The basic doctrine of An Inquiry into the Nature and Causes of the Wealth of Nations, was that labor is the only source of a nation's wealth. It advocated division of labor in the productive process, emphasized the importance of individual enterprise and argued the benefits of free trade. The true ...

DAVID RICARDO David Ricardo was born in 1772 and was the third son (out of seventeen). David Ricardo`s family was descended from Iberian Jews who had fled to Holland during a wave of persecutions in the early 18th century. His father, a stockbroker, emig...

Concept of the Invisible Hand in a Laissez-faire economy "By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he ...

I. The problem, according to the article, is the high unemployment rate in the nation; this is caused primarily by lack of consumer spending after the September 11 attacks. There are two ways to go about solving the problem: the "Reagan Supply-Side approach" and the "Keynesian Demand...