Explores the theoretical evolution in the ideas of Adam Smith, David Ricardo, neoclassical concepts and the application of the supply-side policies of Reagan.
Written in 1993; 1,800 words; 10 sources; $ 63.95
From the Paper:
"SUPPLY-SIDE ECONOMICS: DEVELOPMENT, THEORY, AND APPLICATION
While Adam Smith is considered to be the founder of classical economic theory, he nevertheless incorporated several important concepts from thinking not generally ascribed to the classical school. David Hume's contention that the rate of interest depended on the rate of business profits formed the basis for Smith's interest rate theory, and Hume's quantity of money theory remains a part of economic theory.
Two of the most influential of the first-generation market economists were Adam Smith and David Ricardo. In the formulation of economic theory, Adam Smith was principally concerned with the factors which led to increased wealth in an economy. Smith (131-136) contended that the cost of labor provided the basis for the ..."
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