Today, I am going to give an insight on various Scholars and Prominent Economists and their Impacts on Global Existence.
Below are some of the scholars;
Adam Smith was born in Kirkcaldy, in Fife, Scotland.
The date of his birth was unknown but to writers, his lifetime last in the 18th century.
He was a father of Adam Smith a Scottish writer, advocate and prosecutor and a mother of Margaret Douglas.
Adam Smith’s father died two months before he was born. He was parented by his mother.
He gained his secondary education from Burgh school of Kirkcaldy, been the best secondary school in Scotland in the 18th century and studied mathematics, history and writing.
At age 14, he enrolled to University of Glasgow Scotland where he developed the spirit of economist, philosopher and author as well as a pioneer of political economy.
He was then known as “Father of Economics” and ” The Father of Capitalism” as he wrote two classic books , the theory of Moral Sentiment and An enquiry into the Nature and Causes of the Wealth of Nations.
He also introduced the theory of absolute cost advantage. Adam Smith never married.
He died on 17th July 1790 at aged 67 in Edinburgh, Scotland.
Furthering on the impacts Adam Smith made in global existence by some of his work and theories.
The definition he made for economics has impacted positively on the lives of people, as he defined economics as;
an enquiry into the Nature and Causes of Wealth of Nations.
He detailed why some Nations are rich while others are poor.
If rich, where is the root of their richness.
He stated among one of his classical works that, ” a country or nation may be rich not of possessing gold, silver and among other mineral resources but labor quantity”.
For instance, country like United States of America had never exploit any of the wealthy resources but concentrating human resources or developing labor quantity, they have become wealthier than country like Ghana of the resources she possesses.
Adam Smith after the Moral Sentiment and enquiry into the Nature and Causes of Wealth of nations, he considered international trade by bringing out the theory of absolute cost advantage.Smith stated that ” if the actual cost of producing commodities are lower in one country than another country, the lower cost country has an absolute cost advantage over the other country”.
To this, for a country to gain from international trade , she must specialized in producing commodities that may fetch low cost in producing than producing in other country when compared.
The country incurring high cost in producing particular commodities is said to having absolute cost disadvantage.
Adam Smith also theorized to the industrial sector by propounding the theory of division of labor.
He explained division of labor as ” the practice whereby production process is broken down into various units for each worker or group of workers to work on each of the production process”.
He proceeded that if this is employ, it will increase workers expert, save time, balloon production and many more.
Alfred Marshall was an English economist, who was one of most intellectual and influential economist during his lifetime.
He was born on 26th July, 1842, in London, England.
He grew up in Clapham and was educated at Merchant Taylor’s School and St John’s College, Cambridge.
There that he showed an aptitude in Mathematics.
Marshall experienced a mental problem during his studies, that he left the mathematical skills and switched to philosophy.
He commenced with metaphysics which led him to ethics and eventually to economics.
Marshall became very powerful and impactful economist after school, he was recruited in 1865 to a fellowship at St John’s College at Cambridge and later became a lecture in the moral science in 1885. In 1885, he became professor of political economist at Cambridge, where he taught till his retirement in 1903.
Alfred Marshall was died on 13th July, 1908 are aged 81 in Cambridge, England.
The Library of the Department of Economic at Cambridge University ( The Marshall library of Economics), The Economics Society at Cambridge ( Marshall Society) as well as University of Bristol Economics Department were named after him. His wife was Mary Paley.
Since it was stated that he was influential then times, he propounded some theories of which some are outmoded while others are impacting global existence. The below paragraphs explain some of his works.
The theory of demand and supply in relation to price adjustment.
Marshall stated that,there is an inverse relationship between demand and price of a commodity, that is, as price rises, demand would definitely decrease and the opposite but there are exceptions.
He also stated that, price and supply of commodities have a direct relationship.
This means that, as price balloons, supply of the commodity in question would increase, all other things being equal, and the reverse.
The theory of diminishing marginal returns.
Marshall stated that, “as more and more units of variable inputs are employ on a fixed input for example land an addition to total product also known as marginal product increases initially, attains maximum and there after diminished, all other things being equal,”.
This theory is apply in many sector in an economy, like farming.
As a farmer apply particular variable inputs on the land, initially he or she would reap high or output increases, experience constant returns some times and finally decreasing returns as the land loss its fertility (nutrients) gradually.
