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Showing posts from October, 2016

Keynes: Capitalism is an extraordinary belief

MIRA: Grapes lower blood pressure and is also a zero rated GST fruit

Alfred Marshall: Capital is that part of wealth which is devoted to obtaining further wealth

Keynes: What if farming were to be organised like the stock market?

MIRA: Remittance tax is collected by banks and money transfer agencies from money sent abroad by expatriates

Alfred Marshall: In common use almost every word has many shades of meaning

Keynes: The biggest problem is not to let people accept new ideas

Alfred Marshall: The most valuable of all capital is that invested in human beings

Keynes: All production is for the purpose of ultimately satisfying a consumer

Alfred Marshall: Civilized countries generally adopt gold or silver or both as money

Keynes: It's not bringing in the new ideas that's so hard

Alfred Marshall: Knowledge is our most powerful engine of production

Keynes: In the long run we are all dead

Alfred Marshall: Economics is a study of mankind in the ordinary business of life

Keynes: The day is not far off when the economic problem will take the back seat

Alfred Marshall: Who is the most reckless and treacherous of all theorists?

Economist: Adam Smith

Adam Smith FRSA was a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment.

Born: June 16, 1723, Kirkcaldy, United Kingdom
Died: July 17, 1790, Edinburgh, United Kingdom
Influenced: Noam Chomsky, Milton Friedman, Carl Menger
Education: Kirkcaldy High School (1729–1737)

Adam Smith was an 18th century philosopher renowned as the father of modern economics, and a major proponent of laissez-faire economic policies.

In his first book, "The Theory of Moral Sentiments," Smith proposed the idea of the invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest.

Smith is also known for his theory of compensating wage differentials, meaning that dangerous or undesirable jobs tend to pay higher wages to attract workers to these positions, but he is most famous for his 1776 book: "An Inquiry into the Nature and Causes of the Wealth of Nations."

Source: Inve…

Grade 08: My First 20 Questions

MY FIRST 20 QUESTIONS Grade: 08            Date:  Due on:  Class:
Index: Name:

Answer the following 20 Questions.
1.What is meant by Economics? 2.What is meant by the term ‘oikonomia’? 3.Name the two dimensions in economics? 4.Identify the usual objectives of every government? 5.Name the father of economics? 6.Name the book written by Adam Smith? 7.When did Adam Smith publish his book? 8.How did Adam Smith define ‘economics’? 9.How did Lionel Robbins define ‘economics’? 10.How did Alfred Marshall define ‘economics’? 11.What are needs? Give five examples. 12.What are wants? Give five examples. 13.

Alfred Marshall: Nothing is gained in the long run by pretending that it is simple

Alfred Marshall: The love for money is only one among many

MCQ: November 2012-P1 / Question 01