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Answer History Of Economic Analysis

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History of Economic Analysis
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History of Economic Analysis
The history of economics has had great scholars who have given different views and
opinions concerning the various economic terminologies and directions that today's economists
refer to and apply in the daily life world driven by the passion for economic prosperity and
raise human living standards. Great economists such as Marshal wrote about the objectivity to
come up with conditions for the measures to find out regularities that guide the economic
activities in the world. Although some of his thoughts based on assumptions, he did believe
that the assumption he experienced in the daily life of his audience.
Marshall pointed out in his theories on economies of the current society whereby he
based the arguments on the consumers and the producer's ability to cope with the current
competitive society (Friedman & Schwartz, 1983). In this economic environment, it is
regulated by consumers' ability to maximize utility. In contrast, the producers maximize on the
profit utility and its full of employment. In his thoughts, Marshall pointed out that human
beings are motivated by the facets of human behavior to create an environment where they can
exploit all the available resources while maximizing their production costs to suit his need for
more profit return. Therefore, Marshall saw the need to reduce these factors to favor the
producer and the consumer and reduce the burden on consumers. Furthermore, he suggested
that industries or the producers should minimize the vitality of internal economies and external
economies of scale whereby each company reaps profits from the economy with an expansion
of the industry to suit all players in the chain of business, through reducing the costs of
productions because of the total external economies net.
In contrast to preexisting views on the economic imbalance between consumers and
producers, the chain of importance in managing the economy, my view was that producers
were right to charge high prices. However, having analyzed the history of economics and
writing of various scholars of economic history. Producers do not justify their valuation.

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1 History of Economic Analysis Author's Name Institutional Affiliation Course Number and Name Instructor's Name and Title Assignment Due Date 2 History of Economic Analysis The history of economics has had great scholars who have given different views and opinions concerning the various economic terminologies and directions that today's economists refer to and apply in the daily life world driven by the passion for economic prosperity and raise human living standards. Great economists such as Marshal wrote about the objectivity to come up with conditions for the measures to find out regularities that guide the economic activities in the world. Although some of his thoughts based on assumptions, he did believe that the assumption he experienced in the daily life of his audience. Marshall pointed out in his theories on economies of the current society whereby he based the arguments on the consumers and the producer's ability to cope with the current competitive society (Friedman & Schwartz, 1983). In this economic environment, it is regulated by consumers' ability to maximize utility. In contrast, the producers maximize on the profit utility and its full of employment. In his tho ...
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