Notes

-------------------------------------------------Laisezz-Faire Economics--------------------------------------------------- During The enlightenment, we began to learn about a group of thinkers who focused on business and the economy
-They were known as physiocrats.
-One of the most famous examples is Adam smith.
-They believed that natural law of the government business and economics.
-The role of the government is to interfere as little as possible in business.
-Laissez-faire means "HANDS-OFF"
-------------------------------------------Adam Smith And The Free Market----------------------------------------------Major Work: The wealth of nations
-Major idea: Free Market, or the unregulated exchange of goods and services
-Much of the success of the industrial age was without the government's aid or
interference.
-Believed the free market would help everyone in the world, not just the rich.
-More goods being produced meant lower prices= more can buy items
- economic grow encourages investments, which led to more growth.
-Based off of what we have previously learned, what can be a potential positive of this way of thinking for early industrial people? What can be a negative?
--------------------------------------------Thomas Malthus and Populations----------------------------------------------Major Work: "Essay on the Principle of Population"
-Major Idea: Suffering is unavoidable due to popl=ulrion growth outpacing the food supply. War, Disease , and famine helped to control the population.
-Malthus believed a significant cause of the suffering of the people was due to population growth.
-He believed the population grew at rate higher than the food supply.
-People would be forced to suffer due to shortages.
-In order to fix the problem? Have fewer children.
-How do you feel about Malthus ideas? Are some people destined for suffering? is population size a concern. Why?
---------------------------------------------------David Ricardo And Wages----------------------------------------------- Major Idea: Low Wages keeps population low.
-Like Malthus, Ricardo felt the population of the early industrial revolution was getting out of control and that the poor would suffer.
-The poor had too many children