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6 Cards in this Set

  • Front
  • Back
J.M. Keynes
1. prosperity depends on investment
2. investment is not dependable
3. Therefore a depression may stay that way
Government must invest into economy when no one else is putting $ in. Not a permanent player
John Kenneth Galbraith
Corporations have too much power
Adam Smith is wrong
-corporations make what they want and then make us want it (through advertising)
WASTE= gov., consumers, and corporations need to work together to cut out waste
Milton Friedman
-Anti Keynes (no government spending)
-Consumption is stable so government spending doesn't mean we will consume more and therefore won't help in a depression
-monetarism=low interest rate is what will help an economy because it will encourage people to borrow more. BUT the government cannot know when the best time to lower the interest rates is, so it's best to do nothing
Adam Smith
-self-interest drives economy
-we produce not what we want, but what we think others want
-invisible hand=self-interest and competition work together to regulate the marketplace
-free market
Karl Marx
-thesis/antithesis-struggle between 2 ideas
-synthesis=what will happen as a result of the 2 forces; becomes new thesis
-dialetic materialism=thesis/antithesis always a class struggle
Thorstein Veblen
The Leisure class=people sitting around making a lot of $ want people to know they're making a lot of money
-culture respected leisure and frowned upon hard labor
-conspicuious consumption=how the leisure class advertises their wealth
-Veblen effect= price up, demand up
-businessmen (destroy stuff and profit from it) vs. engineers (make stuff)