Fundamental Theories
When there are relatively few people unemployed, workers can demand higher salaries, which can force companies to charge more for their products/services, creating a cycle known as WHAT?
What is: Theory of the Wage-Price Spiral
THIS term translates to "hands-off," and is a philosophy advocated by free market economists who discourage government intervention.
What is: Laissez-faire
A radical advocate of a classless society, THIS individual co-authored the Communist Manifesto with Friedrich Engels.
Who is: Karl Marx
Patricia, who is advocate of free trade, small government, and fewer regulations, is likely a member of which political party?
What is: Republican
John Maynard Keynes grew up during THIS, which informed many of his beliefs about government intervention, deficit spending, and social services programs.
What is: the Great Depression
The theory of rents, the theory of value, and (the theory of) the iron law of wages are all associated with David Ricardo, who also believes in THIS theory that considers opportunity costs for countries.
What is: Theory of Comparative Advantage
According to Sadie Alexander, THIS is the political/economic solution to racial friction and competition over jobs.
What is: Full Employment
THIS was the only renowned economist of the time that was in favor of the British Corn Laws and warned about the danger of overpopulation and welfare.
Who is: Thomas Malthus
Darleen, who is in favor of more change and is tolerant of higher taxes, is likely a member of which political party?
What is: Democratic
According to Adam Smith, the government should intervene only to provide essential services to its citizens. What is ONE of those services according to Smith?
What is: Defense, Infrastructure, Schooling
The IDEA that the money supply is the primary driver of economic growth and that is the job of policymakers to adjust it.
What is: Theory of Monetarism
This CONCEPT occurs when population growth is greater than agricultural (food) production, leading to war, famine, and poverty.
What is: Malthusian Trap/Spectre
THIS person spent time in academia researching concepts such as commodity bundling and spent time serving in policy roles as an advocate for deficit spending.
Who is: Janet Yellen
Of the major economic systems that we studied, WHICH would Milton Friedman be least likely to support?
What is: Communism
The Corn Laws are an example of the opposite of free trade, also known as WHAT?
What is: Mercantilism or Protectionism
The IDEA that consumers make decisions based on self-interest, which creates a positive outcome for society and the economy.
What is: Theory of the Invisible Hand
A precedent to the Poor Laws in England, THIS structure provided economic relief to poor British farmers after the Napoleonic Wars.
What is: Speenhamland System or Corn Laws
Karl Marx's teacher at the Trier School in Germany was THIS individual, who was under surveillance by the German government for his pro-socialist beliefs.
Who is: Hugo Wyttenbach
A prominent scholar at the School of Economics where he taught, George Stigler was a proponent of THIS type of economic system.
What is: Capitalism
John Maynard Keynes argued that THIS, i.e. the population's desire and ability to spend, is the primary determinant of a country's economic strength.
What is: Aggregate Demand
The IDEA that our choices are the product of our observations and interactions with others, and that we are naturally programmed to empathize with others.
What is: Theory of Moral Sentiments
Name ONE major written work of FOUR of the six key economists we studied in part 1 of the project: Smith, Malthus, Ricardo, Keynes, Friedman, Marx.
Smith: Wealth of Nations, Theory of Moral Sentiments, etc.
Malthus: Essay on Principles of Population, etc.
Ricardo: Principles of Political Economy and Taxation, Influence on the Low Price of Coin, etc.
Keynes: General Theory of Employment, Interest, and Money, Economic Consequences of Peace, etc.
Friedman: Monetary History of the U.S., Great Contraction, Capitalism and Freedom, etc.
Marx: Communist Manifesto, Das Kapital, etc.
A close friend of Adam Smith and an open atheist, this philosopher had a significant impact on the Enlightenment and British economic policies.
Who is: David Hume
A fundamental component of socialism and communism is the belief that history is the economic struggle between the proletariat and bourgeoisie, also known as WHAT?
What is: Historical Materialism
Put the following five economists (which are in alphabetical order) in order from left to right along the political spectrum: Alexander, Friedman, Marx, Ricardo, Smith.
Order: Marx - Alexander - Smith - Ricardo - Friedman