My smart shelf by https://padlet.com/marin_stensrude/t0u11bddvhaz Made with a warm hug en-us 2019-05-03 17:17:45 UTC 2019-05-07 14:11:56 UTC hello@padlet.com How long did their theory last?/How long their theory was in place? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694434 - Most of his work was done from the 1920's to 1930's

- Hayek’s thought, which he expressed as early as 1958, is now accepted by mainstream economists]]> 2019-05-03 17:19:04 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694434 How successful are their theories/philosophies in the real world? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694672 -After the British depression of the 1920s, Hayek promoted the idea that private investment, rather than government spending, would promote sustainable growth.

--While the government doesn't set prices in a free market(which is what he wanted) , the market does through the law of supply and demand. 

-In 1974 Hayek won the Nobel Prize for Economics for his pioneering work in the theory of money and economic fluctuations.

-He made fundamental contributions in political theory, psychology, and economics. 

-Many of his contributions are so remarkable that people still read them more than fifty years after they were written. 

-Many graduate economics students today, for example, study his articles from the 1930s and 1940s on economics and knowledge, deriving insights that some of their elders in the economics profession still do not totally understand. 


]]> 2019-05-03 17:19:33 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694672 What is/was their main goal in the economy? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694774 - His main goal was to have a free- market capitalism

-He wanted an economic system that is characterized by private property, freedom of economic exchange, competitive markets and limited government intervention.]]> 2019-05-03 17:19:47 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356694774 How long did their theory last?/How long their theory was in place? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356695204 -Henry's theory was called Economics in One Lesson is an introduction to neoclassical economics written by Henry Hazlitt and first published in 1946
-According to Hazlitt, the greatest influence on his writing in economics was the work of Ludwig von Mises, and he is credited with introducing the ideas of the Austrian School of economics to the English-speaking layman. In 1938

]]> 2019-05-03 17:20:45 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356695204 How long did their theory last?/How long their theory was in place? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356695277 -Bastiat was the author of many works on economics and political economy, generally characterized by their clear organization, forceful argumentation and acerbic wit
-His public career as an economist began only in 1844, when his first article was published in the Journal des économistes, Among his better known works is Economic Sophisms]]> 2019-05-03 17:20:58 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356695277 How long did their theory last?/How long their theory was in place? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696389 - David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing every single good than workers in other countries.
-He held out the belief that the rate of profit for society as a whole depends on the amount of labor necessary to support the workers who farm "the most barren land that can still maintain agriculture" This model breaks land down into categories based on average fertility rates. The most fertile land naturally produces more food than land of poorer quality. As a result it commands a higher rent.]]> 2019-05-03 17:23:35 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696389 How successful are their theories/philosophies in the real world? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696504 -Hazlitt wrote more than twenty books and was the principal editorial writer on finance and economics for the New York Times for twelve years and was a columnist for Newsweek for twenty years. 
- His writing was thoughtful, incisive, and influential. And he played a significant role in supporting, introducing, and explaining the ideas of Ludwig von Mises and Friedrich Hayek.]]> 2019-05-03 17:23:50 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696504 How successful are their theories/philosophies in the real world? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696527 -Economic Sophisms was translated and adapted for an American readership in 1867 by the economist and historian of money Alexander del Mar, writing under the pseudonym Emile Walter.
-Bastiat's most famous work is The Law, originally published as a pamphlet in 1850. It defines a just system of laws and then demonstrates how such law facilitates a free society.]]> 2019-05-03 17:23:54 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696527 How successful are their theories/philosophies in the real world? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696537 - Ricardo was an early believer in the quantity theory of money, or what is known today as monetarism.

-Ricardo articulated what came to be known as the law of diminishing marginal returns. One of the most famous laws of economics in todays world.

- Ricardo formulated the idea of comparative costs, today called comparative advantage. Economists use this to base their beliefs on free trade. 




]]> 2019-05-03 17:23:56 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696537 What is/was their main goal in the economy? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696586 -Henry's main goal was to advance the cause of liberty
-Hazlitt was a founder of the Mises Institute and a founding editor of the libertarian publication The Freeman.]]> 2019-05-03 17:24:02 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696586 What is/was their main goal in the economy? marin_stensrude https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696607 -Best known for his theory on wages and profit, labor theory of value, theory of comparative advantage, and theory of rents.

-David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns. 

]]> 2019-05-03 17:24:05 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/356696607 What is/ was their main goal in the economy? schsyd31 https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/357626622 -One of Bastiat's most important contributions to economics was his admonition to the effect that good economic decisions can be made only by taking into account the "full picture". That is, economic truths should be arrived at by observing not only the immediate consequences—that is, benefits or liabilities—of an economic decision, but also by examining the long-term second and third consequences. ]]> 2019-05-07 14:04:06 UTC https://padlet.com/marin_stensrude/t0u11bddvhaz/wish/357626622