Exploring the Foundation of Economic Ideas: A Journey Through the History of Economic Thought

History of Economic Thought has introduced me to the development and evolution of economic ideas and theories that have shaped the present world’s economic systems. It took us back to the turbulent times of the 18th century when the idea and field of economics started developing. In this course, we delved into and discussed the very roots of economic thought. We were introduced to and explored the lives and ideas of the Great Classical Economists such as Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill. Their ideas became the foundation of how we understand today’s economy. Starting with Adam Smith with his advocation of laissez-faire, the law of self-interest, the law of competition, the law of accumulation, the law of population, and the market systems ; David Ricardo’s law of comparative advantage, the differential theory of rent, the labor theory of value, his pessimism about capitalism, and the iron law of wages; Thomas Malthus’s pessimism about saving and charity...

In the duration of the midterm of the course, we have discussed and explored the ideas and theories of the 4 prominent classical economists: Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill. The timeline’s arrangements are structured in chronological order of their birth years and are divided into distinct parts in a way that the presentation of information is easy to understand. On the upper part of the timeline, I displayed their significant contributions to economic thought. In addition, I also indicated their life dates to show the timeframe they developed their ideas. Lastly, their portraits are shown to put faces on the significant figures we were studying. On the lower part of the timeline, the events with the years they took place in the mentioned great economists' lives were indicated. The unfolding of these events has shaped their thinking and helped develop and shape their economic ideas and theories.

The infographic contains a visual representation of the great economists: Adam Smith, Thomas Malthus, David Ricardo, and John Stuart Mill's perspectives of wealth. The infographic features different illustrations and icons that represent the classical economists’ concept of wealth. These economists had a variety of specific views of wealth and ways it can be achieved.  However, they shared the view that wealth can only be achieved by the concept of laissez-faire where the market is free to trade and regulate itself without any government intervention.