ECO 1302 Lecture Notes - Lecture 1: John Maynard Keynes, Lionel Robbins, Gary Becker
10 Oct 2018
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The purpose of studying economics is not to acquire a set of ready made answers to economic questions but to avoid being deceived by economists. Adam smith (1723, 1790): the causes of the wealth of nations, political economy . David ricardo (1772,1823): laws which regulate the distribution of the produce of the earth. Karl marx (1818,1883): laws of motion of capitalism. Alfred marshall (1842, 1924): the study of mankind in the ordinary business of life. John maynard keynes (1883,1946): a method rather than a doctrine, an apparatus of the mind, a technique of thinking. Gary becker (1930-) nobel recipient: what distinguishes economics from other disciplines is not its subject matter but its approach. Most popular de nition: lionel robbins (1898-1984) great depression. A science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. For most present-day economists, scarcity is the focus of analysis.
