Introduction about the Popular Economists Of Different Periods

Introduction about the Popular Economists

Of Different Periods

 

 

 

 

 

 

 

 

By:

Dipendra Nepali

Submitted To:

Laxmi Paudel, Lecturer of Economics

Nobel Academy

Faculty of Management (+2) HSEB

Kathmandu

November 2010

Adam Smith

 Born: 16 June 1723(OS: 5 June 1723)
Died :17 July 1790(1790-07-17) (aged 67)
Era: Classical economics
Main interests :Political philosophy, ethics, economics

Notable ideas: Classical economics,
modern free market,
division of labour,
the "invisible hand"

Aristotle · Butler · Cantillon  · Chydenius · Hobbes · Hume · Hutcheson · Locke · Mandeville · Petty · Quesnay

Belgrano · Comte · Darwin · Engels · Friedman · Hayek · Hegel · Keynes · Marx · Malthus · Mill ·  · Rand · Ricardo · US Founding Fathers carl menger stanley jevons economics

Signature:

In his word ,”Economics is the study of the activities of people involved in the production of wealth.”

      Adam Smith ( baptised 16 June 1723 – died 17 July 1790 [OS: 5 June 1723 – 17 July 1790]) was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is widely cited as the father of modern economics and capitalism.

Smith studied moral philosophy at the University of Glasgow and the University of Oxford. After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith returned home and spent the next ten years writing The Wealth of Nations, publishing it in 1776. He died in 1790.

Criticisms

It was criticized on Adam Smith's definition of Economics by Dr. Alfred Marshall and some other neo classical economists on the basis of following points.

• Man occupies a primary place and wealth only a secondary one. As Marshall puts it, Economics is "on the one side a study of wealth; and on the other side and more important side, a part of the study of Man." But in the view of Adam Smith and other classical economists, Economics is the study of wealth. On that point, It was criticized that the primary importance was given to wealth and secondary to man. In this way the human being was degraded and ignored.

• Adam Smith included only material goods in economics and excluded services i.e. doctor's, teacher's and lawyer's services. We know that their services are also as important as goods.

• Adam Smith emphasis only to earn the wealth. They did not study about the means to earn the wealth.

• He ignores the human welfare as compared to wealth. According to them wealth is more important than human welfare.

• The word wealth is controversial and the majority of the people dislike it. They thought that wealth is an evil.

• Economics was supposed to teach selfishness and came to be called a "dismal science"

        When Adam Smith gave definition of economics in 1776, British society was a religious society. Therefore, religious minded people criticized the subject of economics on the ground that it will make the society as well as the individual materialistic and will take them away from spiritual

 Values like friendship, brotherhood, love, sacrifice, patriotism. Instead, it will make them selfish, greedy, hypocrite etc. due to pursuit for materialism. Two literary figures, Carlyle and Ruskin, were the main critics of Economics. They raised hue and cry against it.

They said that economics is a "dismal science" which teaches mammon worship. Some other people said ironically that Economics, a science of materialism, is just "a science of bread and butter" and it promotes selfishness and greed. They thought that if economics was taught, the science of materialism will take mankind away from spiritualism. Hence, Carlyle even went to the extent of saying that economics is "a pig Philosophy" and therefore it should not be studied.

This criticism is not completely justifiable. It seems to be sentimental and not logical. The reason is that they saw only the negative side of the picture. Everything has its pros and cons. As it is known that wealth is the biggest reality of life and there is no life without wealth particularly food. Wealth itself is not bad. Its use could be good or bad.

Alfred Marshall

Birth: 26 July 1842(1842-07-26) Death 13

Death: 13 July 1924(1924-07-13) (aged 81)

Nationality:  United Kingdom

 Influences: Leon Walras, Vilfredo Pareto, Jules Dupuit, Stanley Jevons

In his words, “Economics is a study of mankind in ordinary business of life .It inquires how a man earns income & how he uses it. Thus, it is on one side the study of wealth and on the other the most important part, is the study of mankind.

        Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) was an English economist and one of the most influential economists of his time, as one of the founders of neoclassical economics. His book, Principles of Economics (1890), became the dominant economic textbook in England for a long period. It brings the ideas of supply and demand, marginal utility and costs of production into a cohere Marshall grew up in the London suburb of Clapham and was educated at the Merchant Taylor's School, Northwood and St John's CBermondsey, London, England

College, Cambridge, where he demonstrated an aptitude in mathematics, achieving the rank of Second Wrangler in the 1865 Cambridge Mathematical Tripos. Although he wanted, at the behest of his father, to become a clergyman, his success at Cambridge University led him to an academic career. He became a professor in 1868 specializing in political economy. He desired to improve the mathematical rigor of economics and transform it into a more scientific profession. In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism. In 1879, many of these works were compiled into a work entitled The Pure Theory of Foreign Trade: the Pure Theory of Domestic Values. In the same year (1879) he published The Economics of Industry with his wife Mary Paley Marshall.nt whole.

