Chapter 1, Student Web Activity, Economics Today & Tomorrow, Glencoe, 2005

Chapter 1: What Is Economics?
"Learning About an Occupation"

Introduction
If three economists were asked to provide a solution to one economic problem, they may come up with three very different, and even contradictory, theories. Because economists have different backgrounds and experiences, their advice is influenced by how they view the world. Throughout history, problems and situations of the time also have given rise to different schools of economic thought. In this lesson, you will learn about early economists and the history of economic schools of thought.

Destination Title: Great Economists and Their Times

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Directions
Start at the Federal Reserve Bank of San Francisco's Great Economists Web site.

Click on "Schools of Economic Theory."
Read through the site, taking notes as you go. You may click on other topics in this site such as "Complete Timeline" to complete your research. Ten famous economists are also described on this site.

Using the information you gathered from this site, answer the following questions.

1. How did mercantilism change the way 16th and 17th century leaders responded to trade?

2. Who was Adam Smith, and what did his book The Wealth of Nations introduce?

3. How did the Marxist school of economic thought challenge Classical theories?

4. How did Keynes's theory of the effects of worldwide depression upon wages and prices contrast with the Classical view? What were the conditions that motivated Keynes's new theory?

5. The Bank of Sweden's Prize in Economic Sciences in Memory of Alfred Nobel is considered one of the highest honors an economist can receive. Since 1969, the award has been honoring contemporary economists for contributions that enhance our understanding of economic mechanisms. Using your research, imagine you are a member of the Royal Swedish Academy of Sciences, and you have been asked to submit the name of a historical economist to be awarded the Nobel Prize. Create a poster illustrating your candidate. Use quotes and graphics to support your choice.