Introduction to Economics and Key Philosophers

Vocabulary terms and definitions based on the views of legendary economists as presented in the lecture notes.

Adam Smith

A Scottish philosopher and author of "An Inquiry into the Nature and Causes of the Wealth of Nations" ($1776$), known as the "Father of Economics."

Economics (Adam Smith's Definition)

An inquiry into the nature and causes of the wealth of nations, emphasizing the government's role in providing livelihood and public services.

John Stuart Mill

A British philosopher and author of "The Principles of Political Economy" ($1848$).

Economics (John Stuart Mill's Definition)

A science that examines natural laws and social events resulting from the combined work of mankind to create wealth.

Alfred Marshall

An English economist and author of "Principles of Economics" ($1890$).

Economics (Alfred Marshall's Definition)

The study of mankind in the ordinary business of life, examining individual and social actions related to material requirements for well-being.

Lionel Robbins

A British economist known for his work "An Essay on the Nature and Significance of Economic Science" ($1932$).

Economics (Lionel Robbins' Definition)

A science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

Paul Samuelson

An American economist who was the first to win the Nobel Memorial Prize in Economic Sciences in $1970$.

Economics (Paul Samuelson's Definition)

The study of how people and society choose, with or without the use of money, to employ limited resources to create, distribute, and benefit from products and services over time.