Download Economic Theories- Vocabulary List

Economic Theories- Vocabulary List
Adam Smith- (Wealth of Nations): Laissez- Faire- Invisible Hand, Individual Self
Interest, Against Mercantilism: Specialization- Division of Labor,
Assembly Line: Good Tax Theory- Fair, Clarity & Certainty, Ease of
Administration, Flexibility
Thomas Malthus- Diminishing Returns- food production & population rate, positive &
negative checks, arithmetic & geometric growth
David Ricardo- Iron Law of Wages- subsistence wage, no social mobility: Comparative
Advantage (Cost)- absolute advantage, international trade, specialization
John Say- Classical Economics- producer is King, Supply creates Demand
Charles Fourier and Robert Owen- Utopian Socialism- phalanxes, planned communities,
job rotation, Distribution of passions, planned communities (New Lanark, New
Harmony), no child labor, education
Jeremy Bentham- Utilitarian Socialism- Felicific Calculus, pain & pleasure “the greatest
amount of happiness for the greatest number”
Karl Marx- Marxist Socialism(Communism)- Communist Manifesto, Bourgeoisie,
Proletariat, class consciousness, class struggle, opiates of the masses, steps
towards communism, means of production
John Stuart Mills- Industrial Cooperatives, Potential Role of Corporations
Samuel Gompers- Collective Bargaining, negotiations, strikes, lock outs
Herbert Spencer- Social Darwinism- “the rich deserve to be rich and the poor deserve to
be poor”, natural selection, Andrew Carnegie, Gospel of Wealth, social
mobility
Thorstein Veblen- Conspicuous Consumption- display of wealth, overspending means,
danger to the middle class, MTV cribs (bling-bling, ice)
Joseph Schumpeter- Business Cycle- expansion, peak, contraction, recession, depression,
trough (low point), recovery, economic indicators (GDP, inflation, stock
market, unemployment, etc)
Joseph Schumpeter- Creative Destruction- Adaptation, Innovation, Business Model,
Wal~ Mart, Henry Ford’s Assembly Line
John Meynard Keynes- Keynesian Economics (Deficit Spending)- budget deficit,
budget surplus, balanced budget, national debt, spending multiplier, pumppriming, demand- side stimulation, FDR’s New Deal, fiscal policy
Walt Rostow- Stages of Growth- A Non-Communist Manifesto, traditional, preconditions of take- off, take off, drive to maturity, maturity, mass consumption,
decay
Affirmative Action- JFK, LBJ, series of laws and government initiatives, combat the
“old boys network, glass ceiling, Equal Employment Opportunity Act, quotas,
Bakke v. UC Davis (Board of Regents), Do we still need it?
Ronald Reagan- Supply Side Economics- opponents called Reaganomics- response to
severe recession caused by 1970s stagflation, decrease social spending, tax cuts
for wealthy, “trickle- down”, increased military spending, budget deficit, New
Federalism, national debt, fiscal policy
Green Economics- Tim Jackson- Can economies grow while protecting the
environment?
Monetarism- Federal Reserve, Money Supply, Interest Rates
Happiness Economics- standard of living, economic indicators, $70,000 threshold
Thomas Friedman- Globalization- Free Trade, Reduced Barriers, Outsourcing, NAFTA,
WTO
Game Theory- John Nash- prisoners dilemma, cooperative behavior, colluding