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The economy is a mechanism that allocates scarce resources among competing uses One of the most crucial parts of any country which can make it powerful and outstanding is economic Economic activity is what people do to cope with scarcity It is obvious that any of us deals with things which are related to the economy every day From a long time ago economist try to analyse the economy of each situation to predict the future economics and to describe the function and working parts of an economy The three most famous economists whose theories were studied in this course were Adam Smith David Ricardo and Robert Malthus When we read these three economists theories we recognize that Adam smith was optimistic while David Ricardo and Malthus were approximately pessimistic In 1776 new technologies were being invented and applied to the manufacture of cotton wool Iron transportation and agriculture in what came to be called the industrial revolution Adam smith was keenly interested in these events he wrote the treatise that founded economic science An inquiry into the nature and causes of the Wealth of nations Adam smith who is called the father of economy believed in capitalists system which contains market regulates the prices production and income and the government do not interfere Laissez-Faire and the invisible hand which he used to demonstrate how self-interest guides the most efficient use of resources in a nations economy with public welfare coming as a by-product When each person makes the best possible economic choice that choice leads as if by an invisible hand to the best out come for society as whole Smiths belief that competition the markets invisible hand would lead to proper pricing played a large role in his economic policy recommendations He therefore strongly opposed any government intervention into business affairs Trade restrictions minimum wage laws and product regulation were all viewed as detrimental to a nations economic health This laissez-faire policy
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