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35 Cards in this Set
- Front
- Back
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Gary Becker
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Human Capital
Discrimination is an economic decision |
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Alfred Marshall
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Father Of neoclassical economics
scissors Ceteris Paribus -All else being equal |
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St Thomas Aquinas
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usury is the most questionable of trade practices
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Joseph Shrumpeter
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Business Cycle Theory
Capitalism will fall to its own success |
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Jeremy Bentham
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Father of Utility theory
--Greatest Happiness principle |
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Adam Smith
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Theory of Moral Sentiments
Credited with notion of rational self interest |
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Karl Marx
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workers would rise up and overthrow capitalism
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Thomas Malthus
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population will rise faster than the food supply
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high GDP
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***Should Raise interest Rates
Decrease interest Rates would increase inflation |
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David Ricardo
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law of comparative advantage
-Mutually beneficial exchange is possible whenever relative production costs differ prior to trade. |
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Veblen
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Conspicuous Consumption
-term used to describe the lavish spending on goods and services that are acquired mainly for the purpose of displaying income or wealth |
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government involvement in the free enterprise is....
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intended to protect the market system from abuses
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Natural rate of unemployment
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Frictional + structural unemployment
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scholar in latin means?
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leisure
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taxes have same effect on change in supply as...
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increase in cost of inputs
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positive growth in GDP =
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2.5 - 5.5 % increase in GDP
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Brettenwoods, NH after WW2...
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All listened to keynes
Created World Bank + international Monetary Fund |
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facism
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merger of government + Corporations
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John Maynard Keynes - Solution to depression
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General Theory of Employment, Interest and money.
- Government puts people to work - debt in short run, profit in long Starts "engine" of Capitalism |
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Misery Index
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Unemployment rate + inflation rate = Misery Index
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John Maynard Keynes - the economic consequences of the peace
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-Social, economic and political consequences
-prophesized WW2 + Hitler -British Peace Conference mistakes |
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John Maynard Keynes was..
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_Father of Macroeconomics
- More Government in economy - Led to golden years |
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Federal Reserve
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-Keeps inflation in check
--stables prices --makes money worth something (value + wealth are a concept) |
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Reaganomics
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-"Sound Money"
-Deregulation -"Modest" tax rates -minimal government spending |
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Social Security
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-Generation income transfer program
-Designed in 1935 --had to be 62 1/2 |
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Mikhail Gorbachev
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Gaisnost = openess
Perestroika = restructuring |
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Federal Open Market (FOMC)
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-12 presidents
-7 governer's -meets every 6 weeks - meet 8 times a year Ben Bernanky is Chairman |
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4 Measures of money
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m1= cash, atm, chcek
m2= m1 + savings up to 100,000, credit m3= M1 + M2 + savings over 100,000 L = All money ( M1+M2+m3) |
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Federal Reserve
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-created 1913
-consists of 12 banks -- 25 branch offices |
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Quantity Equation of Exchange
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MV=TP
Money-INCREASING Velocity- CONSTANT Transactions_ CONSTANT Prices _ INCREASING |
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Stagflation
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Rising of Unemployment + rising of Inflation
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John Kenneth Galbraith
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wrote the "The Affluent Society"
- Could Satisfy citizens needs if outputs were distributed equally |
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Friedrich August Von Hayek
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wrote the "Road to Serfdom"
---discredited himself Thought market would fix itself |
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Milton Friedman
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-demonstrated a close correlation between changes in money supply on the one hand and inflation on the other
-free market -Unconcerned with fairness -individualism, freedom, markets |
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for every 1% increase in unemployment
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UP 4% prison incarcerations
UP 1% Suicide UP 5.7% Homicide UP 7.8% Child abuse |
