Quiz 1 Flashcards
an idea that resurfaced many centuries later in the subjective theory of value that separated the neo-classical economics form classical economics
Hedonism
He articulated the calculus for hedonism, further stating that hapiness should be greater than pain
Jeremy Bentham
The scarcity and quality of human productiove skilss, led ____ to the theory do wage differentials, which recognized relative efficiencies of different skills and the relative cost of acquiring those skills
Gerald Odonis
described poverty as a state in which someone does not have that which he desires
jean buridan
he said that value is determined by the common need of something scarce; as long as there was abundance in the face of strong demand, indigentia would not raise price.
henry of friemar
argued that the “just price” was a kind of arbitrated price. he n argued that just price was a substitute for the unregulated, competitive, market price when markets had not yet reached the stage of development.
David Friedman
was the economic
organization in the Middle Ages. The king was the repository of all legal property rights
Feudalism
means household
oikos
refers to the system of production, resource allocation, and distribution of goods and services within a society
Economic System
The Greeks formalized the active and rational pursuit of pleasure and avoidance of pain in their doctrine of
hedonism
The head of the Ancient Greek’s household was known as
Oikodesptes
makes decision for the society.
Authoritarian Ruler
means management
nemein
his ideas about the functions of money are still relevant today
Aristotle
He was opposed to class
distinctions, luxury, and ostentation. He favored social mobility, peace, order, national wealth, and a large population
Mo Ti
