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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