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New Ideas from Dead Economists by Todd Buchholz
Study Guide
Associate each of the economists studied with their main contributions to the field of Economics:
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Adam Smith
Thomas Malthus
David Ricardo
John Stuart Mill
Thorstein Veblen
Alfred Marshall
Karl Marx
John Kenneth Galbraith
John Maynard Keynes
Milton Friedman
Major Economic Concepts, theories, and Published works that should be understood and associated with one or
more Economists:
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Smith’s concept of capitalism
The Wealth of Nations
Division of labor
Self interest
Laissez faire
Positive checks on population
Preventative checks on population
Corn Laws
Comparative advantage
Effects of protectionism
Normative economics
Positive economics
Four factors by which any experience may
be measured
Induction and deduction
Supply and Demand
Communist Manifesto
Marx’s course of history
Value of labor to production
Capital ( Das Kapital)
Marx’s 5 laws of capitalism
The General Theory of Employment,
Interest, and Money
Marginalism
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Elasticity and the determinants
Law of diminishing marginal returns
Long run/short run
Economic Consequences of the Peace
Veblen good
Dependence effect
Market failures
Old Institutionalists
New Institutionalists
Multiplier effect
Keynesian Fiscal Policy
“healthy economy” according to Keynes
Monetarists/Monetarism
Monetary velocity
The economy as a car analogy
Monetary Policy
Public Choice theory
Capture theory
Efficient Market Hypothesis
Psychological barriers to economic literacy
Rational expectations
Rational ignorance
Malthus’s Revenge
Coase’s Theorem