December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Decision making
KEY THINKER
Ernst Engel (1821–96)
BEFORE
1817 British political economist David Ricardo criticizes the charging of rent on land because its supply is unable to respond to price.
1871 Austrian economist Carl Menger claims falling marginal utility (the worth of each extra unit) influences demand.
AFTER
1934 British economist John Hicks uses the concept of elasticity to measure how easily products can be substituted for each other.
1950 Argentine economist Raúl Prebisch and German-born British economist Hans Singer independently show how the benefits of trade will favor richer countries that produce manufactured goods.
The “elasticity” ...
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