Schools of economic thought

Question 1

Social Darwinism

Answer 1

The economic belief that the best economic system would naturally develop so government intervention and welfare tampered with this

Question 2

David Ricardo

Answer 2

Influential economist who expanded on Smith’s theories of trade (comparative advantage)

Question 3

Karl Marx

Answer 3

created theories about class, production, superstructure and advocated for communism

Question 4

Classical Economics

Answer 4

initial market theories embodied in “Principles of Economics”, which went over supply & demand and marginal utility

Question 5

Alfred Marshall

Answer 5

embodies classical economics in a book called “principles of economics” while also creating the concepts of “supply & demand” and “marginal utility”

Question 6

John Maynard Keynes

Answer 6

wrote “A General Theory of Money, Interest, and Employment” which launched macroeconomics and challenged classical economics

Question 7

Austrian School of Economics

Answer 7

founded by Friedrich Hayek & Ludwig Von Mises and rejecting nearly all fiscal and monetary policy

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Question 8

Chicago School of Economics

Answer 8

started by Milton Friedman and his followers who advocated for much more privatization of gov and new perspectives on depressions

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Question 9

Monetarism

Answer 9

belief that the money supply should be increased slowly and predictably to allow for steady
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Question 10

Supply-Side Economics

Answer 10

advocating deregulation and cutting taxes

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Question 11

New Neoclassical Synthesis

Answer 11

A mix between classical and Keynesian economics that occupies mainstream thought