Early Economics
The backbone of many early economies
Agriculture
The era of economics Smith belongs to
Classical Economics
Political system inspired by Marx
Communism
The entity needed to guide markets
Government
The school of economics Hayek belongs to
Austrian School of Economics
The devaluing of coins by mixing in cheaper metals
Debasement
What Smith said guided the market
Invisible Hand
Name of the era Marx lived in
Industrial Revolution
The driver of economic decision-making
Animal Spirits
What conveys information about supply and demand in an economy
Prices
Protected members' right to practice their craft and working conditions
Guilds
The driver of economic growth & prosperity
Name of Marx's most influential written work
Das Kapital
Total spending in an economy
Aggregate Demand
Won this prize in 1974 for his work on money theory and market processes
Nobel Peace Prize
French for "allow to do"
Laissez-faire
The motivator of human behaviour
The name of the owning class
Bourgeoise
Where Keynes would hide bottles of bank notes
Disused coal mine
Why Hayek believed in inherent limitations of top-down planning
Knowledge is dispersed in society and cannot be known by one individual or organization
This Greek philosopher believed in the natural inequalities of humans
Plato or Aristotle
The concept of paying someone above the market rate
Efficiency Wages
What Marx believed drove historical change
Class Struggle
Interest rates are too low
Liquidity Trap
What Hayek called laissez-faire
Spontaneous Order