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
Anne-Robert-Jacques Turgot (1727–81)
BEFORE
1759 French economist François Quesnay publishes Economic Table—a model that demonstrates the physiocrats’ economic theories.
1760s French physiocrat Guérineau de Saint-Péravy’s essay on the principles of taxation argues that the ratio of outputs to inputs is fixed.
AFTER
1871 Austrian Carl Menger argues in Principles of Economics that price is determined at the margin.
1956 In A Contribution to the Theory of Economic Growth, US economist Robert Solow applies the idea of diminishing marginal returns to the growth prospects of countries.
Frenchman Anne-Robert-Jacques ...
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