Comparative economic essay g history honor in jeffrey new williamson

Informed individuals and groups can also make demands from their representative governments that better suit their needs by staying abreast of financial issues and being vocal about how the issues are impacting their day-to-day lives. They can attract more individuals of a like mind to their interest group by having reasonable discussions about the issues at hand. Expanding understanding of the scope of conflict, those who are impacted by issues can help shape the light in which they are discussed, instead of being subject to the demands of overrepresented interest groups and those who would seek to set agendas for reasons solely for the sake of political and personal gain.

Ricardo's law of rent was probably his most notable and influential discovery. It was based on the observation that the differing fertility of land yielded unequal profits to the capital and labour applied to it. Differential rent is the result of this variation in the fertility of land. This principle was also noted at much the same time by Malthus, West, Anderson, and others. His other great contribution, the law of comparative cost, or comparative advantage, demonstrated the benefits of international specialisation of the commodity composition of international trade. This was at the root of the free trade argument which set Britain firmly on the course of exporting manufactures and importing foodstuffs. His success in attaching other economists, particularly James Mill and McCulloch, to his views largely accounted for the remarkable dominance of his ideas long after his own lifetime. Though much of this was eventually rejected, his abstract method and much of the theoretical content of his work became the framework for economic science at least until the 1870s.

Comparative economic essay g history honor in jeffrey new williamson

comparative economic essay g history honor in jeffrey new williamson

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