Economics Questions Essay1Economics Questions EssayAlfred Marshall is an important individual within the economics world. This is not onlybecause of his idea of the connection between supply and demand but also because of how heapproached economics to the physical sciences. Marshall was born and lived through a timewhere there was the marginal revolution. During this revolution, Marshall created an approachthat was fused with science. According to the online source econlib.org, To make economicsdynamic rather than static, Marshall used the tools of classical mechanics, including the conceptof optimization (The Library of Economics and Liberty). This means that instead of simplyrelying on mathematics and what was already being taught, Marshall took the liberty ofunderstanding mechanics and biological sciences in order to create a more valid approach toeconomics. Marshall believed that just like evolution, the approach of economics needed tochange and update. This was to be done using technology, market institutions, and peoplespreferences evolve along with peoples behavior (The Library of Economics and Liberty).In the second question, we are asked to compare and contrast various economist's viewson The Machine Question. First, we must discover what The Machine Question, also knownas The Machinery Question, is. In the year of 1821, David Ricardo, a rather well-knowneconomist in the early 19th century, published ...
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