces, as is the case with natural prices. 6 Smith’s Model of Economic Growth It is important to bear in mind that Smith was describing an economy in transition from feudalism to the market system.

The idea is that if we are looking at the fundamental economic problem of the production of wealth of a nation as well as of its distribution, then we are unavoidably confronted with the problem of price determination. There is no 3 Adam Smith’s Wealth of Nations 26 doubt that economic agents in a market society follow price signals in order to decide upon questions of production and distribution. At first glance, it seems that prices are dependent on the forces of supply and demand, but on further examination, one discovers that supply and demand are themselves governed by something more fundamental, which is (for Smith and the classical economists in general) the ‘principle of equal profitability’, and that there is another set of more fundamental prices (natural prices) that regulate the fluctuations of actual prices.

By preferring to support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. 2 The ideas that are developed in the next pages are based to a great extent on Heilbroner (1981).

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