2.3.7 EVALUATE. Synthesizing Classical Economic Thought

A. What have you collectively learned during the Midterm in this course:

Adam Smith, the father of classical economics, emphasized the invisible hand, division of labor, and minimal government intervention. David Ricardo expanded on Smith's ideas and introduced the theory of comparative advantage, suggesting nations specialize in producing goods with comparative advantages. Thomas Malthus, known for population theory, argued that population growth tends to outpace food supply, leading to famine and disease. John Stuart Mill advocated for labor unions and workers' rights, and introduced the concept of diminishing marginal utility. Say's Law, associated with Jean-Baptiste Say, argued that supply creates its own demand, meaning that producing goods and services automatically leads to the income and demand needed to purchase them. Classical economics laid the foundation for modern economic theories and policies, emphasizing free markets, minimal government intervention, and individual self-interest.

B. Explain briefly your uploaded Learning Evidences

The Learning Evidences that were shared shed light on the profound insights of four classical economists. These thinkers, including Adam Smith, Thomas Malthus, David Ricardo, and John Stuart Mill, all presented their unique viewpoints on how society could effectively function. Despite their individual differences, they all shared a common purpose, which was to contribute to the betterment of society through their economic theories.

What makes their contributions even more remarkable is their ability to foresee future economic challenges. These economists not only identified potential problems but also provided thoughtful solutions to mitigate them. Their ideas continue to be relevant as our economy evolves.

Understanding the core principles and theories put forth by these classical economists is essential for comprehending the inner workings of our economy. It allows us to grasp why certain economic processes occur and how they affect society. In a rapidly changing economic landscape, the wisdom of Smith, Malthus, Ricardo, and Mill serves as a valuable guide, offering timeless insights into economic principles and governance.