• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

A Summary of Chapters One and Two In The Book New Ideas From Dead Economists, by Todd Buchholz.

Extracts from this document...


Lee Trent January 22, 2004 Macroeconomics 201 A Summary of Chapters One and Two In The Book New Ideas From Dead Economists, by Todd Buchholz In chapter one of the book New Ideas from Dead Economists by Todd Buchholz, there is an introduction to the study of economics. Chapter one defines the term economics as the choices people make. It also describes the influence of economics on the world and its importance. The chapter moves on to describe a man named Alfred Marshall. Marshall believed economics should be a science, but at the same time it should still cater to citizens. ...read more.


The chapter closes reinforcing the idea that conventional economics do not explain everything. The emphasis in chapter two is on a man named Adam Smith. This is because Smith's theories were groundbreaking in the field of economics. Smith became enormously successful as an economist, especially so after he published his book An Inquiry Into The Nature And Causes Of The Wealth Of Nations. In his book, Smith aims to reveal the causes and effects of different actions in economics. Using this tool, Smith explains how one can become wealthy. Another of Smith's major ideas is related to the basic foundation behind economics: The human mind. ...read more.


Specialization can cause "one day's output [to] explode by 400,000%!" (25). According to Smith, there are three things that could make the economy grow. One is a larger labor pool. Two is the division of labor. And three is the use of new technology to increase work quality. While Adam Smith's ideas are the main focus of chapter two, there are several other important ideas discussed. One is that the nations become richer if markets spread. Another discusses the negative effects of assembly lines on the human psych. One more important point talked about in chapter one is how economics are linked to the real world through politics. Today, Smith's ideas are associated with conservative politics, limited government, and deregulation. He is without a doubt one of the greatest influences to the study of economics. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Case Study: The Home Depot

    similar, but individual managers could change a display or order more or less of a product if they could justify the change. The corporate culture is very important to Home Depot. In our opinion, the culture of Home Depot works well and is transferable to the smaller stores.

  2. Free essay

    business aims

    PEST stands for: * Political * Economical * Social * Technological These are all external factors that which may influence the achievement of the business. Some examples are: Political factors Businesses decisions are influenced by political, fiscal (taxation) and legal decisions.

  1. External Influences of Richer Sounds and Corus

    On the other hand Corus are also suffering from negative changes, because they are experiencing falling sales as consumers increase savings moreover Corus also have to reduce production to match their sales. Changes in the economy Price increases (inflation) Price increase in products has a number of possible causes 1 Employees may negotiate higher wages.

  2. An Empirical Investigation into the Causes and Effects of Liquidity in Emerging

    According to Wooldridge et al. (2003), these higher correlations suggest global factors common to mature and emerging markets, rather than local idiosyncratic factors increasingly explain price movements. Thus, it is extremely evident as to why investors are progressively viewing

  1. Should a new runway be built at Leeds-Bradford?

    Homes, local heritage sites, and graded or listed buildings may be lost. 8. House prices surrounding Leeds - Bradford could fall 9. Traffic on roads around and to the airport could increase. Benefits As well as disadvantages there are also many advantages to building a new runway at Leeds - Bradford.

  2. Biography of Adam Smith.

    This system had 2 requirements, however. One was that the market needed to be free of government intervention, and the other was that there had to be competition. Smith recognised immediately the danger of monopoly: "A monopoly granted either to an individual or to a trading company has the same effect as a secret in trade or manufactures.

  1. "ASI" LTD case study.

    If this activity is successful in the future, the need for enlargement of the team will be inevitable. It is a question of strategic human resource planning. Part 2 Microeconomic Analysis 1. Media and Advertising market in Bulgaria After 10th of November 1989 when the communist regime fell the media market in Bulgaria passed through dramatic development.

  2. What is macroeconomics?

    cuts aggregate output (AO) = equilibrium, Y = O = E 1.3 The level of economic activity * Aggregate expenditure = amount that firms and households plan to spend on goods & services * AE = C + I + G + (X - M)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work