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Samenvatting - Theorists of Economic Development (DEC22803)

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Course
Theorists of Economic Development (DEC22803)

Institution
Wageningen University (WUR)

Dit is een samenvatting van het vak Theorists of Economic Development (DEC22803). De samenvatting sluiten aan op de lecture slides. De taal is gedeeltelijk Engels, gedeeltelijk Nederlands. Moeilijke begrippen zijn in het Nederlands uitgelegd. Het tentamen is in het Engels.

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Uploaded on July 1, 2023
Number of pages 17
Written in 2022/2023
Type Summary

smith
malthus
ricardo
menger
walras
marshall
marx
veblen
schumpeter
sen
keynes
robbins

Institution
Wageningen University (WUR)
Education
Economie en Beleid
Course
Theorists of Economic Development (DEC22803)

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Theories of Economic Development
Summary

,Lecture II: Adam Smith

Economic life in the Middle Ages (500-1500)
- Europe was an agrarian, religious, feudal society:
- Land was the dominant production factor
- No markets; prices and production were ruled by custom and tradition
- Stationary conditions; life was focussed on the hereafter and saving was a sin
- geen ontwikkeling, je kinderen hebben het niet beter dan jij

⇒ change after 1000
- Population growth → food surplus
- verstedelijking en opkomst handel
- Reformation (calvin, luther), splitsing van kerk, being capitalisme

Economic thought between 1500-1890
● 1500-1750: Mercantilisme = Economie van eigen land zo veel mogelijk vergroten met veel
export en weinig import
- Zero sum game: land wordt gezien als bedrijf
- The wealth of a nation depends on its amount of gold
- State has central role in trade, wants to get a trade surplus→ protectionist
policies

● 1750-1780: The French school of physiocracy
(clubje mensen die over de economie ging)
- Natural laws of economy = economy verloopt deels natuurlijk waar we geen invloed
op hebben, circular flow
- Welvaart komt van land (niet goud) want land = kapitaal
- no role for the state

● 1776-1890: classical period
○ Characteristics
- Voor het eerst werd er een complete analyse van de economie gedaan
- Economie gezien als harmonieus systeem, ondanks self-interest
- Politieke vrijheid bevorderd economische groei en efficiëntie
- Lange termijn focus
- Bredere aanpak voor economische groei
- Belangstelling voor inkomensongelijkheid
- Mensen sceptisch over bemoeien van politiek met de economie, markt doet het werk
zelf
- Labour theory of value: waarde van een goed gebaseerd op arbeid die in het goed
is gestoken
○ Main contributions
- Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations (1776)
- David Ricardo’s On the Principles of Political Economy and Taxation (1817)
- John Stuart Mill’s Principles of Political Economy (1848)

Adam Smith
- moral sentiments, people have empathy
→ mensen gaan nooit tot het gaatje, er mag wat overblijven voor anderen

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