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11 Cards in this Set
- Front
- Back
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Classical School - 5 Dismal Ideas "Monkey Scrotums Don't Peel Ever" |
1) Malthusian Principle of Population 2) Subsistence Theory of Wages 3) Diminishing Returns (Both L and Cap) 4) Tendency of Profits to a Minimum 5) Economic Stagnation in the Stationary State |
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Neutrality of Money in the Classical Model |
Changes in MS affect no real variables...Money in neutral Graph 1- Macroeconomic Equilibrium - Y= Price X= Y(Real GDP) Graph 2 - Production Function - Y=Y(Real output/gdp) X=Labor Graph 3 - Labor Market - Y=Wages X=Labor |
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David Ricardo (1771-1823) "Value Clams Will Drop Red Panties During Christmas Parties" |
1) Labor Embodied Theory of Value 2) Law of Comparative Advantage 3) Subsistence Theory of Wages 4) Law of Diminishing Marginal Returns 5) Differential Rent Theory 6) Theory of Profit 7) Distribution Theory 8) International Trade: The Corn Laws 9) The Principle of Comparative Advantage |
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The Corn Laws Ricardo vs Malthus |
Napoleonic Wars- Cost of grain production high in Britain Corn laws 1815 - tariffs to protect British farmers and Landlords against competition from cheap foreign grain imports Ricardo Opposed Corn Laws 1) Lower grain prices - Lower Rents - Increase Profits - Increase Capital Investment - Increase Wages 2) Corn Laws would reduce the benefits of International Trade 3) Landlord would benefit at everyone's expense. |
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Ricardo Assessment |
-Ricardo is best remembered for his support of free-trade 1) Theory of Comparative Advantage 2) Law of Diminishing Marginal Returns 3) Distribution of Income in Economic Analysis -Also developed a labor theory of value that influenced Marx |
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John Stuart Mill (1806-1873) "Real Indo Weed Previously Purchased and Distributed So Dicks Governing Grannies Succeed." |
1) Theory of Reciprocal Demand 2) International Trade Theory 3) Mills' Wage-Fund Doctrine 4) Theory of Profits 5) Production and Distribution 6) Statistics and Dynamics 7) Role of Government 8) Economic Growth 9) Stationary State |
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Mill Assessment |
Champion of the democratic way of life Welfare Reforms Reciprocal Demand - S of Exports=D for Imports Answer for most things was to control the population |
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Karl Marx (1818-1883) |
Hegelian Dialectic Marx's Dialectical Materialism Socialist Theory - Pyramid Means and Mode of Production Revolution Marx's Labor Theory of Value Rate of Exploitation Organic Composition of Capital Rate of Profit Capital Accumulation and Falling Rate of Profit |
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Marx Laws of Capitalist Motion (5) "President Carter Allowed Mean Dads" |
1) Law of Accumulation and the Falling Rate of Profit 2) Law of Increasing Concentration and the Centralization of Industry 3) Law of Growing Industrial Reserve Army 4) Law of Increasing Misery of Proletariat 5) Law of Crises and Depressions |
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The Marginalists "Man Misses Rationally Priced Green Skin Titties |
1) Marginal Analysis 2) Microeconomic Analysis 3) Rational Economic Behavior 4) Demand-Based Price Theory 5) Minimal Government Interference 6) Subjective Utility Analysis 7) Transformation of Production to Consumption |
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Willaim Stanley Jevons "Value Equal Labor On Sunspots" |
1) Value Theory 2) Equimarginal Rule 3) Theory of Labor (Based on Utility Theory) 4) Optimal Amount of Work 5) Sunspot Theory (Although not Important) |