Criticisms:

                      Lionel Robbins criticized Marshal's definition of economics in his book "Nature and Significance of Economic Science". That was written in 1932. He particularly focused the phrase "material requisites of well being". The points of his criticism are as follows:
It limits the scope of economics:
Marshal says that in economics we study production and consumption of material requisites or good only e.g. Radio, TV, furniture, book etc. he therefore excludes non material requisites of well being e.g. services of doctors, teachers and advocates etc. Thus, he has limited the scope of Economics.

Material requisites which don't promote welfare are excluded:
Marshal includes in his definition of economics only those requisites which promote welfare and excluded those which don't promote welfare e.g. drugs, cigarettes, alcoholic drinks etc. therefore, Robbins is trying to say is "just satisfy wants and don't bother whether they are for the better or the worse".

Welfare is not measurable concept:
According to Robbins welfare is not measurable concept whereas in economics we should use measurable concepts. According to him, it can not be calculated that how much welfare a good will give to an individual or a society.
Problems in policy making:
Marshal's definition of economics creates a problem of liking and disliking on the basis of welfare e.g. wine should not be taken and cake can be taken. This retards human freedom for the satisfaction of wants.

Lionel Robbins

Birth: 27th July 1978.

Death: 15 May 1984

Nationality: British

 Institution: London School of Economics

Influences: Léon Walras, November 1898(1898-11-22) Vilfredo Pareto, Eugen von Böhm-Bawerk, Friedrich Hayek, Friedrich von Wieser, Knut Wicksell

In his word “Economics is the science which studies human behavior as a relationship between unlimited ends & scarce means which have alternative uses.”

       Lionel Charles Robbins, Baron Robbins, FBA (22 November 1898 - 15 May 1984) was a British economist and head of the economics department at the London School of Economics. He is known for his proposed definition of economics, and for his instrumental efforts in shifting Anglo-Saxon economics from its Marshallian direction. Robbins is famous for his definition of economics:"Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

A follower of William Stanley Jevons and Philip Wicksteed, he was influenced by the Continental European economists: Ludwig Von Mises, Léon Walras, Vilfredo Pareto, Eugen von Böhm-Bawerk , Friedrich Hayek, Friedrich von Wieser and Knut Wicksell. Robbins succeeded Allyn Young in the chair of the London School of Economics in 1929. Among his first appointments was Friedrich A. Hayek, who bred a new generation of English-speaking "continentals" such as John Hicks, Nicholas Kaldor, Abba Lerner and Tibor Scitovsky. Frank Knight was an American influence on Robbins.

Lionel C.Robbins, lived 1898-1984 A.D., gave the definition, which has been criticized on several grounds:

1) Ethical aspect ignored: Robbins does not consider economics as a normative science. He overemphasized economics as a positive science. In his view, economics only says how man behaves and not how he should behave.

2) Too much stress on scarcity: Robbins lays too much stress on the scarcity aspect. He forgets that an economic problem may also out of abundance.

3) Imprecise scope: According to Robbins's definition, the scope of economics is either too wide or too narrow. In the wider sense, economics embraces almost the whole of man's life and in the narrow sense economics would be a science of price theory or market equilibrium.

4) Neglect of social aspects: Robbins's definition studies and deals with individual behavior only. In fact, economics is a social science which deals with man's behavior as a member of society as well.

5) No human touch: Robbins’s definition lacks human touch. A satisfactory definition should be concerned not only with the adjustments of scarce resources to unlimited wants, but also with human welfare.

6) Static, not dynamic: Dynamic economics is concerned with growth or development. Robbins's definition takes a static view of the economic problem and therefore does not help us to solve the problem of development.

            Wants of people in a given society are unlimited. The satisfaction of one wants leads to the occurrence of other wants. Since these wants are unlimited, we have to choose between more urgent and less urgent wants .and in any nation four factors of production are limited. It is this fact that give rise to the science of economics. And the scarce means are to be adjusted to the multiple ends which secure maximum utility this means he indirectly considers material and being of the people. Some economists think scarcity definition limits the scope of economics which is a social science. This definition converts economics into a pure science that formulates economic theory. So many economists believe that economics is not only a tool maker but a tools user science.

