745:34 118188- PN ) 93% K TOO +: 0 Economics is based on many theories. By the end of Unit 1, you should be able to understand the major ideas and theories of prominent economists and individuals who greatly influenced economic thinking. Your Task is to submit a critique of an economist who has influenced our business world today. You must choose one of the following economists: Adam Smith (1772-1791) the "Father of Economics" and the "invisible hand theory" / Self-Interest / Division of Labour Thomas Malthus (1766 - 1834) predicted that population growth would exceed the food supply Karl Marx (1818 - 1883) believed that capitalism would eventually destroy itself John Stuart Mill (1806-1873) theorized that a market's allocation of resources would not necessarily lead to an equal distribution of wealth John Maynard Keynes (1883-1946) Government intervention is necessary to stabilize the economy Alfred Marshall (1842-1924) distinguished between short run and long run effects in the economy (supply) David Ricardo (1772-1823) promoted "free trade"; "The Iron Law of Wages" Joseph Schumpeter (1883 - 1950) Entrepreneur's generate economic growth > Milton Friedman (1912-2006) an advocate of laissez faire economics w 1 - John Kenneth Galbraith (1908 - 2006) Social Balance - the production of public goods serving the common good. More government involvement/regulation would help improve society.7 4 4:53 10 31838 VPN ) 63% K +: 0 Economics Report Evaluation Body (Application) Purpose of the Report is clearly stated / Sufficient Data presented / Conclusions on 4 3 2 1 the importance (or lack of) the theories/models are outlined Demonstrated ability to understand and analyze material 4 3 2 Modern day situation is applied to the economist approach 4 3 2 Research (Application) min. of 3 sources are used ; Awareness of basic or significant work on the Economist 4 3 2 1 and theories/models / 16 Writing Style (Communication) Clear, Concise 4 3 2 1 Proper paragraphing and sentence structure / Correct grammar and spelling 4 3 2 Documentation in APA format (in text citations, direct quotations, Reference List) 4 3 2 1 / 12 Total / 28 WIN