Level 48Level 50
7 words 0 ignored
Ready to learn Ready to review
Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.
Fathers of liberal economics?
Adam Smith and David Richardo
Key tenets of liberalism
the promotion of free markets, small government interference. Smith argued that the small state-welfare is required. Richardo also posited the importance of meritocratic principles of capitalism
What is the 'invisible hand?'
the process of theoretical self-coordination exercised by the powers of free markets and open trade.
Ontological Liberalism (economic)
Theoretical: how the world works along liberal principles of economic organisation; does not exist in the real world
how the world should be made to work in accordance with the liberal philosophical principles
Richardo's key points
argued for the comparative advantage as a means for free trade
the theory that free markets better serve the interests of the masses