The Worldly Philosophers

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The book “The worldly philosophers” is an analysis of great minds’ contributions to the field of economics with a broader view of crucial economic aspects that include political and social factors. In that respect, this analysis summarizes the author’s view of what economics comprise of in light of their analysis of different economists’ contributions. Further, the analysis explains the author’s view on the subject of comparative advantage citing the book’s strengths and weaknesses as well as the author’s position on the subject. Finally, the analysis provides reasons for agreeing or disagreeing with the authors’ position.
Discussion
1. Summary of authors’ view on what economics comprise of
According to HeilBroner in his review of Adam smith’s contribution, economics is all about concepts of wealth production, exchange, distribution and consumption. In that respect, those are the concepts that feature in his review of Smith’s wide array of literal work on the subject with the best summation of the concepts being in his analysis of the book “Wealth of nations”. In that book, Smith’s definition of economics is a science that deals with wealth which comprise of transacted goods and services while his view on production revolves around its determining factors which he defines as being capital, land and labor. On the other hand, Smith views exchange as an economics concept since the produced goods and services requires to be exchanged between economic units for the purpose of achieving a balance between surplus producers and consumers. In regard to distribution, Smith’s view is that the concept deals with allocation of the exchanged goods and services between a society’s units. Finally, Smith’s view on consumption is that it covers u...

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...r views economics as a field that focuses and comprises of study on wealth in its relation to production, exchange, distribution and consumption. In addition, the discussion has demonstrated a need to consider systems and markets advance in analyzing the comparative advantage concept since modern economy and its systems have different aspects that include advanced capitalism that has different effect from what they had earlier on.

Works Cited

Barron, John and Lynch Gerald. Economics. Boston: Richard D. Irwin Inc, 1989. Print
Frank, Robert and Bernanke, Ben. Principles of Microeconomics. New York:
McGraw-Hill/Irwin, 2001. Print.
HeilBroner, Robert. The Worldly Philosophers: The lives, Times and Ideas of The
Great Economic Thinkers. 7th ed. New York: Touchstone, 1999. Print.
Riesman, George. Capitalism: A treatise on economics. New York: TJS Books, 1996. Print.

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