The EconoMystic: Jewil's Journey to Economic Magic

Unlocking the World of Economics: A Journey of Learning and Discovery      Classical economics, a school of economic thought that dominated the 18th and 19th centuries, has provided us with invaluable insights into the functioning of markets, the role of government, and the foundations of modern economics. The ideas and principles espoused by classical economists, such as Adam Smith, David Ricardo, and John Stuart Mill, continue to shape economic theory and inform policy decisions. In this blog, we will delve into some of the most significant learnings from classical economics and explore their enduring relevance. The Invisible Hand and Self-Interest Perhaps the most renowned concept associated with classical economics is the "invisible hand," articulated by Adam Smith in his seminal work, "The Wealth of Nations." Smith argued that individuals pursuing their self-interest in a competitive market would unintentionally promote the well-being of society as a whole. Thi...

This is the infographic about the Classical Economists that shows their detailed contribution to the economy and their similarities and differences to other Classical Economists.  Classical economics is vital in understanding the historical progression of economic thought. It laid the foundation for modern economic theory. Current economic policies are shaped by classical principles, like free markets and limited government involvement. Understanding these concepts is crucial for informed participation in policy debates. Classical economics introduced vital concepts like supply and demand, comparative advantage, and the invisible hand, which are essential for understanding market dynamics, trade, and competition.  Knowing different economic principles, like classical economics, fosters critical thinking and a better understanding of economic issues. It helps individuals assess economic policies more effectively. Classical economics has influenced not just economics but also po...

This timeline shows the birth, death, and the significant contributions of the classical economists which are Adam Smith, David Ricardo, Thomas Malthus, Robert Owen, Charles Fourier, Henri de Saint-Simon, and John Stuart Mill. To understand further, here are the detailed and summary of the Timeline.  Adam Smith Born : June 5, 1723 Significant Contributions : An Inquiry into the Nature and Causes of the Wealth of the Nations published book Died : July17, 1790 David Ricardo Born:  April 18, 1772 Significant Contributions: Principles of Political Economy and Taxation published book Died: September 11, 1823 Thomas Malthus Born: February 14, 1776 Significant Contributions: An Essay of Principle of Population published work Died: December 23, 1834 Robert Owen Born: May 14, 1771 Significant Contributions: A New View of Society published Work Died: November 17, 1858 Henri de Saint-Simon Born: October 17, 1760 Significant Contributions: Letters from an Inhabitant of Geneva to his ...