Johann Heinrich von Thuenen 1783-1850 Johann Heinrich von Thuenen was a German economist whose theories stemmed from a practical background of farmer and landowner his main contribution to economics is his work Der Isolierte Staat in Beziehung Auf Landwirtschaft und Nationaloekonomie (1826-63) in which he analyzed factors influencing the profitable locations of industries. His theory […]

The Communist Manifesto by Karl Marx and Frederik Engels Translated by Samuel Moore A spectre is haunting Europe- the spectre of Communism. All the powers of old Europe have entered into a holy alliance to exorcise this spectre: Pope and Czar, Metternich and Guizot, French Radicals and German police spies. Where is the party in […]

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Modern Capitalism Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and […]

Bourgeoisie Bourgeoisie, originally, the free residents of European towns during the Middle Ages. The bourgeoisie later became synonymous with the middle class. History The term was first applied to those inhabitants of medieval towns in France who occupied a position somewhere between the peasants and the landowning nobility; soon it was extended to the middle […]

Principles of Economy by Martin A. Armstrong Reluctant Receipiant Throughout the course of man’s history, government has always been in pursuit of not merely power but wealth. Regardless of the form of government, we find that it is often the “reluctant receipiant” of its own consequences. Government has always been the source of major inflation. […]

Principles of Economy by Martin A. Armstrong Asset Inflation Asset Inflation is quite different from cost-push or demand-lead inflation. Unlike these other forms of inflation, Asset Inflation is created soley by the actions of government through the means of its too often unrestrained fiscal policies. Hence, Asset Inflation is the direct result of a depreciation […]

Introduction History of Economic Thought While the history of economic thought is generally begins with Adam Smith, the trail leads much further back in time. In 1742, Francis Hutcheson was a professor of Philosophy at the University of Glasgow. Hutcheson was the teacher of Adam Smith and most likely inspired his great quest to understand […]

Pliny, Letters 96-97 AD Pliny to the Emperor Trajan It is my practice, my lord, to refer to you all matters concerning which I am in doubt. For who can better give guidance to my hesitation or inform my ignorance? I have never participated in trials of Christians. I therefore do not know what offenses […]

Temple of Alexandria Black Busts of the Julio-Claudians Cleopatra constructed an elaborate temple, or Caesareum, to Julius Caesar opposite the harbor of Alexandria. Inside stood an image of the deified Caesar. Following the defeat of Mark Antony and Cleopatra and the conquest of Egypt by Octavian, this temple of Caesar was dedicated to Augustus and […]