Economists Flashcards
When was Adam Smith alive?
1723-1790
What book did Adam Smith mainly write and when?
An Inquiry into the nature and causes of the Wealth of Nations (1776)
What metaphor did Adam Smith create?
Invisible hand
What did Adam Smith found?
Classical School of Economics
What nationality was Adam Smith?
Scottish
What nationality was Milton Friedman?
American
When was Milton Friedman alive?
1912-2006
What kind of thinker was Milton Friedman?
Conservative
What did Milton Friedman advocate?
Monetarism
What is monetarism a revision of?
The quantity theory of money
What was Milton Friedman’s main work and when was it published?
A Monetary History of the United States, 1867-1960 (1963)
What government policy did Milton Friedman idealize?
Laissez-faire
What nationality was Karl Marx?
German
When was Karl Marx alive?
1818-1883
What was Karl Marx besides an economist?
Historian and social philosopher
What was Karl Marx’s contribution to economic thought?
Extending the labor theory of value to its logical conclusion, his theory of surplus value
What else did Karl Marx defend?
economic materialism
What book did Karl Marx write?
Das Kapital (1867, 1885, 1894)
What nationality was John Maynard Keynes?
English
When was John Maynard Keynes alive?
1883-1946
What was John Maynard Keynes’ most notable work?
The General Theory of Employment, Interest, and Money (1936)
What was the best way to deal with prolonged recessions in John Maynard Keynes’ opinion?
Deficit spending
What nationality was David Ricardo’s nationality?
English
When was David Ricardo alive?
1772-1823
What was David Ricardo best known for writing?
Principles of Political Economy and Taxation
What notion did David Ricardo introduce?
Comparative advantage
What did David Ricardo theoretically justify?
International trade
What law did David Ricardo put forth?
Iron law of wages
What nationality was John Kenneth Galbraith?
Canadian
When did John Kenneth Galbraith live?
1908-2006
What were John Kenneth Galbraith’s most famous works?
The Affluent Society; The New Industrial State
What did John Kenneth Galbraith emphasize?
Public service, limitations of the marketplace
What nationality was Francois Quesnay?
French
When did Francois Quesnay live?
1694-1774
What school of economic thought was Francois Quesnay the leader of?
The Physiocrats (the first school of economic thought)
What policy did the Physiocrats advocate?
Laissez-faire
What notion did the Physiocrats advocate?
Land is the ultimate source of all wealth
What nationality was Alfred Marshall?
English
When did Alfred Marshall live?
1842-1924
What was Alfred Marshall’s magnum opus?
Principles of Economics (1890)
What notions did Principles of Economics by Alfred Marshall introduce?
Consumer surplus, quasi-rent demand curves, and elasticity
What nationality was Thorstein Veblen?
American
When did Thorstein Veblen live?
1857-1929
What is Thorstein Veblen primarily remembered for?
The Theory of the Leisure Class (1899)
What phrase did Thorstein Veblen introduce in his book?
Conspicious consumption
What did Thorstein Veblen liken the obstentation of the rich to?
Proofs of virility found in the animal kingdom
What nationality was John Stuart Mill?
English
When did John Stuart Mill live?
1806-1873
What was John Stuart Mill besides an economist?
Social philosopher
What first book did John Stuart Mill write?
Essays on Some Unsettled Questions of Political Economy (1844)
What did John Stuart Mill believe in?
The relationship between profits and wages
What did John Stuart Mill exhaustively examine and in what book?
The necessity of private property; Principles of Political Economy (1848)
