Bram Stoker Books Get Google Doodle Treatment | News & Opinion |
Lakers fire coach Mike Brown, search for long-term replacement - Yahoo! Sports

A Short History of Economic Theory

by Adam Wachholz 

Economic theories have dominated the last three centuries of world history, and it is imperative that we understand their development and implications for the future. Starting in 1776 with Adam Smith and his seminal work The Wealth of Nations, early economic theory championed the free market and individual liberty. Smith identified the division of labor, money, and the invisible hand as crucial components to a functioning economy, formalizing many basic economic tenets. At the core of Smith’s ideas was a belief in the power of individuals to make correct choices about production and consumption, rather than an ubiquitous central authority. The principles of limited government espoused by Smith were a sharp contrast to the view of monarchy that persisted throughout the 18th century. In the infant United States, Smith’s theory found purchase, driving a century of rapid industrialization and expansion.  
To read Public Interest Institute’s INSTITUTE BRIEF, A Short History of Economic Theory, please click HERE.


Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)