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10 Cards in this Set
- Front
- Back
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Law of comparative advantage. |
David Ricardo |
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On the Principles of Political Economy and Taxation |
David Ricardo |
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Specialization and International trade increase productivity of nation's resources and allow for greater output than would otherwise be possible. |
Adam Smith |
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Modern theory of employment. Employment is determined by the aggregate demand for goods and services. |
Maynard Keynes |
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Contradicted the classical theory of employment that wage rate is the main of unemployment. Rather, suggested that workers are willing to work even at low wage rate specifically during depression but can't find jobs. |
Maynard Keynes |
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Father of Macroeconomics |
John Maynard Keynes |
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Doctrine of Communism |
Karl Marx |
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Father of modern economic science |
Adam Smith |
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Utilitarianism |
John Stuart Mill |
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Change in consumption is greater than the change in income. |
John Maynard Keynes |
