Logo
Pattern

Discover published sets by community

Explore tens of thousands of sets crafted by our community.

Economic Theories and Their Proponents

20

Flashcards

0/20

Still learning
StarStarStarStar

Classical Economics

StarStarStarStar

Adam Smith, David Ricardo, and John Stuart Mill - Emphasizes the role of free markets, the invisible hand, and comparative advantage

StarStarStarStar

Marxism

StarStarStarStar

Karl Marx and Friedrich Engels - Centers on the analysis of class relations and societal conflict, means of production owned by society

StarStarStarStar

Keynesian Economics

StarStarStarStar

John Maynard Keynes - Advocates for government intervention to mitigate business cycles and high unemployment

StarStarStarStar

Monetarism

StarStarStarStar

Milton Friedman - Focuses on the role of government in controlling the amount of money in circulation

StarStarStarStar

Austrian Economics

StarStarStarStar

Ludwig von Mises, Friedrich Hayek - Stresses free markets, individual choice, and the importance of the price mechanism

StarStarStarStar

Supply-Side Economics

StarStarStarStar

Arthur Laffer, Robert Mundell - Suggests economic growth can be most effectively created by lowering taxes and decreasing regulation

StarStarStarStar

New Classical Economics

StarStarStarStar

Robert Lucas, Thomas Sargent - Emphasizes the importance of economic actors’ expectations and rational behaviors

StarStarStarStar

Mercantilism

StarStarStarStar

Thomas Mun, Jean-Baptiste Colbert - Endorses the increase of wealth by governments via protectionism, and trade surplus

StarStarStarStar

Neoclassical Economics

StarStarStarStar

Alfred Marshall, Leon Walras - Argues that consumers maximize utility and firms maximize profit to determine goods allocation in markets

StarStarStarStar

Behavioral Economics

StarStarStarStar

Daniel Kahneman, Amos Tversky - Integrates psychological insights into human behavior to explain economic decision-making

StarStarStarStar

New Keynesian Economics

StarStarStarStar

Gregory Mankiw, N. Gregory Mankiw, David Romer - Focuses on market imperfections which may lead to price stickiness, leading to an ineffective market-clearing mechanism

StarStarStarStar

Institutional Economics

StarStarStarStar

Thorstein Veblen, John R. Commons - Studies institutions and their role in shaping economic behavior

StarStarStarStar

Development Economics

StarStarStarStar

W. Arthur Lewis, Amartya Sen - Examines the economic transformation of developing countries

StarStarStarStar

Game Theory

StarStarStarStar

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

StarStarStarStar

Public Choice Theory

StarStarStarStar

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

StarStarStarStar

Human Capital Theory

StarStarStarStar

Gary Becker, Theodore Schultz - Argues that investment in human capital (education, training) is crucial for economic growth

StarStarStarStar

Feminist Economics

StarStarStarStar

Julie A. Nelson, Marilyn Waring - Critiques the historical exclusion of women from economic analysis and aims to explore how gender shapes the economy

StarStarStarStar

Ecological Economics

StarStarStarStar

Herman Daly, Robert Costanza - Combines ecological and economic thinking to examine the sustainability of economic systems

StarStarStarStar

Post-Keynesian Economics

StarStarStarStar

Joan Robinson, Hyman Minsky - Focuses on economic instability, uncertainty, and the irrelevance of neoclassical equilibrium models in understanding real-world economies

StarStarStarStar

Chicago School

StarStarStarStar

Frank Knight, Milton Friedman, George Stigler - Advocates for free-market policies with minimal government intervention and strong emphasis on the Quantity Theory of Money

Know
0
Still learning
Click to flip
Know
0
Logo

© Hypatia.Tech. 2024 All rights reserved.