Timeline of economics
Category: Other
Updated: 15 Sep 2021
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Created byYakov Baltser
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First economical revolution/first classical school of economics was borndeveloped shortly after the birth of capitalism and was based on theories such as: value, price, supply, demand, and distributionAdam Smith (the father of modern economics)marginal revolutionThe marginal revolution was created because of the idea of marginal decision makingWilliam Jevons, Leon Walras, and Carl mengerFirst visual model of supply and demandAlfred Marshall published the "Principles of Economics" which included the first visual model of supply and demand.Alfred Marshall (1842-1924)Periods
Jean Bapiste ColbertUsed gold and silver to measure value which gave them an incentive to maximize exports.MercantilismDevelopment of classical economicsThis was the century that classical economics flourished throughout the world thanks to international trade.- David Ricardo (developed the law of comparative advantage
- Jean-Bapiste Say (famous for Say's law of markets "supply creates its own supply")Keynesian economicsThe theory of focusing on economics as a whole (macroeconomics) was created.John Maynard Keynes 1883-1946 (often known as father of macroeconomics)Karl Marks (1818-1883)Published the book "Das Kapital", where he criticized the idea of capitalism. A century later, one-third of the world's political systems were based on his ideas.Monetarism, New classical Economicstheory that goverments should not manage the level of demend in an economy, Monetarists believed that economic growth is only caused by the total abount of money in the economyRobert Lucas Jr. (1937-)Milton FriedmanBehavioral economicsEconomic model which incorperates the insights of psychologyRichard Thaler (1945-)Linear EconomyFirst, a product is made from natural resources, once used, the products are disposed, and eather end up in landfill sights, or incinerated. This is responsable for overexploitation and degradation. Presents great vchallangesd to sustainability.Circular economyproducts specifically designed for long-lasting use, and after reused and recycled into new products. Described as a regenerative and restorative approach.Kate Raworth (1970-)Described the model of circular economy, known as emedded economy. The key feature of embeded economy is the interdependence in between the economy, society and the enviroment.
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