ECON 5110 HISTORY OF ECONOMIC THOUGHT Essay Example | Topics and Well Written Essays - 250 words

ECON 5110 news report OF ECONOMIC THOUGHT - Essay ExampleHe maintained that the amount of money held was determined by institutional arrangements of the economy and could be treated as a constant on ceteris paribus assumptions (Barber 187). According to Marshall, condescension the state of society, there was a certain amount of resources, people of various classes kept in form of currency, and if all remained same, there was a relation between volume of money and impairment levels. If one increase by five percent, the other would also increase by five percent.In the seventeenth century, many writings on economic policies by businesspersons and merchants existed. These were arguing in favour of policies that supported them. However, despite the biasness, some(prenominal) economists like Francis Bacon and Rene Decartes showed subtle and careful analysis. This seventeenth century economic thinking in England was mercantilist as typified by the doctrine of balance-of-trade. Irrespec tive of the actual aim of these writers, their doctrines were used to support protectionist spare-time activitys rather than general economic interest that would be important to the whole economy. Compare to the neoclassical economist whose policies focused on general price levels, output, and income distribution, these economists were more