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Essay / Research Paper Abstract
A 10 page paper determining which economic school of thought has had more influence on the United States' economy over the past five years. Though the paper considers Keynes, the economist providing the most comprehensive and workable school of thought affecting the US in recent years is Adam Smith, specifically some of the principles identified the Wealth of Nations in 1776. Includes sources for unemployment, GDP and other indicators 2000 – 2005. Bibliography lists 5 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSeconSchoolUS2.rtf
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Unformatted sample text from the term paper:
order requested that a school of thought be selected, not that the paper review a specific number of them. Introduction In 1817, Goethe
wrote in Principles of Natural Science that a school of thought is worth little in its own right: "Every school of thought is like a man who has talked
to himself for a hundred years and is delighted with his own mind, however stupid it may be" (Schools of Thought, n.d.). Certainly
the great economists of the present and the past contribute more of value that Goethe gave schools of thought credit for possessing. The purpose here is to determine which
has had more influence on the United States economy over the past five years. For reasons that will be demonstrated, the economist providing the most comprehensive and workable school
of thought affecting the US in recent years is Adam Smith, specifically some of the principles identified the Wealth of Nations in 1776. Schools of Economic Thought
One source holds that there are many schools of economic thought. Broad divisions are presented in Table 1, below. Table 1. Schools of Economic
Thought Schools of Political Economy Neoclassical Schools Alternative Schools Thematic Schools Pre-Classical Anglo-American Heterodox Themes Classical Continental Keynesian Other Source: (Schools of Thought, n.d.) School Representative Salient Points
Pre-Classical David Hume 1711-1776 "Quantity theory" in which money has no inherent value, but only that assigned to it by the society. Classical Adam Smith 1723-1790 The "invisible hand"
guides the economy, which in its natural state should grow as a matter of course. Anglo-American Milton Friedman 1912 - "An ardent opponent of the Keynesian economics, Friedman led the
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