Brighton says this book will appeal to Chinese readers who have an interest in economics, stating that this book will help readers gain a better understanding of the classical and neo-classical theories of economics.
RALEIGH, N. C. (PRWEB)
July 17, 2017
Cambridge Brighton’s new book “Treatises on Economics (Chinese)” (published by Lulu), is a compendium of two treatises on economics which were developed during the Industrial Revolution written in traditional Chinese – Mandarian.
The two treatises contained in the book are “Wealth of Nations,” published by Adam Smith, a classical economist who served as the commissioner of customs of Scotland, in 1776 and “Principles of Economics,” published by Alfred Marshall, a philosopher and an economist who founded the neoclassical economic theory, in 1890.
In “The Wealth of Nations,” Adam Smith theorized that some nations have access to wealth through key factors that dominate the national economy. Brighton writes that Smith argued that primarily, a nation’s wealth is largely based on its national productivity, its balance of trade, as well as the proper employment of capital. According to Brighton, Smith also posits that the proper administration of the national public trust – namely its gold and silver reserves, taxation and public debt – are essential to any nation’s survival.
Alfred Marshall’s “Principles of Economics,” presents a comprehensive theory of consumption and production, according to Brighton. Marshall’s consumption and production theories include consumer demand, utility, marginal utility, costs of production and marginal cost. His market theories include the laws of supply and demand, price equilibrium and price theory. Brighton notes that Marshall’s theories on production,…