MY LEARNING JOURNEY IN 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, Malthusian Doctrine, and his population checks; lastly John Stuart Mills’s contributions and ideas to utilitarianism and liberalism. Learning and studying these profound ideas have provided me with a wealth of knowledge and enriching experience that considerably deepened my understanding and appreciation as an Economics student of the beauty and complexity of the economy.