ECONOMICS

Economics how scarce/limited resource/anything useful can be allocated to satisfy mans unlimited wants

Definitions of Economics according to famous Economists:

1.) Paul Samuelson End up choosing with or without money

2.) Roger Leroy Miller Choices must be made on how to use limited resources when to use them and what
purpose
3.) Thomas Hailstone Concerned with productive consumption and distribution of goods and services
4.) David Hyman Obstacles and opportunities all of us must confront to satisfy our desires and wants
5.) Bernardo Villegas How to allocate human and non-human resources to satisfy our wants
6.) Gerardo Sicat How individual and society makes choices

Pioneer Economic Ideas:

1.) Plato specialization

2.) Francois Quesnay natural resources
3.) Maynard Keynes supply and demand
4.) Thomas Malthus population
5.) Adam Smith let alone policy
6.) Karl Marx proletariat
7.) Harrod Domar capital formation/structure needed
8.) David Ricardo land key to development
9.) Nicholas Kaldor - technology