- The Wealth of Nations --> why is one country richer than another?
BECAUSE --> of too much state intervention = a poor country.
Moral Philosophy --> maximising pleasure - you live for yourself (the law of unintending..) - trying to help people but actually damaging them.
If we stop benefits from being given to the poor who do not work, then the poor will learn to work and as a result stop being poor. They will become free and everyone will be rich.
David Ricardo
-more of a metaphysical view - spirit of value.
-value is created --> through how much labour is associated with it.
For example diamonds--> more parts to the labour and harder to come by than the production matchsticks therefore diamonds are much more valuable than matchsticks.
Thomas Malthus
-Humans will always starve to death --> need to survive (Darwinism)
The UK is always 4 days away from starvation - marriage stops this.
Karl Marx --> features Ricardo and Malthus
-because of profit there is a fatal flaw in that the people who grow the food will not be able to buy it themselves because all the value comes from the labour and the profit=£5 of the £10 and the workers are paid £5. They only earn £5 but they cannot buy the product they have made because it has to be sold for £10 in order to make a profit.
-money has an affect on peoples behaviour --> Modernists
Marx - deflationary gap = solved by printing more money (Keynes) BUT if money just keeps getting printed it will result in inflation.
BECAUSE --> of too much state intervention = a poor country.
Moral Philosophy --> maximising pleasure - you live for yourself (the law of unintending..) - trying to help people but actually damaging them.
If we stop benefits from being given to the poor who do not work, then the poor will learn to work and as a result stop being poor. They will become free and everyone will be rich.
David Ricardo
-more of a metaphysical view - spirit of value.
-value is created --> through how much labour is associated with it.
For example diamonds--> more parts to the labour and harder to come by than the production matchsticks therefore diamonds are much more valuable than matchsticks.
Thomas Malthus
-Humans will always starve to death --> need to survive (Darwinism)
The UK is always 4 days away from starvation - marriage stops this.
Karl Marx --> features Ricardo and Malthus
-because of profit there is a fatal flaw in that the people who grow the food will not be able to buy it themselves because all the value comes from the labour and the profit=£5 of the £10 and the workers are paid £5. They only earn £5 but they cannot buy the product they have made because it has to be sold for £10 in order to make a profit.
-money has an affect on peoples behaviour --> Modernists
Marx - deflationary gap = solved by printing more money (Keynes) BUT if money just keeps getting printed it will result in inflation.
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