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Economics Essay

Economics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics.

Adam Smith

The “father of economics” was born in Scotland. His birth occurred during the year of 1723. Adam Smith’s renowned book The Wealth of Nations examined the idea of capital and money, the progress of industry, and the results of European trade and commerce. The Wealth of Nations was written in 1776. Even though it has been more than two-hundred years since the book was released, it is still a relevant example of how to create and run a prosperous market. In this book, Smith introduced land, labor, and capital and how these things, also known as the factors …

 

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