FINAL EXAM REVIEW - Examples Edition Flashcards
Sherwin Rosen
coined the term “economics of superstars” ex. work hard in 20s to enjoy 60s
Alexander Graham Bell
invented telephone; founder of AT&T
Defacto Beers
diamond supplier until 1990s (monopoly)
John Bates Clark
criticized monopolies, believed competition was needed and that monopolies would charger higher prices and limit output
E.H. Chamberlain
Harvard; supported capitalism; emphasized merits of moComp which include how everyone has different preferences, so product differentiation is necessary
J. Robinson
Cambridge; Emphasied demerits (inefficiencies) of moComp -> including excess capacity (produces less than min. ATC) and markup over marginal cost
what kinds of companies are natural monopolies?
public utilities i.e. electricity, telecomms, gas; pipelines
Farmer Jack is an example of what
production function; cost of labour
Turgot
analyzed labour markets, proponent of commission-based wages
Ricardo
accepted Turgot’s ideas
Von Thunen
labour markets: productivity and wages are based of its distance from central market i.e. rental land prices
Johan Huizinga
play, ritual, work
William Petty
devised a way to measure a nation’s income that was not in use until 1930s
Wesley Clair Mitchell
Co-founded the NBER; contributed to benefit of great depression by analyziing business cycles and economic fluctuations
Simon Kuznets
developed research on national income accounting and GDP
also: secular growth of economics as time passes
Ben Bernarke
helped aid through rsrch on central banks and monetary policy
Milton friedman
neoclassical economist who argued lack of money supply was a cause of great depression
China ghost towns are an example of what
large inventory investments -> economy wasting resources
Black Tuesday
Beginning of the Great Depression
Fixed Business Investment
capital equipment i.e. machines, tools
Residential Investment
structures i.e. bdgs, houses, factories
Inventory Investment
work in process
Fisher Equation
implications for business cycle theory
Lyndan B. Johnson
Vietnam War; Great Society Program
Paul Volcker
controlled inflation by restricting monetary policies and increasing interest rates -> may lead to some unemployment in beginning but later prices are controlled
Arnold J. Toynbee
rise and fall ofcivilizations to study growth/decline factors
James Watt
invented Steam Engine during IR -> first applied to textiles in SK
Malthusian Dynamics
kinda like maslow’s hierarchy. gotta survive first to take in love and support people etc.
Peter lindert
introduced free public education for primary schools in the US
Gary Beckel
wrote on changes in the premium (benefits_ of college education
Robert Fogel
estimated in Great Britain 1 in 5 ppl were malnourished, so pushed for increase in health care expenditure where H is an investment to increase productiity
Michael Kremer
theorized that over the course of human history, growth rates increased as the world’s population increased -> therefore more populated regions grow faster than less populated ones
