Classical
Was an economic advisor for this President
Who is Ronald Reagan
In Economic Terms, freedom or equality is called?
What type of Justice does Thomas Sowell call this?
What is Equal Opportunity?
What is Traditional Justice?
He wrote Das Kapital.
Who is Karl Marx.
Friedman argued that this policy tool, controlled by the Federal Reserve, is the most effective way to manage economic stability.
What is monetary policy?
In Economic Terms, equity is...
Thomas Sowell calls this?
What is Equal outcomes?
What is Cosmic Justice?
This Nobel Prize-winning economist is known for his clear explanations of economic principles and his book Economics, which is widely used in high school and AP courses. He is more Keynesian in his economic philosophy.
Who is Paul Krugman
Friedman famously opposed this type of government spending program, arguing it often leads to inefficiency and dependency.
What are welfare programs?
(Accept: social welfare or entitlement programs)
This refers to the hoarding of money in economic terms.
What is a surplus?
According to Sowell, Attempts to enforce equity through redistributive policies can distort incentives, reduce accountability, and harm overall societal well-being.
What is Unitended Consequences
The other author of the Communist Manifesto (not Karl Marx)
Who is Friedrich Engels
The system of production, where workers specialize in specific tasks, greatly increases efficiency and output.
What is the division of labor?
In his famous “pencil” story, Friedman used this concept to explain how countless people around the world cooperate to produce a single pencil without central planning.
What is the power of the free market?
or voluntary exchange in a market economy?
What is a progressive Tax System?
Mao Zedong's Economic Farming Plan was called?
What is the Great Leap Forward (1958-1962)
Friedman & Dr. MLK Jr. both agreed on this economic policy, where individuals receive a guaranteed income from the government instead of traditional welfare benefits.
What is a negative income tax?
What is Universal Basic Income?
Keynes argued that during periods of high unemployment and idle resources, this paradox occurs when individuals save more, reducing overall demand and worsening the recession.
What is the Paradox of Thrift?
The name of an equal tax system
What is a flat tax?