• 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. Free essay

    business aims

    But on the other hand, if the interest rates are low then the business will consumer more money. They may want to have more money to invest in ter expantion. Unemployment Also another economical factor that came into the business was the unemployment rate, this is the number of people unemployed.

  2. External Influences of Richer Sounds and Corus

    If this happens Richer Sounds will find an alternative source if a supplier is increasing prices. Increasing the prices of goods leads consumers and firms to be less clear about fair pricing meaning that people will shop around more that is a cost in itself.

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

    Immediacy; considers the time efficiency with which this takes place. (iii) Depth; indicates that there are abundant orders from potential buyers and sellers above and below the true price of the security. (iv) Breadth; hints that these orders are large and numerous in size.

  2. Case Study: The Home Depot

    The first one is the economy. For the last 8 years (at least till 2001) the most influence on the growth of the home improvement industry. In a good, growing economy a lot of people feel the need to refurbish/ renovate their houses.

  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.

    started to develop in 2001. This activity includes organisation of architectural saloons and exhibitions, seminars and discussions on hot issues in the construction industry. "ASI" Ltd. provides also assistance to newcomers in the industry to established trade companies and representative offices that plan to launch a new product or construction technology.

  2. What is macroeconomics?

    Factors affecting consumption * Disposable income (Yd) is the main determinant * Necessities are stable as people adjust their savings to accommodate for their basic needs * Economic expectations = determine willingness of consumers to spend, especially on consumer durables * Cost of credit allows consumption to be brought forward

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