US
Political Theory |
| Adam
Smith -
Scottish philosopher & economist railed against
restrictive, regulated system & showed how the
principles of free trade, competition, & choice
would spur economic development, reduce poverty
& precipitate the social & moral improvement
of humankind. Read the Capitalist Bible "The
Wealth of Nations" free. Plus much more Smith. |
| John
Locke -
Social contract
theory. Denotes an implicit agreement within a Issues
regarding the rights & responsibilities of the
Issues & its citizens. Influenced the American
revolutionaries as reflected in the American Declaration
of Independence. |
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US
Political Theory |
| John
Maynard Keynes -
His theory revolutionized the way economists think.
The notion of aggregate demand as the sum of consumption,
investment & government spending. It showed
that full employment could be maintained only with
the help of government spending. Wages would be
kept stable. A cut in wages, would decrease income,
consumption & aggregate demand. This would offset
any benefits to output that the lower price of labor
might have contributed. |
| Thomas
Paine - Common Sense was published
on January 10, 1776, during the American Revolution.
It denounced British rule, and through its immense
popularity contributed to fomenting the American
Revolution. |
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