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Economists

The economic theory of David Hume

David Hume was an 18th century philosopher who was important in the Scottish enlightenment and laissez-faire economics that lead to Smithian free market thinking. David Hume’s contribution to economics extended John Locke’s view of property rights as a center of economics a quantity theory of money international thery of the balance of trade Hume on […]

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Economists

Free market or government managed? – Which economic model Hayek or Keynes?

How do you see the future of the American economy? Which road is better?  Please I beg you to watch the video below. You can skip my homily on economics and sit back and relax and watch one minute of the economic video.  Just go to the center of the post and watch economics as […]

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Economists

John Locke Economic Theory

John Locke believed you are the owner of your own life. When I was 15 he was my favorite thinker, I read him and was amazed by his clarity. He was known as the father of liberalism. John Locke is the philosophical basis of free-market economics and an important idea for your life. Why? Locke […]

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Economists

Renaissance Economics

The main idea of how Renaissance economics broke from Medieval economics was, renaissance political economy started with the idea that people were motivated by self-interest. Adam Smith later modifies this idea to ‘enlightened self-interest’. This assumption replaced the ideal of fair or just economics in the understanding of theologians from the Middle Ages. The idea in […]

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Economists

Aquinas’ economics

St. Thomas Aquinas contribution to economic theory Thomas Aquinas’s economic thinking followed Aristotle’s economic thought. The basis was the idea of justice and wages, and prices. Economics was about fairness and justice to both philosophers. However, there was one idea that I liked was unique to the economic thinking of Aquinas. That is, Thomas Aquinas took Aristotelian […]

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Economists

Medieval Economics – Economic Fairy-tales From the Middle Ages

  The serf was tied to the land he cultivated and received protection from the lord in return for certain economic and political services. The ultimate control of economic activity was in the hands of the king, who could, in most cases, transfer the feuds from one lord to another. Land and labour were transferred […]

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Economists

Economic Theory of Aristotle

The economics of Aristotle, money and prices and some lessons for today Economics comes from a Greek word oikos, meaning home or home economics. Political economy thinking started as an extension of home economics on a larger scale. The Ancient Greeks loved to use metaphors of people’s real lives and extrapolate it to the state, government […]

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Economists

John Maynard Keynes was wrong

John Maynard Keynes was wrong again For the historical record here is a document. It was put into PDF by the Cato Institute. I hope students of the history of economics will look back on this as confirmation that Keynesian economics is wrong. I recommend you download that file and review it. It is very […]

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Economists

Utilitarianism – Jeremy Bentham, John Stuart Mill – Utilitarian calculators

Utilitarians explain all human action The moral worth of a decision and action values its usefulness in maximizing utility/minimizing negative utility and this is summed among all living thinking beings. Jeremy Bentham (was not just a character on Lost) and John Stuart Mill (IQ of about 190) championed economic philosophy called Utilitarianism. What amazes me […]

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Economists

Hayek – Road to Serfdom – Summary

A medieval serf worked 3 days for his lord. If you aggregate all the taxes you pay, not just income taxes, you work 4 days. Is this what you want in your life? The Road to Serfdom by Friedrich von Hayek stands in opposition to the idea of a partnership between government and business in […]