Question of Nobel College DBMS 2005

NOBEL COLLEGE

Sinamangal, Kathmandu

Final Assesment 2005

Section :BCIS IV                                                                               F.M 100

Subject : DBMS                                                                                P.M 50

                                                                                                            Time:3 hrs     

Attempt all the questions.

1.         a.   Explain the advantages and disadvantages of the DBMS [8]

            b   What are the various component of DBSM                      [7]

2.         a.  Explain the E-R data model with the suitable example.    [9]

            b) Explain the importance of feasibility study in database design [6]

3.         a.   Explain the importance of the normalization in database. Explain about the first, second and third normal form. [9]

            b.   Consider the following table with the given functional dependencies, primary keys are underlined: [6]

            Drinkers (name, address, beersLiked, manufacturer, favBeer)

            name->address, favBeer

            beersLiked->manufacturer

State in which normal form the given table is and normalize it up to 3NF.

4. a.  Consider the following class diagram and write the SQL syntax to create necessary tables. [7]         

 

b. Write SQL syntax to perform the following operations:[4X2=8]

                                                 I.      Insert data into the employee table

                                              II.      Alter table department to add column branch.

                                           III.      Show name of all employees who live in Kathmandu.

                                           IV.      Display the no. of employees working in each department.

6.         a.  Define the functions of Data Administrator and Database Administrator. [8]

b.   Explain the Cryptographic technique used in the database.[7]

7.         a.   Define Distributed Database System with its important properties.[8]

b. What is client server database? Explain its advantage over file server.[7]

8.         Write short notes. (Any two): [5X2=10]

a)      Data types

b)      Transaction

c)      Horizontal and vertical partitioning.

****Good Luck****

The main object of this lab is to be familiar with the DML(Data Manipulation Language)

DBMS LAB 4

The main object of this lab is to be familiar with the DML(Data Manipulation Language)

Deleting Records

            To delete a record MySql uses the DELETE statement. It is similar to SELECT, except that as the entire record is deleted, there is no need to specify any columns. You need the table name and condition.

The general syntax of the DELETE command is

msql> DELETE from table_name where condition;

Example:

mysql > DELETE from employee_data where [condition]

NOTE: condition is optional.If condition is not given all the data from the table are deleted. So be careful to use a condition with the DELETE statements.Simply entering DELETE from table_name would have deleted all records in the table. There is no undo option

Changing Records in Table

UPDATE statement is used to update the records in table. The general syntax for the UPDATE statement is

mysql>UPDATE table_name SET column_name=value where condition;

In this statement the column_name is the name of the column to be updated and the value is the new value that is given to the column

Example:

mysql> UPDATE employee_data SET f_name=”Rahul” where emp_id=10;

NOTE: We have to be very careful to apply a condition. Without the where clause, we would have changed everybody’s name to Rahul.

INSERT, SELECT, UPDATE and DELETE make up the four standard statements for manipulating data. They are part of SQL’s data manipulation Language (DML)

Dropping Tables and Databases

To remove or drop the table and database we use the DROP command. The general syntax for the drop statement is

mysql> DROP table_name;

NOTE: No warning, no notification, the table and all the data in it has been dropped. So we have to be very careful with this statement

Similarly to drop the database we can issue the following command

mysql> drop database_name;

Changing Table Structure

The DDL statement ALTER allows us to change the structure of tables. We can add columns, change column definition, rename tables and drop columns.

1)      Adding a new column in the existing table

   

      To add a new column in the existing table we use the ALTER command. The general syntax of ALTER command for adding new column in the existing table is

mysql> alter table table_name ADD new_column_name  column_type;

In the above command the new_column_name is the name of the new column that we are going to add in the table table_name and the column type is the type of the column like int, varchar,float etc

Example : mysql>AlTER TABLE employee_data ADD phone_no int;

In this example the phone_no is the name of the new column that we are going to add in the table employee_data and the type of that column is int

2)      Changing the Column Defination

  We can change the name of the existing column of a table with the help of ALTER command using the CHANGE clause. The general syntax of  ALTER command for changing the name of the column is:

mysql>ALTER TABLE table_name CHANGE old_column_name new_column_name column_type;

After the CNAGE clause comes the old column name, then the new column name, followed by it’s definition. To change the definition but not the name of column, we would simply keep then name as before followed by the column type.

mysql>ALTER TABLE table_name CHANGE old_column_name new_column_type;

Example: mysql> ALTER TABLE employee_data CHANGE emp_id employee_number int;

