histoty Flashcards
Who believed government shouldn’t interfere in business?
Adam Smith
What are the Three Natural Laws of Economics according to Adam Smith?
- Law of self interest
- Law of competition
- Law of supply and demand
What did Thomas Malthus argue about population and food supply?
He argued the population increased more rapidly than the food supply.
What was Thomas Malthus’s view on poverty?
Most were destined to be poor.
What did David Ricardo believe about wages?
He believed wages would be forced down as population increased.
What was the common stance of Adam Smith, Thomas Malthus, and David Ricardo on government intervention?
All favored capitalism and opposed government efforts to help poor workers because it would upset the free market system.
What is Utilitarianism according to Jeremy Bentham?
People should judge ideas and actions on the basis of their usefulness.
What did John Stuart Mill want regarding wealth differences?
He wanted government to do away with great differences in wealth.
What did John Stuart Mill question?
He questioned unregulated capitalism.
