Final

Question 1

Mercantilists Economists

Answer 1

Niccolo’ Machiabelli, Jean Bodin, Antonio Serra, Thomas Mun, Gerard de Malynes, Edward Misselden, Jean Baptiste Colbert, William Petty, John Locke, Charles Davenant, Richard Cantillon, Josiah Child

Question 2

Physiocract Economists

Answer 2

Francois Quesnay, Anne Robert Jacques Turgot

Question 3

Nassau William Senior

Answer 3

Abstinence Theory, favored poor law amendment, Factory Acts(favored child labor laws but not restricting hours of adults)

Question 4

John Stuart Mill

Answer 4

Equilibrium prices are brought about in markets through supply and demand, elasticity of demand

Question 5

Frierich List, Wilhelm Roscher, Gustav von Schmoller, Max Weber

Answer 5

Society is dynamic(evolving), Positive role for government, Inductive/Historical approach, Advocates of conservative reform

Question 6

Stanely Jevons

Answer 6

Theory of diminishing marginal utility, Rational hoice & theory of exchange

Question 7

Marginalists

Answer 7

Stanely Jevons, Carl Menger, Leon Warlas

Question 8

Carl Menger

Answer 8

Theory of Imputation, Theory of Monoploy

Question 9

Leon Warlas

Answer 9

Derivation of individual demand curve, General equilibrium analysis

Question 10

Alfredo Marchall

Answer 10

Combined various aspects of marginalist thinking *supply, demand, marginalist utility), Founder of Neoclassical economics

Question 11

Knut Wicksell

Answer 11

National rate of interest, idea of credit

Question 12

Irving Fisher

Answer 12

Introduced cambridge equation MV = PT where T is trade

Question 13

George Hwtrey

Answer 13

Monetary theory of business cycle

Question 14

John Robinson

Answer 14

Economics of imperfect competition

Question 15

John Maynard Keynes

Answer 15

Later part of great depression; stagflation(low change in GDP; High inflation; high unemployment), Y=C+I+G+NX

Question 16

Piero Sraffa

Answer 16

Flaws in the mainstream neoclassical: : famous mathematician ; theory of value

Question 17

Nicolar Kaldor

Answer 17

Famouse for kaldor growth model (post keynesian growth model), Kaldor-Hicks Compensation crieteria (efficiency for welfare compensation)

Question 18

Karl Marx

Answer 18

Productivity, labor exportation

Question 19

Thorstein Veblin

Answer 19

Theory of the leisure class (rich class) looking @ conspicuous consumption (Veblin goods)

Question 20

Kenneth Galbraith

Answer 20

change over ideas to meet new institution

Question 21

Schumpeter

Answer 21

Creative destruction- the internal mechanism by which the market continuously improves on itself

Question 22

Pareto

Answer 22

Pareto Efficiency

Question 23

Pigou

Answer 23

Pigou effect simulation of output and employment

Question 24

Oscar Lange

Answer 24

Economic theory of socialism (Market socialism)

Question 25

Kenneth Arrow

Answer 25

Arrow’s impossiblity theory(no voting system can be designed that can satisfy 3 criteria [1) pareto efficiency 2) unrestricted domain 3) Dictatorship]

Question 26

James Buchanon

Answer 26

Public choice theory

Question 27

Amartya Sen

Answer 27

Capability theory, able to function when nourished increases utility, GDP looking @ quality of life not just production, Human development index

Question 28

Classical Economists

Answer 28

Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill

Question 29

Marginalist Economists

Answer 29

Stanely Jevons, Carl Menger, Leon Warlas

Question 30

Neoclassical Economists

Answer 30

Alfredo marchall

Question 31

Monetary Economists

Answer 31

Knut Wicksell, Irving Fisher, George Hwtrey, John Robinson, and Milton Friedman

Question 32

Keynesian Economists

Answer 32

John Maynard Keynes

Question 33

Post Keynesian Economists

Answer 33

Piero Sraffa, Nicolar Kaldor

Question 34

Institutionalist Economists

Answer 34

Thorstein Veblin, Kenneth Galbraith, and Schumpeter

Question 35

Welfare Economists

Answer 35

Pareto, Pigou, Oscar Lange, Kenneth Arrow, James Buchanon, and Amartya Sen