3)      Renaming a Table

 To rename an existing table we use ALTER TABLE command with RENAME clause

mysql>ALTER TABLE old_table_name RENAME new_table_name;

The above command can also be written as

mysql>ALTER TABLE old_table_name RENAME TO new_table_name;

or

mysql>ALTER TABLE RENAME old_table_name TO new_table_name;

Example

 mysql>ALTER TABLE employee_data RENAME emp_table;

4)      Dropping a Column

    To remove the unwanted column we use ALTER………..DROP command as follows.

mysql>ALTER TABLE table_name DROP column_name;

Example

 mysql>ALTER TABLE employee_data DROP salary;

     

How to perform DBMS Lab and its methodologies

DBMS LAB

The main objective of this lab is to gain knowledge of the select statement that is used SQL

Querying MySQL tables

Data is extracted from the table using the SELECT SQL command. Here is the format of a SELECT statement:

SELECT column_names from table_name [WHERE ...conditions];

The conditions part of the statement is optional. Basically, you require to know the column names and the table name from which to extract the data.

SELECT f_name, l_name from employee_data;

The statement tells MySQL to list all the rows from columns f_name and l_name.
The display is in the order in which the data was inserted. Furthermore, the last line indicates the number of rows our table has.
To display the entire table, we can either enter all the column names or use a simpler form of the SELECT statement.

SELECT * from employee_data;

Some of you might recognize the * in the above statement as the wildcard. Though we don't use that term for the character here, it serves a very similar function. The * means 'ALL columns'. Thus, the above statement lists all the rows of all columns.
ASSIGNMENT 1

1. Write the complete SQL statement for creating a new database called addressbook


2. Which statement is used to list the information about a table? How do you use this statement?


3. How would you list all the databases available on the system?


4. Write the statement for inserting the following data in employee_data table
      First name: Rudolf
      Last name: Reindeer
      Title: Business Analyst
      Age: 34
      Years of service: 2
      Salary: 95000
      Perks: 17000
      email: rudolf@bugnet.com


5. Give two forms of the SELECT statement that will list all the data in employee_data table.


6. What will select f_name, email from employee_data; display?


7. Write the statement for listing data from salary, perks and yos columns of employee_data table.


8. How can you find the number of rows in a table using the SELECT statement?


9. What will select salary, l_name from employee_data; display?

 

selecting data using conditions

We will learn how to use the select statement using the WHERE clause.

SELECT column_names from table_name [WHERE ...conditions];

Now, we know that the conditions are optional

The SELECT statement without conditions lists all the data in the specified columns. The strength of RDBMS lies in letting you retrieve data based on certain specified conditions.
 Comparision Operators of  SQL

                        The = and != are the  comparision operators

Examples of using comparision operators

1)SELECT f_name, l_name from employee_data where f_name =’john';

This query displays the first and last names of all employees whose first names are John.

2) SELECT f_name,l_name from employee_data where title="Programmer";

This query display the first and last names of all employees who are programmers.

3) SELECT f_name, l_name from employee_data where age = 32;

This lists the first and last names of all empoyees 32 years of age. Remember that the column type of age was int, hence it's not necessary to surround 32 with quotes

The != means 'not equal to' and is the opposite of the equality operator

The greater than and lesser than operators(< and >)

Examples

1) SELECT f_name, l_name from employee_data where age > 32;

  This query display the first name and the last name of all the employee who are greater that 32 years

2) SELECT f_name, l_name from employee_data where salary > 120000;

  This query display the first name and the last name of all the employee who  who draw more than $120000 as salary

3) SELECT f_name, l_name from employee_data where yos < 3;

  This query display the first name and the last name of all the employee who had less than 3 year of service in the company

The <= and >= operators

These operators are used primarily with integer data, the less than equal (<=) and greater than equal (>=)operators provide additional functionality.

Examples

1) select f_name, l_name, age, salary

from employee_data where age >= 33;

This query display the names, ages and salaries of employees who are more than or equal to 33 years of age.

2) select f_name, l_name from employee_data where yos <= 2;

This query displays employee names who have less than or equal to 2 years of service in the company.
ASSIGNMENT 2

1. Write the SELECT statement to extract the ids of employees who are more than 30 years of age.


2. Write the SELECT statement to extract the first and last names of all web designers.


3. What will the following SELECT statement display:

4. SELECT * from employee_data where salary <=100000;

5. How will you display the salaries and perks for employees who have more than $16000 as perks?


6. List all employee names (last name followed by first name) who hold the title of Marketing Executive.