CPED 2 Flashcards
(20 cards)
He introduced the term “political economy” in his 1615 work Traité de l’economie politique, where he reflected on the economic policy of the bourgeoisie and the transition from bullionism to developed mercantilism.
antonie de monchrestien
He was a French economist, leader of the Physiocrats, and author of Tableau Économique. He emphasized the role of land as the source of all wealth and originated the term “laissez-faire.”
Francois Quesnay
Known for his book An Inquiry into the Principles of Political Economy (1767), he believed government intervention was key in achieving market equilibrium, especially in population and employment management.
Sir James Steuart Denham
A Scottish philosopher and economist, he wrote The Wealth of Nations and introduced the concept of the “invisible hand” operating in commercial society.
Adam Smith
He wrote Principles of Political Economy (1848) and argued that the state should maintain order but avoid interfering with individual initiative.
John Stuart Mill
An English political economist, he developed the idea of comparative advantage, stating that nations should focus on producing goods they can produce more efficiently.
David Ricardo
He wrote Das Kapital and developed a class-based analysis of political economy, emphasizing the role of class struggle in shaping economic outcomes.
Karl Marx
He proposed the theory that population grows exponentially while food supply grows arithmetically, as stated in his essay on the principle of population.
Thomas Malthus
Known as the father of political science, he viewed man as a political animal and believed the state should promote virtues like justice, courage, and wisdom to achieve eudaimonia.
Aristotle
A neoclassical economist who published Principles of Economics in 1890, marking the separation of economics from political economy as an academic discipline.
Alfred Marshall
Who viewed political economy as a science that should reflect natural laws and emphasized land as the primary source of wealth?
a. Adam Smith
b. Francois Quesnay
c. Thomas Malthus
d. Karl Marx
b. Francois Quesnay
What wave of globalization included colonization and the industrial revolution?
a. First wave
b. Second wave
c. Third wave
d. Post-modern wave
b. Second wave
Which of the following is NOT a pillar of political economy?
a. Government
b. Market
c. Society
d. State
c. Society
What does the government represent in the Three Pillars of Political Economy?
a. Profit-driven actors
b. Unlimited spending
c. The people
d. The policy maker
d. The policy maker
Who believed that the government should not interfere with the individual’s pursuit of goals, except to maintain order?
a. John Stuart Mill
b. Karl Marx
c. David Ricardo
d. Alfred Marshall
a. John Stuart Mill
List the Three Pillars of Political Economy
Market
State
Government
Enumerate the three purposes of the state according to Aristotle
Common goods
Security and justice
Promotion of virtues
Enumerate the three stages/waves of globalization
Silk Road
Colonization & Industrial Revolution
Post-Modern (After WW2)
Enumerate the four types of market environments
Perfect (or pure) competition
Monopoly
Monopsony
Oligopoly
List the six stages of the political-economic cycle
Expansion
Peak
Recession
Depression
Recovery
Expansion
