5 Questions
How did classical economists like Adam Smith, Ricardo, and Malthus view wealth?
They viewed wealth as goods or commodities needed to provide subsistence and raise living standards.
What negative labels were given to economics by men like Carlyle and Ruskin in the 18th and 19th centuries?
Gospel of Mammon worship, pig science, dismal science
Why do modern economics make an important contribution to social welfare according to the text?
By studying the laws of production, exchange, and distribution of goods or commodities
What was the main concern of men like Carlyle and Ruskin in their critique of economics?
That economics ignored higher values of life and focused solely on wealth
What important aspects of economics were Adam Smith and Ricardo concerned with?
Production, exchange, and distribution of wealth
Explore the connection between economics, production, distribution of wealth, and economic growth by studying the works of Adam Smith and Ricardo. Understand how classical economists addressed the vital problem of economic growth. Learn about the unjust perception of economics as a sordid and mean science.
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