David Orrell,Borin Van Loon

Introducing Economics

    Xuraman Memmedovahas quoted2 years ago
    Economics, and money itself, are also based on the Pythagorean idea that all things can be reduced to number.
    Xuraman Memmedovahas quoted2 years ago
    enlightened. “Nature has placed mankind under the governance of two sovereign masters – pain and pleasure … The principle of utility recognizes this subjection, and assumes it for the foundation of that system, the object of which is to rear the fabric of felicity by the hands of reason and of law.”
    Xuraman Memmedovahas quoted2 years ago
    The philosopher David Hume later pointed out that it was in any case impossible to maintain a constantly positive balance of trade. A surplus of exports would result in more money entering the country, which would increase money supply, which would cause inflation. Prices would rise, resulting in fewer exports.
    Xuraman Memmedovahas quoted2 years ago
    For example, an apple on a tree is of no use to anyone. But by picking it, a worker mixes his or her labour with the apple, thus giving it value.
    His labour hath taken it out of the hands of nature … and hath thereby appropriated to himself.

    The job of the government is not to assign these natural property rights, but to protect them. This is Locke’s idea of the social contract.
    Xuraman Memmedovahas quoted2 years ago
    Reason in man is rather like God in the world
    Kiran Morehas quoted5 months ago
    The law of economic gravity
    In a competitive market, if a particular good were too expensive, then more suppliers would enter the market, supply would increase, and competition would drive the price down. If the price were too low, then suppliers would go broke or leave the market, and the price would go up.
    Kiran Morehas quoted5 months ago
    excess money supply would just create inflation. Smith therefore drew a distinction between real and nominal prices.
    Kiran Morehas quoted5 months ago
    David Hume and Sir James Steuart, whose tract An Inquiry into the Principles of Political Oeconomy introduced the phrase “supply and demand”
    Kiran Morehas quoted6 months ago
    Quesnay believed that the ultimate source of wealth is agriculture.
    Kiran Morehas quoted6 months ago
    Physiocrats are considered to be the first properly organized group of economists.
    Kiran Morehas quoted6 months ago
    Because mercantilists aimed to maximize exports, they favoured an artificially low exchange rate, which made goods cheaper to produce
    Kiran Morehas quoted6 months ago
    Locke’s Two Treatises on Government (1689) argued that the role of the state is to protect the rights and freedoms of its citizens. One of the key rights was property rights, which Locke believed are generated when people mix their labour with the material world.
    Kiran Morehas quoted6 months ago
    According to mercantilism, the aim of economic policy was to produce low-cost goods for export, and thus maximize the country’s share of overall monetary wealth
    Kiran Morehas quoted6 months ago
    People are indeed the essential of commerce, and …
    Kiran Morehas quoted6 months ago
    Isaac Newton (1643–1727) derived his laws of motion and the law of gravity in his Principia Mathematica (1687).
    Kiran Morehas quoted6 months ago
    Gold is a wonderful thing! Whoever possesses it is master of everything he desires.
    Kiran Morehas quoted6 months ago
    One of Aristotle’s teachings was that the Sun rotated around the Earth. This idea was warmly endorsed by the Church, since in their interpretation it put God’s greatest creations – ourselves – at the centre of the cosmos.
    Kiran Morehas quoted6 months ago
    first recognized universities were in Bologna (1088), Paris (c. 1150), and Oxford (1167).
    Kiran Morehas quoted6 months ago
    The Muslim scholar known in Europe as Averroes (Ibn Rushd, 1126–98) was born in Cordoba, Spain. His work encompassed many areas, including law, astronomy, and translating Aristotle.
    Kiran Morehas quoted6 months ago
    wrote in Nichomachean Ethics, ‘all things are measured by money’.
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