| Term | Definition |
|---|
| Adam Smith | wrote the Wealth of Nations |
| Wealth of Nations | its basic ideas were the 2 natural laws- supply & demand & competition- regulate all business & economic activity. |
| Thomas Malthus | wrote "An Essay on the Principles of Population"- ppl multiply more quickly than food supply increases |
| David Ricardo | wrote "Principles of Political Economy & Taxation"-supply & demand determines wages |
| Iron law of wages | as population frows, more & more wrokers become available & wages inevitably drop |
| Jeremy Bentham | said every act of a society should be judged in terms of it's utility. "the greatest happiness of the greatest number" |
| utilitarianism | belief that the principle of utility, or usefulness, was standard by which to measure a society & its laws |
| Robert Owen | managed large cotten mill. set up schools for his workers kids- New Harmony, IN |
| Karl Marx | believed that all the great changes in history came from changes in economic conditions |
| Friedrich Engels | teamed up with Marx and supported his ideas- helped write Communist Manifesto |
| bourgeouisie | city-dwelling middle class |
| proletariat | working class concentrated in cities, suffered from poverty & unemployment |
Combine with other sets
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kjorgenson