Intro To Economic Inquiry Class

The definition of microeconomics is, “The study of the economic behavior of individual units of an economy such as a person, household, firm, or industry and not the aggregate economy” (Business Dictionary). We find that the idea of microeconomics holds its highest concern with certain factors that individually affect economic choices, how they factor into an economic market, and how prices are determined in each individual market (Business Dictionary). Over the course of this semester in our Intro to Economic Inquiry class we have studied, discussed, and analyzed a number of different economists from the past who have developed their own theories to which an economy thrives and suffers, how prices are set, and how problems in an economy such

The two sides of the issue are fairly equal in representation among the economists as no one side greatly outweighs the other. The group of economists that form the side that argues capitalism as harmonious would argue that the inequality is natural in the market because laborers receive income based on how much work they have put in individually and how much they can help society. On the other side of the issue and completely opposite was the idea of conflict which was seen as the defining factor of a capitalist society in which ultimately land lords held control over everything underneath them and they were able to own all means of production and maximize profits which created the gap in income between the capitalists and

In this view exchanges were seen as equal reciprocity in which the exchanging of goods benefited both sides of the trade. Economist Thomas Robert Malthus wrote a first essay expanding on ideas of wealth inequality by saying that he believed widespread sacrifice and suffering amongst laborers was an essential part of the process of developing the idea of capitalism. To increase production, it was necessary for the economy spend more on good of the capitalists which inherently lowers the standard of living for many of the laborers. Malthus labeled land lords as the highest holders of power in the system of economics and he stated that rent was a justifiable commodity that would serve as an exchange for the fertile land in which crops could grow. In Malthus’ views he also saw that another cause of the poverty and inequality had to do with the laborers inability to hold themselves back and be responsible with their money. He argued that if these traits that were present in laborers as they were in capitalists and landlords that it would be much easier to obtain wealth and prosper much like the elite in