Bortolina Habtamu

Relevance, Concepts, Criticisms and Limitations of Classical Economic Theory (eBook, PDF)

• Format: PDF

Produktbeschreibung

Seminar paper from the year 2024 in the subject Business economics - Miscellaneous, Addis Ababa University (Business and Economics), course: development theory, language: English, abstract: The classical school of economic thought began taking shape in the late 18th century, led by Scottish philosopher Adam Smith. In his groundbreaking book The Wealth of Nations published in 1776, Smith introduced several foundational concepts that came to define early classical theory. He observed the immense productive gains achieved through the division of labor in a pin factory, recognizing specialization as a primary driver of economic progress (Smith, 1776). Moreover, Smith theorized his famous metaphor of the "invisible hand", suggesting that through unhindered individual self-interest and competition in a free market, social welfare is indirectly maximized (Smith, 1776). In the early 19th century, English political economist David Ricardo built significantly upon Smith's foundations. His 1817 work On the Principles of Political Economy and Taxation proposed the influential labor theory of value. Ricardo argued that the cost of production, and therefore the true value, of a good or service is determined by the quantity of labor required to produce it (Ricardo, 1821). He also formulated the principle of comparative advantage to explain patterns of international trade. During this period, Reverend Thomas Malthus published his Essay on the Principle of Population in 1798. In it, he contended that human populations tended to grow at a faster rate than the food supply, potentially resulting in recurrent famines unless checks like disease, war, or birth control intervene (Malthus, 1798 ).

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Produktdetails

• Verlag: GRIN Verlag
• Seitenzahl: 26
• Erscheinungstermin: 26. März 2024
• Englisch
• ISBN-13: 9783389003398
• Artikelnr.: 70236571

Autorenporträt

Bortolina Habtamu, born on September 13, 1990, in Beddelle town, Oromia region, Ethiopia, is a seasoned finance professional known for dedication, expertise, and commitment to excellence. With a robust educational foundation from Dabena TVET and Jimma University, he holds a Diploma Level IV in Accounting and Finance degrees, currently pursuing a Master's in Accounting and Finance at Admas University and a Master of Arts in Development Management at Addis Ababa University. Bortolina's career journey began in 2010 at Hawa Yember Cooperative Association, progressing through roles at Bedele Brewery S.C., ESHET MICROFINANCE, and Ethiopian Electric Utility-UEAP, demonstrating proficiency in financial management and reporting. Joining FGAE-NGO in 2013 as Finance and Administration Assistant, he advanced to roles of increasing responsibility at Action Against Hunger-USA, culminating as Finance Manager since April 2021. Bortolina excels not only in technical finance but also in leadership, communication, and collaboration, enhancing organizational efficiency and stakeholder relationships. Passionate about continuous learning, he contributes to the field through publications on economic development and classical economic theory.