Economics: Today and Tomorrow © 2012

"Model Economists"

Introduction
If three economists were asked to provide a solution to one economic problem, they may come up with three very different, and even contradictory, theories. Because economists have different backgrounds and experiences, their advice is influenced by how they view the world. Throughout history, problems and situations of the time also have given rise to different schools of economic thought. In this lesson, you will learn about early economists and the history of economic schools of thought.

Destination Title: Great Economists and Their Times

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Directions
Start at the Federal Reserve Bank of San Francisco's Great Economists Web site.

• Click on "Schools of Economic Theory."
• Read through the site, taking notes as you go. You may click on other topics in this site such as "Complete Timeline" to complete your research.

1			How did mercantilism change the way 16th and 17th century leaders responded to trade?
2			Who was Adam Smith, and what did his book The Wealth of Nations introduce?
3			How did the Marxist school of economic thought challenge Classical theories?
4			How did Keynes's theory of the effects of worldwide depression upon wages and prices contrast with the Classical view? What were the conditions that motivated Keynes's new theory?
5			Using your research, imagine you are a member of the Royal Swedish Academy of Sciences, and you have been asked to introduce a historical economist who is to be awarded the Nobel Prize. Write a short introduction speech, expressing the qualifications of the economist. Use quotes and other documentation to support your choice.