The following points highlight the top seven economic ideas of Nassau William Senior. The economic ideas are: 1. Scope of Political Economy 2. Value 3. Abstinence and Capital Formation 4. Theory of Monopoly 5. Rent 6. Money 7. Wages. Economic Idea # 1. Scope of Political Economy: According to Nassau William Senior the subject matter of Political Economy was limited [...]
The upcoming discussion will update you about the differences in ideas of John Stuart Mill and Classical Economists. 1. Theory of Economic Development: The classical economists had dealt with the equilibrium state of a static society, whereas Mill believed in a dynamic society. He said that in an advancing society, there were progress in wealth, advancement of material prosperity, increase [...]
The following points highlight the two main economic ideas of Cournot. The economic ideas are: 1. Demand Curve 2. Cournot's Model of Duopoly. 1. Demand Curve: Cournot introduced demand curve in economics. He defined market, which is often quoted by modern economists, as "Economists understand by the term market, not any particular market place in which things are brought and [...]