United Kingdom

Cristina Peicuti

A chapter in The European Economy in 100 Quotes, 2024, pp 31-48 from Springer

Abstract: Abstract For Francis Bacon, David Hume, and John Stuart Mill, money must circulate to benefit the economy. Adam Smith draws attention to the mobility of capital and the harmful effects of monopolies that hurt the interest of all orders of men in a country, and of all men in all other countries. He stresses the importance of the liberal reward of labour. For him, trade is the quintessence of the market economy, and the interests of the consumer must take precedence over those of the producer. David Ricardo explains price formation. John Maynard Keynes defines what it takes to be an economist. He sets out his vision of unemployment dynamics, not shared by Arthur Cecil Pigou. Winston Churchill sees the entrepreneur as the engine of growth. Nobel prize winner Angus Deaton explains that nothing guarantees there is a general relationship between growth and poverty unless Nation-States intervene in the redistribution of wealth in their country. He draws attention to the importance of well-being and worries about extreme inequality. Another Nobel prize winner, John Hicks, the father of modern microeconomics, sets out his theory of wages. Nobel prize winner Oliver Hart explains why contractual incompleteness matters. Nobel prize winner Ronald H. Coase discovered and clarified the significance of transaction costs and property rights for the institutional structure and functioning of the economy.

Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-68819-5_4

Ordering information: This item can be ordered from
http://www.springer.com/9783031688195

DOI: 10.1007/978-3-031-68819-5_4

Access Statistics for this chapter

More chapters in Contributions to Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().