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Hardcover CRC Press. Firstly, said Quesnay, regulation impedes the flow of income throughout all social classes and therefore economic development. Secondly, taxes on the productive classes , such as farmers , should be reduced in favour of rises for unproductive classes, such as landowners , since their luxurious way of life distorts the income flow. David Ricardo later showed that taxes on land are non-transferable to tenants in his Law of Rent.
Jacques Turgot — was born in Paris to an old Norman family. Turgot viewed society in terms of three classes: the productive agricultural class, the salaried artisan class classe stipendice and the landowning class classe disponible. He argued that only the net product of land should be taxed and advocated the complete freedom of commerce and industry. In August Turgot was appointed to be minister of finance, and in the space of two years he introduced many anti-mercantile and anti-feudal measures supported by the king. A statement of his guiding principles, given to the king were "no bankruptcy , no tax increases, no borrowing.
He was forced from office in In , Neapolitan philosopher Ferdinando Galiani published a nearly exhaustive treatise on money called Della Moneta On Money , 25 years before Adam Smith's The Wealth of Nations , and therefore is seen as possibly the first truly modern economic analysis. In its five sections, Della Moneta covered all modern aspects of monetary theory , including the value and origin of money, its regulation, and inflation.
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This text remained cited by various economists for centuries, as wide-ranging a list as Karl Marx and Austrian economist Joseph Schumpeter. Adam Smith — is popularly seen as the father of modern political economy. His publication An Inquiry Into the Nature and Causes of the Wealth of Nations happened to coincide not only with the American Revolution , shortly before the Europe-wide upheavals of the French Revolution , but also the dawn of a new industrial revolution that allowed more wealth to be created on a larger scale than ever before.
He argued in it that people's ethical systems develop through personal relations with other individuals, that right and wrong are sensed through others' reactions to one's behaviour. This gained Smith more popularity than his next work, The Wealth of Nations , which the general public initially ignored. Smith argued for a "system of natural liberty"  where individual effort was the producer of social good. Smith believed even the selfish within society were kept under restraint and worked for the good of all when acting in a competitive market.
Prices are often unrepresentative of the true value of goods and services. Following John Locke , Smith thought true value of things derived from the amount of labour invested in them. Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniencies, and amusements of human life. But after the division of labour has once thoroughly taken place, it is but a very small part of these with which a man's own labour can supply him.
The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command.
Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. When the butchers, the brewers and the bakers acted under the restraint of an open market economy, their pursuit of self-interest, thought Smith, paradoxically drives the process to correct real life prices to their just values. His classic statement on competition goes as follows.
When the quantity of any commodity which is brought to market falls short of the effectual demand, all those who are willing to pay Some of them will be willing to give more. A competition will begin among them, and the market price will rise When the quantity brought to market exceeds the effectual demand, it cannot be all sold to those who are willing to pay the whole value of the rent, wages and profit, which must be paid to bring it thither The market price will sink Smith's vision of a free market economy, based on secure property, capital accumulation, widening markets and a division of labour contrasted with the mercantilist tendency to attempt to "regulate all evil human actions.
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The third function was Every system which endeavours In addition to the necessity of public leadership in certain sectors Smith argued, secondly, that cartels were undesirable because of their potential to limit production and quality of goods and services. William Pitt the Younger — , Tory Prime Minister in — based his tax proposals on Smith's ideas, and advocated free trade as a devout disciple of The Wealth of Nations.
Adam Smith expressed an affinity to the opinions of Irish MP Edmund Burke — , known widely as a political philosopher:. Burke was an established political economist himself, known for his book Thoughts and Details on Scarcity. He was widely critical of liberal politics, and condemned the French Revolution which began in In Reflections on the Revolution in France he wrote that the "age of chivalry is dead, that of sophisters, economists and calculators has succeeded, and the glory of Europe is extinguished forever.
The times produced a common need among thinkers to explain social upheavals of the Industrial revolution taking place, and in the seeming chaos without the feudal and monarchical structures of Europe, show there was order still. Jeremy Bentham — was perhaps the most radical thinker of his time, and developed the concept of utilitarianism. Bentham was an atheist , a prison reformer , animal rights activist, believer in universal suffrage , freedom of speech , free trade and health insurance at a time when few dared to argue for any of these ideas.
He was schooled rigorously from an early age, finishing university and being called to the bar at His first book, A Fragment on Government , published anonymously, was a trenchant critique of William Blackstone 's Commentaries on the Laws of England. This gained wide success until it was found that the young Bentham, and not a revered Professor had penned it.
Say argued that there could never be a general deficiency of demand or a general glut of commodities in the whole economy. People produce things, to fulfill their own wants rather than those of others, therefore production is not a question of supply but an indication of producers demanding goods.
Say agreed that a part of income is saved by households, but in the long term, savings are invested. Investment and consumption are the two elements of demand , so that production is demand, therefore it is impossible for production to outrun demand, or for there to be a "general glut" of supply.
Say also argued that money was neutral, because its sole role is to facilitate exchanges, therefore, people demand money only to buy commodities; "money is a veil". David Ricardo — was born in London. By the age of 26, he had become a wealthy stock market trader, and bought himself a constituency seat in Ireland to gain a platform in the British parliament's House of Commons.https://jutawatchspum.tk
Ricardo made a distinction between workers, who received a wage fixed to a level at which they could survive, the landowners, who earn a rent, and capitalists, who own capital and receive a profit, a residual part of the income. If population grows, it becomes necessary to cultivate additional land, whose fertility is lower than that of already cultivated fields, because of the law of decreasing productivity.
Therefore, the cost of the production of the wheat increases, as well as the price of the wheat: The rents increase also, the wages, indexed to inflation because they must allow workers to survive as well. Profits decrease, until the capitalists can no longer invest. The economy, Ricardo concluded, is bound to tend towards a steady state. John Stuart Mill — was the dominant figure of political economic thought of his time, as well as a Member of parliament for the seat of Westminster , and a leading political philosopher.
Mill was a child prodigy, reading Ancient Greek from the age of 3, and being vigorously schooled by his father James Mill. Mill's textbook, first published in and titled Principles of Political Economy was essentially a summary of the economic thought of the mid-nineteenth century. Principles of Political Economy was used as the standard text by most universities well into the beginning of the twentieth century [ citation needed ]. On the question of economic growth Mill tried to find a middle ground between Adam Smith's view of ever-expanding opportunities for trade and technological innovation and Thomas Malthus ' view of the inherent limits of population.
In his fourth book Mill set out a number of possible future outcomes, rather than predicting one in particular. The classical economists were referred to as a group for the first time by Karl Marx. These economists had seen the first economic and social transformation brought by the Industrial Revolution: rural depopulation , precariousness, poverty, apparition of a working class. They wondered about population growth , because demographic transition had begun in Great Britain at that time.
They also asked many fundamental questions, about the source of value, the causes of economic growth and the role of money in the economy. They supported a free- market economy , arguing it was a natural system based upon freedom and property.