economists Flashcards
(10 cards)
Thomas Malthus
population drives wealth
malthusian catastrophe
principles of population 1798
1756-1834
David Ricardo
competitive advantage-nations should specialize
landowners claim progressive wealth
1817 “Principles of Political Economy and Taxation”
“RIccardian Equivalence”-public debt does not affect the accumulation of national capital.
1772-1823
financier, member parliament
Karl Marx
Means of production, destabilizing wealth, revolution inevitable
industrial capitalists claim all wealth-no limit.
Das Capital 1867
1818-1883
Simon Kuznets
curve-industrial evolution concentrates wealth, then the distribution levels off- bell shaped
Growth is the rising tide that lifts all boats.
1971 Nobel prize economic sciences
“Population capital and growth” 1973
Piketty-fairy tale with happy ending
1901-1985
Adam Smith
Wealth of nations 1776
Invisible hand- everyone seeking their own self interest results in benefit for all. self regulated system.
1723-1790
John Maynard Keynes
1936-euthenasia of the rentier
“The general theory of employment, interest, and Money”
1883-1946
Charles Cobb
American economist mathematician, U Michigan
Cobb-Douglas function= way to determine that no matter what capital and labor is available, the capital share of income is a fixed coefficient
Piketty- biased by idea of stable state and stable capital/labor split. limited data produced invalid generalization
1875-1949
Paul Samuelson
social welfare function
Professor UCLA davis, noble laureate
Pitketty: predicted USSR would eventually have GDP>USA, thought national capital expressed as years of output was a constant.-limited data USA post ww1 and 2
1915-
Roy Harrod
British economist, money theory, growth
1939 introduced g=s/Beta
1900-1978
Joseph Schumpeter
Harvard prof
Creative Destruction
Piketty: believed socialism would trump capitalism
1883-1950
