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History of economic thought > Final > Flashcards

Final Flashcards

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1
Q

Mercantilists Economists

A

Niccolo’ Machiabelli, Jean Bodin, Antonio Serra, Thomas Mun, Gerard de Malynes, Edward Misselden, Jean Baptiste Colbert, William Petty, John Locke, Charles Davenant, Richard Cantillon, Josiah Child

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2
Q

Physiocract Economists

A

Francois Quesnay, Anne Robert Jacques Turgot

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3
Q

Nassau William Senior

A

Abstinence Theory, favored poor law amendment, Factory Acts(favored child labor laws but not restricting hours of adults)

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4
Q

John Stuart Mill

A

Equilibrium prices are brought about in markets through supply and demand, elasticity of demand

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5
Q

Frierich List, Wilhelm Roscher, Gustav von Schmoller, Max Weber

A

Society is dynamic(evolving), Positive role for government, Inductive/Historical approach, Advocates of conservative reform

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6
Q

Stanely Jevons

A

Theory of diminishing marginal utility, Rational hoice & theory of exchange

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7
Q

Marginalists

A

Stanely Jevons, Carl Menger, Leon Warlas

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8
Q

Carl Menger

A

Theory of Imputation, Theory of Monoploy

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9
Q

Leon Warlas

A

Derivation of individual demand curve, General equilibrium analysis

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10
Q

Alfredo Marchall

A

Combined various aspects of marginalist thinking *supply, demand, marginalist utility), Founder of Neoclassical economics

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11
Q

Knut Wicksell

A

National rate of interest, idea of credit

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12
Q

Irving Fisher

A

Introduced cambridge equation MV = PT where T is trade

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13
Q

George Hwtrey

A

Monetary theory of business cycle

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14
Q

John Robinson

A

Economics of imperfect competition

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15
Q

John Maynard Keynes

A

Later part of great depression; stagflation(low change in GDP; High inflation; high unemployment), Y=C+I+G+NX

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16
Q

Piero Sraffa

A

Flaws in the mainstream neoclassical: : famous mathematician ; theory of value

17
Q

Nicolar Kaldor

A

Famouse for kaldor growth model (post keynesian growth model), Kaldor-Hicks Compensation crieteria (efficiency for welfare compensation)

18
Q

Karl Marx

A

Productivity, labor exportation

19
Q

Thorstein Veblin

A

Theory of the leisure class (rich class) looking @ conspicuous consumption (Veblin goods)

20
Q

Kenneth Galbraith

A

change over ideas to meet new institution

21
Q

Schumpeter

A

Creative destruction- the internal mechanism by which the market continuously improves on itself

22
Q

Pareto

A

Pareto Efficiency

23
Q

Pigou

A

Pigou effect simulation of output and employment

24
Q

Oscar Lange

A

Economic theory of socialism (Market socialism)

25
Q

Kenneth Arrow

A

Arrow’s impossiblity theory(no voting system can be designed that can satisfy 3 criteria [1) pareto efficiency 2) unrestricted domain 3) Dictatorship]

26
Q

James Buchanon

A

Public choice theory

27
Q

Amartya Sen

A

Capability theory, able to function when nourished increases utility, GDP looking @ quality of life not just production, Human development index

28
Q

Classical Economists

A

Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill

29
Q

Marginalist Economists

A

Stanely Jevons, Carl Menger, Leon Warlas

30
Q

Neoclassical Economists

A

Alfredo marchall

31
Q

Monetary Economists

A

Knut Wicksell, Irving Fisher, George Hwtrey, John Robinson, and Milton Friedman

32
Q

Keynesian Economists

A

John Maynard Keynes

33
Q

Post Keynesian Economists

A

Piero Sraffa, Nicolar Kaldor

34
Q

Institutionalist Economists

A

Thorstein Veblin, Kenneth Galbraith, and Schumpeter

35
Q

Welfare Economists

A

Pareto, Pigou, Oscar Lange, Kenneth Arrow, James Buchanon, and Amartya Sen

History of economic thought (7 decks)

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