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Mathematics & Economics
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Topic:
Evolution Of Economist Theories
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Instructions:
Writing Assignments. You will read Chapter 5 from New Ideas from Dead Economist.
1) What did you learn about economic concepts from this chapter?
2) How are these ideas are relevant to today’s economy?
Then your answer which should be 3 paragraphs or more.
P.S: You need to answer those 2 questions about chapter 5. Write answers to those questions with space between 2 paragraphs, so I can see where did you stop answering 1 question and where did you start with the second question. Thank you!
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EVOLUTION OF ECONOMIST THEORIES
Name
Institution
John Stuart Mills asked questions that examined the very foundations of capitalism and economics. His theory on taxation was adopted in the United States under the Tax Reform Act of 1986 that set up two basic brackets of 15 and 28 percent to replace the progressive income tax model. The economists’ role has shaped society from the onset including fighting for democracy, women suffrage, reducing restrictions on assembly and advocating for free speech.
Economic concepts are intertwined and are always evolving. Mills theory was that taxation wasn’t meant as a punishment particularly not to the disabled or to the poor, both of whom he exempted from taxation. He wanted all able bodied persons to be covered including those inheriting from their par...
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