Micro Economics, the Importance of the Individual in the Big Picture
My academic field, economics, is thought to date back to publication of The Wealth of Nations written by Adam Smith in 1776. It was a break-through from religion, though Adam Smith was a religious, because clergy in the Western world for a thousand years or so had preached all of one's life was a gift from God. Smith said, no, wealth of nations came from individuals producing more than they consume. If humans divide up the work that is there to be done and each individual becomes specialized and more productive then trades his output with another specialist both will have more. Add them together the nation has more. Smith basic idea of the individual was expanded to the individual firm by Alfred Marshal in 1890. The same principle applied, that a nation because better off when individuals and firms seek to gain for themselves. This dominated economics until the Great Depression and John Maynord Keynes. Keynes' idea was prosperity and the standard of living of the public could ...