Summary All economists in a table

Economist School Main views Likes and Flaws
dislikes (if specified)
(if known)
Jean Bodin Mercantilist - First one to recognise a D: early X
relationship between Mercantilist
quantity of money in a vision
country and that
country’s price levels
Ricard Cantillon Mercantilist - Establishing basic X X
principles of the
economy through
reasoning and collecting
data to back up his
theories
- Market system that
coordinates the
activities of producers
and consumers through
self-interest
- Any element of the
economy was treated as
part of an integrated
structure
David Hume Mercantilist - Criticised Mercantilism’s D: Mercantilist X
urge to accumulate urge to gather
bullion, as increased bullion and to
BoP would eventually increase BoP
lead to decreased BoP  doesn’t last
because of decreased
competitivity among
countries
- Searched for connection
between economic
freedom and political
liberty
- Price Specie-Flow
mechanism: increasing
wealth isn’t possible on
the long run, as prices
rise and
competitiveness
decreases

Bernard Mercantilist - Fable of the bees: selfish L: Government 1) saving by
Mandeville acts of a personal level intervention individuals
can result into a positive increases total
change on the countries investments