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Silver and Gold are the representation of wealth and there is a Mercantilism ideology. Mercantilism mean that there is a finite amount of silver and gold in the world and the amount a nation had was a display of its wealth. Nation’s tried to maximise exports to build up their gold and silver and would often times intervene in the economy to prevent gold and silver from leaving the economy.

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1776 the first economic revolution began and so did the classical economics. Adam Smith (1723-1790) was considered the father of modern economics. He wont one of the first and best economic books at the beginning  of the British industrial revolution regarding the effect of new and better machines. He supported the free market and was well known for the “invisible hand”

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David Ricardo:

David Ricardo was an international economist who supported the idea that countries should specialize in items that are easier for them to produce and trade with other countries. He specifically studied the comparative advantage one country might have over another when it comes to trade.

Jean-Baptist Say:

Jean-Baptist Say was a French economist who supported free markets and trade. He created Say’s law of markets, according to this law supply creates its own demand in an economy which creates an economic circle. This counteracts the idea that the way to increase one's economy is to produce as much as possible because Say claims that there needs to be more demand in order to create more supply. He opposed any government intervention and believed they were restricting the free market.

Neoclassical Economists:

Neoclassical Economists, in contrast to the belief that the value of a product is based on its labor and production costs, believed that the value of a product actually comes from the deal the consumer puts on it. This value is created via the amount of utility that the consumer gets from the product.

The marginal revolution:

Around 1870  William Jevons, Léon Walras and Carl Menger started the marginal revolution. This means that consumers decide whether to consume the “next” unit of a good depending on how much utility that extra unit brings them. Rejecting the labour theory of value, neoclassical economists placed more emphasis on the demand side

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John Maynard Keynes:
In the 1920s-30s, he was responsible for "Keynesian Economics", and is considered "the father of microeconomics".
Supported that governments should run with a lower budget during a period of low economic activity and tax the system in periods of growth.

Monetarism:
People that believed in monetarism thought that the main determinant of economic growth is the total amount of money in the economy and so their focus was mainly on monetary policy. They thought the best way for the economy to grow was for the government not to intervene, this was virtually the opposite of  Keynesianism.

New Classical Economics:
Economists in the new classical school of thought are similar to the monetarists in their conclusion that governments should never try to manage the level of demand in the economy. They argue that the only way that government can promote economic growth is by using policies that focus on the supply side of the economy by creating incentives such as tax cuts for businesses to become more efficient and for workers to work harder.

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Behavioral Economics:
In the real world, when faced with the millions of choices that we make on a day-to-day basis, we do not necessarily make intelligent and logical decisions, and we certainly do not have perfect information about the relative prices of goods and the utility that each product will give us.

Circular Economy:
An economic system made to address the concerns towards sustainability in the economic world, this system allows for resources to be reused after fulfilling their purpose. This avoids the amount of waste that was generated by the previous linear economy, where the resources are simply thrown away after being used.

Kate Raworth:
She shows that policies based on traditional economic models have resulted in a narrow preoccupation with economic growth and a careless disregard for the negative consequences of “extreme inequalities of income and wealth coupled with the unprecedented destruction of the living world”.

Doughnut Economics:
(see photo)
The inner ring is the “social foundation”. These are the “basics in life” that we should rightfully demand for everyone.
The outer ring of the diagram illustrates the Earth’s environmental limits, or boundaries. If we move beyond this outer ring, we are putting the Earth’s ecosystems, and our ability to live within this ecosystem, under great threat.