December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Adam Smith (1723–90)
BEFORE
1714 Dutch writer Bernard Mandeville illustrates the unintended consequences that can arise from self-interest.
1755–56 Irish banker Richard Cantillon describes a version of “spontaneous order.”
AFTER
1874 Léon Walras shows how supply and demand lead to a general equilibrium.
1945 Austrian economist Friedrich Hayek argues that market economies produce an efficient order.
1950s Kenneth Arrow and Gérard Debreu identify conditions under which free markets lead to socially optimal outcomes.
According to the Scottish thinker Adam Smith, the West had embarked on a great revolution before ...
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