David Ricardo inherited Adam Smith's absolute advantage theory, the theory of comparative advantage that: "No matter what the status of a country's economy is the economic power is weak or strong, the technical level is high or low, can determine their comparative advantage, even if the overa...
One such theory isRicardian equivalence, named for David Ricardo’s work dating back to the early 1800s, which suggests that consumers internalize government spending decisions in a way that counterbalances stimulus measures. In other words, Ricardo argued that consumers will spend less today if the...
Malthus became a fellow of the Royal Society in 1819. Two years later, he joined the Political Economy Club along with economist David Ricardo and Scottish philosopher James Mill. Malthus was elected to be one of 10 royal associates of the Royal Society of Literature in 1824. In 1833, he w...
As the last Gucci was ousted from the company’s management and ownership, the company was led by Domenico De Sole, an Italian-born, US-adopted lawyer, who had grown into Gucci, from Maurizio Gucci’s father’s loyal lawyer to the company’s CEO....
Comparative advantage was first described by political economist David Ricardo in his book Principles of Political Economy and Taxation. Ricardo used his theory to argue against Great Britain’s protectionist laws which restricted the import of wheat from 1815 to 1846. Comparative advantage occurs when...
Smith's theory assumes that the factors of production between countries don't change, there are no barriers to trade, and exports and imports are equal.2British economist David Ricardo built on Smith's concepts by more broadly introducing comparative advantage in the early 19th century...
John Stuart Mill was a politician, philosopher, and economist who remains of lasting interest as a liberal thinker—an advocate of the individual's rights and pursuit of happiness—and an ethical theorist. Mill believed that economic theory and philosophy were needed in politics, along with social...
The theory of laissez-faire was developed by the French Physiocrats during the 18th century. Laissez-faire advocates that economic success is inhibited when governments are involved in business and markets. Later free-market economists built on the ideas of laissez-faire as a path to economic pro...
When two mediators—cultural identity and culture shock—were added, we found out that the CQ is a positive predictor of the former and a negative predictor of the latter. The analysis of multiple mediations has further confirmed the indirect influence of culture shock (but not cultural identity...