What school?
A group of economic thinkers who share or shared a mutual perspective on the way economies function is called this.
What is a school of economic thought?
The 1776 book where Adam Smith first used the term "mercantile system" to criticize this school of thought.
What is The Wealth of Nations?
Keynes argued that fluctuations in this are the primary driver of economic output and inflation.
What is aggregate demand?
Monetarism is a macroeconomic theory that emphasizes the importance of this as the primary driver of economic activity.
What is the money supply?
Carl Menger, who is considered the founder of the school with this 1871 book.
What is Principles of Economics?
John Maynard Keynes developed this school of thought in response to the Great Depression.
What is Keynesian?
This French economist is credited with formulating the law of markets, which states that supply creates its own demand.
Who is Jean-Baptiste Say?
Government spending and taxation policies that are used to influence the economy are known as this.
What is fiscal policy?
A sustained increase in the money supply is the primary cause of this economic phenomenon.
What is inflation?
This Austrian economist is known for his work on the importance of entrepreneurship, knowledge, and spontaneous order in markets.
Who is Friedrich Hayek?
This economic school of thought was primarily developed by Adam Smith, the "Father of Economics."
What is Classical?
This economist's Principles of Political Economy and Taxation introduced theories on rent and comparative advantage.
Who is David Ricardo?
Unlike monetarists, Keynesians generally have more faith in the ability of the central bank to use its judgment, known as this, to manage the economy.
What is discretionary policy?
Monetarists argue that this phenomenon, caused by too little money supply growth, can lead to business cycle downturns
What is deflation?
A key figure whose work on economic calculation, the trade cycle, and the dangers of interventionism heavily influenced the Austrian School.
Who is Ludwig von Mises?
Milton Friedman, with contributions from other economists such as Anna Schwartz, developed this school of economic thought, which emphasizes the significant role of money supply in influencing economic activity and inflation.
What is Monetarist?
The belief that economies function most efficiently with minimal government interference is called this, a French term meaning "let do."
What is laissez-faire?
Published in 1936, this magnum opus by Keynes laid the foundation for his entire economic school of thought.
What is The General Theory of Employment, Interest and Money?
This is the primary tool of economic management favored by monetarists.
What is monetary policy?
A core concept, often associated with Carl Menger, that analyzes economic phenomena by focusing on the incremental or "marginal" units of a good or service
What is Marginal Thinking?
This school of economics was developed by Carl Menger, a movement that emphasized the universal applicability of economic analysis and the importance of individual human choices.
What is Austrian?
The concept that individuals' self-interested actions, without government direction, can lead to positive social and economic outcomes.
What is the "invisible hand"?
A problematic economic condition characterized by both high inflation and high unemployment, which Keynesian theory has faced challenges in fully predicting.
What is stagflation?
This 1963 book, co-authored by Friedman and Anna Schwartz, is a comprehensive history of the U.S. monetary experience.
What is A Monetary History of the United States, 1867–1960?
The study of human action as a logical system, central to Austrian methodology, which emphasizes deductive reasoning from fundamental axioms about human behavior rather than empirical observation.
What is Praxeology?