Physiocrats Samenvattingen, Aantekeningen en Examens

Enlightenment Questions and Answers Already Graded A Enlightenment A movement in the 18th century that advocated the use of reason in the reappraisal of accepted ideas and social institutions., "natural laws". celebrate the power of human reason, argued that rational thought could create progress and knowledge. Control over own life and society., 18th century movement which emphasized modern practical achievements of knowledge, religious toleration and liberty., 18th and 19th century. Also age...

ECS3705 EXAM ESSAYS 2021. ECS3705 - History Of Economic Thought. Compare and contrast the mercantilist and the physiocrat school of thought: To provide a substantial comparison between the mercantilist and the physiocrat school of thought, it is important to analyse why each school of thought arose, as well as the major tenets of each, who benefitted from each school of thought and finally how each school of thought has affected todays perspective in economics. It is also significant to ackn...

ECS3705 STUDY NOTES SUMMARY. History Of Economic Thought. French mercantilism differed from its English counterpart in two main ways. First, it had a stronger feudal flavour, meaning that its policies and regulations were also aimed at protecting the interests of the landed nobility in addition to the interests of the merchants. That is why tolls and other restrictions on intranational trade were part of mercantilist state regulation in France too. Second, French mercantilism was probably st...

The Physiocrats, Mercantilists, and Smithians were three influential schools of economic thought that had different views on the role of government in the economy, the source of wealth, and trade policy. Their ideas continue to be debated and discussed today. We know Adam Smith is widely regarded as the "Father of Economics" for his seminal work, The Wealth of Nations. However, a lesser-known figure, Ibn Khaldun, made significant contributions to the field of economics centuries before Smit...

Before Adam Smith - ANS - Aristotle - Scholastics - Mercentilism - Pre-classicist: David Hume - Quesnay & Physiocrats Aristotle (384-322 BC) - ANS Examples of reasoning about economic issues: 1. Exchange can only come if there is a potential surplus from the transaction that parties can share o Money simplifies transaction 2. Principle of diminishing marginal returns BUT, no understanding of the economic system as a whole yet Scholastics - ANS - Priests and teachers at medieval univers...

Before Adam Smith - ANS - Aristotle - Scholastics - Mercentilism - Pre-classicist: David Hume - Quesnay & Physiocrats Aristotle (384-322 BC) - ANS Examples of reasoning about economic issues: 1. Exchange can only come if there is a potential surplus from the transaction that parties can share o Money simplifies transaction 2. Principle of diminishing marginal returns BUT, no understanding of the economic system as a whole yet Scholastics - ANS - Priests and teachers at medieval univers...

Before Adam Smith - ANS - Aristotle - Scholastics - Mercentilism - Pre-classicist: David Hume - Quesnay & Physiocrats Aristotle (384-322 BC) - ANS Examples of reasoning about economic issues: 1. Exchange can only come if there is a potential surplus from the transaction that parties can share o Money simplifies transaction 2. Principle of diminishing marginal returns BUT, no understanding of the economic system as a whole yet Scholastics - ANS - Priests and teachers at medieval univers...

All but one of the following is true of Voltaire a. he was a great admirer of British society and culture b. he was editor of the Encyclopedia c. he studied the scientific works of Isaac Newton d. he was highly critical of French bigotry and social snobbery - Answer-B Natural history a. was one of the most popular scientific pursuits during the Enlightenment b. did not necessarily attack or counter religious beliefs c. was neglected in the eighteenth centuries d. all of the above e. ...

ECS3705 Exam Preparation November 2021. History Of Economic Thought. Functional distribution of income according to Ricardo Ricardo wanted to understand the force that determine the shares of the national income accruing as wages, profits & rents (interest was combined with profit). Wages – natural price is given the habits & customs of the people, enables workers to subsist and to perpetuate themselves without a change in their numbers. Market price depends on supply & demand. Ricardo...

Mercantilists - Answer-Those who believe in the benefits of profitable trade or commercialism. Originates from economic theory that trade generates wealth and it is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism Colbert - Answer-Advocated strong government intervention in the economy, saved France from depression by balancing trade Physiocrats - Answer-developed in the 18th century by French enlightenment economists who ...