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Transcript
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: 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: 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 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