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History of Economic Thought

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Adam Smith

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Classical economics, invisible hand, division of labor

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David Ricardo

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Comparative advantage, labor theory of value, rent theory

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John Maynard Keynes

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Keynesian economics, government intervention, aggregate demand

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Milton Friedman

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Monetarism, free-market advocacy, quantity theory of money

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Karl Marx

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Marxism, surplus value, class struggle

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Friedrich Hayek

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Austrian School, free market, economic calculation problem

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John Stuart Mill

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Utilitarianism, principles of political economy, harm principle

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Joseph Schumpeter

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Creative destruction, entrepreneurship, innovation theory

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Thomas Malthus

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Malthusianism, population theory, preventative and positive checks

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Alfred Marshall

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Neoclassical economics, supply and demand, consumer's surplus

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Paul Samuelson

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Modern economics, welfare economics, public goods

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Amartya Sen

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Welfare economics, capability approach, economic justice

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Murray Rothbard

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Anarcho-capitalism, Austrian School, law and economics

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Jean-Baptiste Say

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Say's Law, market economics, entrepreneur's role

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Kenneth Arrow

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General equilibrium theory, Arrow's impossibility theorem, information economics

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Frank Knight

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Distinction between risk and uncertainty, profit theory, Chicago school

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Joan Robinson

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Monopolistic competition, post-Keynesian economics, economic growth

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Thorstein Veblen

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Institutional economics, theory of the leisure class, conspicuous consumption

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Gary Becker

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Economic analysis of social issues, human capital, rational choice theory

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Robert Lucas Jr.

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Rational expectations, Lucas critique, macroeconomic modeling

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