Explore tens of thousands of sets crafted by our community.
Economic Theories and Their Proponents
20
Flashcards
0/20
Classical Economics
Adam Smith, David Ricardo, and John Stuart Mill - Emphasizes the role of free markets, the invisible hand, and comparative advantage
Marxism
Karl Marx and Friedrich Engels - Centers on the analysis of class relations and societal conflict, means of production owned by society
Keynesian Economics
John Maynard Keynes - Advocates for government intervention to mitigate business cycles and high unemployment
Monetarism
Milton Friedman - Focuses on the role of government in controlling the amount of money in circulation
Austrian Economics
Ludwig von Mises, Friedrich Hayek - Stresses free markets, individual choice, and the importance of the price mechanism
Supply-Side Economics
Arthur Laffer, Robert Mundell - Suggests economic growth can be most effectively created by lowering taxes and decreasing regulation
New Classical Economics
Robert Lucas, Thomas Sargent - Emphasizes the importance of economic actors’ expectations and rational behaviors
Mercantilism
Thomas Mun, Jean-Baptiste Colbert - Endorses the increase of wealth by governments via protectionism, and trade surplus
Neoclassical Economics
Alfred Marshall, Leon Walras - Argues that consumers maximize utility and firms maximize profit to determine goods allocation in markets
Behavioral Economics
Daniel Kahneman, Amos Tversky - Integrates psychological insights into human behavior to explain economic decision-making
New Keynesian Economics
Gregory Mankiw, N. Gregory Mankiw, David Romer - Focuses on market imperfections which may lead to price stickiness, leading to an ineffective market-clearing mechanism
Institutional Economics
Thorstein Veblen, John R. Commons - Studies institutions and their role in shaping economic behavior
Development Economics
W. Arthur Lewis, Amartya Sen - Examines the economic transformation of developing countries
Game Theory
John Nash, John von Neumann, Oskar Morgenstern - Analyzes strategic interactions in which the success of a player's strategy depends on the strategies of other players
Public Choice Theory
James M. Buchanan, Gordon Tullock - Applies economic principles to political processes, explaining how self-interest and the non-altruistic behavior of voters, politicians, and bureaucrats can affect government policy
Human Capital Theory
Gary Becker, Theodore Schultz - Argues that investment in human capital (education, training) is crucial for economic growth
Feminist Economics
Julie A. Nelson, Marilyn Waring - Critiques the historical exclusion of women from economic analysis and aims to explore how gender shapes the economy
Ecological Economics
Herman Daly, Robert Costanza - Combines ecological and economic thinking to examine the sustainability of economic systems
Post-Keynesian Economics
Joan Robinson, Hyman Minsky - Focuses on economic instability, uncertainty, and the irrelevance of neoclassical equilibrium models in understanding real-world economies
Chicago School
Frank Knight, Milton Friedman, George Stigler - Advocates for free-market policies with minimal government intervention and strong emphasis on the Quantity Theory of Money
© Hypatia.Tech. 2024 All rights reserved.