When did Adam Smith publish The Wealth of Nations?
Adam Smith published The Wealth of Nations in 1776. This work marked the effective birth of economics as a separate discipline from political economy.
Questions about Economics
Short answers, pulled from the story.
What definition of economics did Lionel Robbins offer in his Essay on the Nature and Significance of Economic Science?
Lionel Robbins stated that economics studies human behavior as a relationship between ends and scarce means which have alternative uses. His view eventually became widely accepted by mainstream economists and found its way into current textbooks.
Which book introduced neoclassical economics and when was it published?
Alfred Marshall published Principles of Economics in 1890 to extend analysis beyond wealth to microeconomic levels. Neoclassical economics formed between 1870 and 1910 as a systematic integration of supply and demand.
How does John Maynard Keynes explain high unemployment in The General Theory of Employment Interest and Money?
John Maynard Keynes argued aggregate demand might be insufficient leading to high unemployment. Prices often remain sticky preventing automatic market clearing mechanisms.
What is the Gini coefficient used for since the late 20th century?
The Gini coefficient measures income inequality widely used globally since the late 20th century. Research links greater inequality to political instability including revolutions or civil conflict.