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What was the economic theory of the late 18th century was?
The economic theory of the late 18th century was largely characterized by mercantilism and the emergence of classical economics. Mercantilism emphasized the accumulation of wealth through trade surplus and government intervention in the economy, focusing on national power. In contrast, classical economics, championed by thinkers like Adam Smith, promoted ideas of free markets, competition, and the "invisible hand," advocating for minimal government interference and the belief that individuals pursuing their own interests would ultimately benefit society. This shift laid the groundwork for modern economic thought.
Marx believed his economic system would pay workers according to their needs?
true. Yes it is the basis of Marxist theory.
Would Keynesian or Classical economists be more likely to emphasize the fallacy of composition?
Keynesian economists would be more likely to emphasize the fallacy of composition. This fallacy occurs when what is true for an individual or a part is incorrectly assumed to be true for the whole, which is a key concern in Keynesian theory. Keynesians focus on how individual actions, such as increased saving during a downturn, can lead to overall economic decline, contradicting the idea that what is good for one is good for all. In contrast, Classical economists generally assume that markets are self-correcting and do not emphasize this fallacy as much.
How did the Marxist school of economic theory challenge the Classical theories?
for classical theories look up thomas malthus ... Also, classical theories say there is an "invisible hand" that guides the economy back to equilibrium. Marx said that the economy should be controlled, thus making to go to equilibrium when you want it to. Only problem is equilibrium isn't a definite spot and depends on market demand and supply. But when the market is controlled these things get trickier. I have only studied oligopoly, monopoly, perfect competition, and competitive monopoly. I would assume that a command economy would be the Monopoly, which determines the price by how much they are willing to supply that is over the marginal cost.
What is sticky wage theory?
It is an economic theory that states that wage rates are said to be "sticky" when they do not respond quickly to changes in demand or supply. An example would be employment contracts. If an economy is in recession or expansion, and the prices are either rising or falling, the wages of contract-bound employees do not change with economic changes.
According classical republican the political theory which democratic republic would function best?
According to classical republican, the political theory, the democratic republic that would function well is that where the populace does not form part of the subjects of the head of state.
According to classical republican political theory which profession would be best suited to a member of the state legislature?
Landowner
How would a classical republican view the vigilante's in Northern Ireland?
Yes they would
What was the economic theory of the late 18th century was?
The economic theory of the late 18th century was largely characterized by mercantilism and the emergence of classical economics. Mercantilism emphasized the accumulation of wealth through trade surplus and government intervention in the economy, focusing on national power. In contrast, classical economics, championed by thinkers like Adam Smith, promoted ideas of free markets, competition, and the "invisible hand," advocating for minimal government interference and the belief that individuals pursuing their own interests would ultimately benefit society. This shift laid the groundwork for modern economic thought.
Do you have to learn classical guitar lessoons to learn Bass?
Not at all, although it would give you good lessons in music theory.
What is classical marxist theory?
Classical Marxist theory, developed by Karl Marx and Friedrich Engels in the 19th century, posits that societal development is driven by material conditions and class struggle. It argues that capitalism, characterized by private ownership of the means of production, creates inherent class conflicts between the bourgeoisie (capitalists) and the proletariat (workers). Marx believed that this conflict would ultimately lead to the overthrow of capitalism and the establishment of a classless, communist society. Central to this theory is the idea that economic factors shape social structures, politics, and ideology.
In the classical economic model which of these rather than the government allocates the resources of the nation?
i believe it would be consumption nope its price
What is an example of classical theory in crime?
An example of classical theory in crime is Cesare Beccaria's concept of deterrence, which posits that individuals make rational choices to commit crimes based on a cost-benefit analysis. Beccaria argued that the certainty, swiftness, and proportionality of punishment would deter criminal behavior. This theory emphasizes that people will refrain from illegal activities if they believe the potential punishment outweighs the benefits of the crime.
Why might a country face economic problems even after a victorious war?
A country might face economic problems even after a victorious war because they don't want communism they, they would want republican presidents.
Southern states in 1860 feared the power of a republican president Would do what?
They feared they would be at the mercy of the North in all political, economic and administrative aspect and reduced to the state of a tolerated minority.
Marx believed his economic system would pay workers according to their needs?
true. Yes it is the basis of Marxist theory.
When the Great Depression began in 1929 the most common economic belief supported by the Republican Party was that the economy would recover on its own true or false?
G
