Economics is a social science that studies the production, distribution, and consumption of goods and services.
John Stuart Mill was an English philosopher, political economist, politician and civil servant. One of the most influential thinkers in the history of classical liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed "the most influential English-speaking philosopher of the nineteenth century" by the Stanford Encyclopedia of Philosophy, he conceived of liberty as justifying the freedom of the individual in opposition to unlimited state and social control.
Thomas Robert Malthus was an English economist, cleric, and scholar influential in the fields of political economy and demography.
Social Darwinism is the study and implementation of various pseudoscientific theories and societal practices that purport to apply biological concepts of natural selection and survival of the fittest to sociology, economics and politics, and which were largely defined by scholars in Western Europe and North America in the 1870s. Social Darwinists believe that the strong should see their wealth and power increase while the weak should see their wealth and power decrease. Social Darwinist definitions of the strong and the weak vary, and also differ on the precise mechanisms that reward strength and punish weakness. Many such views stress competition between individuals in laissez-faire capitalism, while others, emphasizing struggle between national or racial groups, support eugenics, racism, imperialism and/or fascism.
A law is a universal principle that describes the fundamental nature of something, the universal properties and the relationships between things, or a description that purports to explain these principles and relationships.
The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century. Karl Marx and Friedrich Engels attribute the doctrine to Lassalle, the idea to Thomas Malthus's An Essay on the Principle of Population, and the terminology to Goethe's "great, eternal iron laws" in Das Göttliche.
Unto This Last is an essay critical of economics by John Ruskin, who published the first chapter between August and December 1860 in the monthly journal Cornhill Magazine in four articles.
John Ramsay McCulloch was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823. He was appointed the first professor of political economy at University College London in 1828. He wrote extensively on economic policy, and was a pioneer in the collection, statistical analysis and publication of economic data.
Malthusianism is the theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline. This event, called a Malthusian catastrophe occurs when population growth outpaces agricultural production, causing famine or war, resulting in poverty and depopulation. Such a catastrophe inevitably has the effect of forcing the population to "correct" back to a lower, more easily sustainable level. Malthusianism has been linked to a variety of political and social movements, but almost always refers to advocates of population control.
A Malthusian growth model, sometimes called a simple exponential growth model, is essentially exponential growth based on the idea of the function being proportional to the speed to which the function grows. The model is named after Thomas Robert Malthus, who wrote An Essay on the Principle of Population (1798), one of the earliest and most influential books on population.
The book An Essay on the Principle of Population was first published anonymously in 1798, but the author was soon identified as Thomas Robert Malthus. The book warned of future difficulties, on an interpretation of the population increasing in geometric progression while food production increased in an arithmetic progression, which would leave a difference resulting in the want of food and famine, unless birth rates decreased.
Ester Boserup was a Danish economist. She studied economic and agricultural development, worked at the United Nations as well as other international organizations, and wrote seminal books on agrarian change and the role of women in development.
"Occasional Discourse on the Negro Question" is an essay by the Scottish essayist, historian and philosopher Thomas Carlyle. It was first published anonymously in Fraser's Magazine for Town and Country of London in December 1849, and was revised and reprinted in 1853 as a pamphlet entitled "Occasional Discourse on the Nigger Question". The essay was the spark of a debate between Carlyle and John Stuart Mill. It was in this essay that Carlyle first introduced the phrase "the dismal science" to characterize the field of economics.
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good." If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself".
"The best example is perhaps Walras' definition of social wealth, i.e., economic goods. 'By social wealth', says Walras, 'I mean all things, material or immaterial, that are scarce, that is to say, on the one hand, useful to us and, on the other hand, only available to us in limited quantity'."
Observations Concerning the Increase of Mankind, Peopling of Countries, etc. is a short essay written in 1751 by American polymath Benjamin Franklin. It was circulated by Franklin in manuscript to his circle of friends, but in 1755 it was published as an addendum in a Boston pamphlet on another subject. It was reissued ten times during the next 15 years.
Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, faulty historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical. The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity.
The Center for Population Economics is a research center at the University of Chicago Booth School of Business. The work of the CPE is funded primarily by the U.S.'s National Institute on Aging of the National Institutes of Health.
Piercy Ravenstone was a pseudonym used by a nineteenth-century political economist whose work led him to being variously described as a socialist, a tory and as an institutionalist. His contribution was noted by David Ricardo and Karl Marx and brought to wider attention via Piero Sraffa's editing of Ricardo's collected works. Sraffa suggested that Ravenstone's true identity was Richard Puller (1789–1831).
Various definitions of economics have been proposed, including, "what economists do".
The concept of the struggle for existence concerns the competition or battle for resources needed to live. It can refer to human society, or to organisms in nature. The concept is ancient, and the term struggle for existence was in use by the end of the 18th century. From the 17th century onwards the concept was associated with a population exceeding resources, an issue shown starkly in Thomas Robert Malthus’ An Essay on the Principle of Population which drew on Benjamin Franklin's Observations Concerning the Increase of Mankind, Peopling of Countries, etc..
