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Questions and Answers
How did classical economists like Adam Smith, Ricardo, and Malthus view wealth?
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?
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?
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?
What was the main concern of men like Carlyle and Ruskin in their critique of economics?
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What important aspects of economics were Adam Smith and Ricardo concerned with?
What important aspects of economics were Adam Smith and Ricardo concerned with?
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