Economic Theories & Criticisms

Economics did not emerge as a recognized discipline of study in the modern sense until the sixteenth century. The first fully developed economic theory was that of mercantilism, which dealt primarily with the economies of imperialist powers and the underdeveloped nations that they occupied. In 1776, Adam Smith’s 'The Wealth of Nations' emerged as the standard by which all future literature in the field of economics would be measured. Smith is still regarded as the father of modern economics and the first of the group that historians have dubbed the classical economists. John Maynard Keynes, a British economist, was the leading economist of the Great Depression era and the man who realized the most successful ideas for returning the economies of the United States and Europe to prosperity. The links included herein relate to economic theories and criticisms.