Lord Lionel Robbins
Robbins, born in Sipson, west of London, is the son of Rowland Richard Robbins (1872–1960), known as publicly as Dick, and his wife Rosa Marion Harris.
His father was a farmer and a member of Middlesex County Council involved also in the National Farmers’ Union, and the family was Strict Baptist.
Robbins was partially educated at home, at Hounslow College (an international school) and the nearby grammar school namely; Southall County School.
He studied at University College London in October 1915, commencing an Arts degree and attending lectures by W. P. Ker, the medievalist Francis Charles Montague and A. F. Pollard.
After graduation, Robbins found a six-month position as a researcher for William Beveridge, via Dalton.
He applied successfully to New College, Oxford for a fellowship in economics, with references from Alfred George Gardiner, Theodore Gregory and Graham Wallas.
It was a one-year lecturing position, and he returned to LSE in 1925, again with Dalton’s backing, as assistant lecturer, shortly becoming lecturer.
Robbins bears much responsibility for the modern British university system, through advocacy in the Robbins Report of its substantial expansion in the 1960s.
He became the first Chancellor to be selected among the contested scholars of the new University of Stirling in 1968.
He also advocated major government support for the arts, as well as universities.
Robbins turned to the history of economic thought, publishing studies on English doctrinal/conceptual history.
Robbins’ L.S.E. lectures, as he gave them in 1980 (more than fifty years after he first taught the subject upon his appointment in 1929), have been published posthumously.
As an undergraduate, Robbins felt he had gained much from Philip Wicksteed’s The Common Sense of Political Economy (1910).
Within the earlier British tradition, he admired William Stanley Jevons’s mastery of statistical evidence, and for theory which he thought had abiding relevance.
Skidelsky takes Robbins to be a possible but in any case rare example of a British Continuator of John Neville Keynes and his Scope and Method of Political Economy (1891).
He corresponded with the American Frank Knight from 1931 until Knight’s death in 1972.
The Representative Firm (1928) has been considered Robbins’s most celebrated article.
In its origins a talk to the London Economic Club, it attacked a major concept of Alfred Marshall.
Ralph George Hawtrey of the Club defended Marshall’s ideas in a letter to Robbins, who within weeks submitted a version to Keynes as editor of the Economic Journal.
Robbins’ 1966 Chichele lecture on the accumulation of capital (published in 1968) and later work on Smithian economics, The Theory of Economic Policy in English Classical Political Economy, have been described as imprecise.
- “Principles Of Economics”, 1923, “Economics”
- “Dynamics of Capitalism”, 1926, Economica.
- “The Optimum Theory of Population”, 1927, in T.E. Gregory and H. Dalton, editors, London Essays in Honour of Edwin Cannan.
- “The Representative Firm”, 1928, EJ.
- “On a Certain Ambiguity in the Conception of Stationary Equilibrium”, 1930, EJ.
- Essay on the Nature and Significance of Economic Science, 1932.
- “Remarks on the Relationship between Economics and Psychology”, 1934, Manchester School.
- “Remarks on Some Aspects of the Theory of Costs”, 1934, EJ.
- The Great Depression, 1934. Scroll to chapter-preview
- “The Place of Jevons in the History of Economic Thought”, 1936, Manchester School.
- Economic Planning and International Order, 1937. Macmillan, London.
- “Interpersonal Comparisons of Utility: A Comment”, 1938, EJ.
- The Economic Causes of War, 1939.
- The Economic Problem in Peace and War, 1947.
- The Theory of Economic Policy in English Classical Political Economy, 1952.
- Robert Torrens and the Evolution of Classical Economics, 1958.
- Politics and Economics, 1963.
- The University in the Modern World, 1966.
- The Theory of Economic Development in the History of Economic Thought, 1968.
- Jacob Viner: A tribute, 1970.
- The Evolution of Modern Economic Theory, 1970.
- Autobiography of an Economist, 1971.
- Political Economy, Past and Present, 1976.
- Against Inflation, 1979.
- Higher Education Revisited, 1980.
- “Economics and Political Economy”, 1981, AER.
- A History of Economic Thought: The LSE Lectures, edited by Warren J. Samuels and Steven G. Medema, 1998. Scroll to chapter-preview(wikipaedia)
Author:[Isaac Eshun, B.A Economics, Mathematics & Statistics(Student), University of Ghana
Co-Author & Editor:[Sam Icon]