Classical
Portugal could produce wine with 80 men, and cloth with 90 men. England could produce cloth with 100 men, and wine with 120 men. Portugal has the _______________ in wine and cloth.
What is absolute advantage?
William Stanley Jevons discovered that as coal use became more efficient, _________ coal was consumed.
What is, more coal?
This economist argued that for countercyclical macro- economic policies.
Who was, John M. Keynes?
Ha Joon Chang (and other economists) refer to the period spanning from 1945-1971/3 the _________________.
What is, the Golden Age of Capitalism?
This policy sets a ceiling on emissions, and allows companies to buy a limited number of permits to exceed that ceiling.
What is Cap and Trade?
Portugal could produce wine with 80 men, and cloth with 90 men. England could produce cloth with 100 men, and wine with 120 men. England has the _______________ in cloth.
What is comparative advantage?
The last slice of pizza you eat is the ______________ valuable slice.
What is, the least?
Keynes argued that in prosperous times government should run a budget surplus/balance the budget, while economic downturns should be countered with a budget _____________.
What is, deficit?
The current Neoliberal Era of economic policy was born in the ____________ crisis of the 1970s.
What is, the Stagflation Crisis?
OPEC Crisis is also an acceptable answer...
This policy charges a tax on a given unit of CO2 emissions.
What is, a Carbon Tax?
Who is David Ricardo?
Neoclassical economists argue against government interference in markets on the basis that humans are rational actors. Austrian economists argue against government interference in markets on the basis that markets are too ___________ to even understand.
What is, complicated?
This school of economic thought focuses on the dynamics within organizations, (for instance, within corporations and government departments).
What is, the institutionalist school of economic thought?
During the OPEC Crisis of the 1970s banks were flush with cash. As a result, developing countries found that it was easier for them to obtain ________________.
What are, loans?
These regulations specify the clean energy technologies that individuals, businesses and utilities transition to.
What are prescriptive regulations?
"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to ______________. "-- Adam Smith
What is, their self interest?
The Pareto Criterion opposes any policy that causes _________ to any person or interest. The only good economic policies, according to Pareto, or those that _________ or at least, don't harm, everybody.
What is harm and help?
This school of economic thought created Import Substitution Industrialization (ISI) policies in Latin America.
The Developmentalist School of Economic Thought
The IMF made emergency loans to Mexico, the Philippines and several other developing countries. These loans had the following strings attached:
These regulations don't specify what kind of clean energy technology individuals, businesses, and utilities transition to, but it does mandate a higher share of the energy mix coming from low emissions sources.
What are, flexible regulations or flex regs?
A businessperson pays the legitimate market rate for rent, tools, materials, and labor. The same businessperson sells the product at the legitimate market price. According to Marx, this businessperson makes a profit, or extracts surplus value by
A. What is, extending the work day longer than the socially necessary time?
B. What is, increasing the pace of production until the hourly value of labor is greater than the hourly wage?
A leading conservative Neoclassical economist in the 1980s was named Milton _________. A leading liberal Neoclassical economist was named Paul __________.
What is, Friedman?
What is Samuelson?
Goals of Keynesian fiscal expansion (deficit spending) include
What are increasing employment, and stimulating consumer demand?
Federal Reserve interest rate hikes in 1979 acquired this name.
What is the Volcker Shock?
In calculating the economic damage from Climate Change, economists use this method to weigh the value of future rather than present costs.
What is future discounting?