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Economic Thought

Groups of 4

Select one of the following Economic Thinkers:

  • Adam Smith
  • Thomas Malthus
  • David Ricardo
  • Karl Marx
  • John Maynard Keynes
  • John Kenneth Galbraith
  • Milton¬†Friedman
  • Paul Krugman

Prepare a brief outline of:

  1. Biography
  2. The Times
  3. Ideas that Changed Economic Thought

All students are to complete a chart for each of the above:

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Economic and Political Systems

1. Background Readings to be Completed: Pages 27-37

2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37

3. Class Discussion:

Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?

4. Does economics/international trade help or hinder human development?

  • Discussion: Gunder Frank and David Ricardo
  • Marxism/Dependency/modernization debate
  • Discussion: the North Atlantic Slave Trade Triangle and the Luddites

Video Resource:

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6. The Basic Economic Goals for Government:

Political Stability
Reduced Public Debt
Economic Growth
Increased Productivity and Efficiency
Equitable Distribution of Income
Price Stability
Full Employment
Viable Balance of Payments and a Stable Currency

7. Group Assignment (Present Findings Thursday):

Complete the following chart for your assigned party (present findings on Thursday to the class):

Download (PDF, 24KB)

image:pixabay.com