Key Terms:  Economic Theory

 

Locke:

Value is subjective

 

The role of government

 

Life, Liberty, Property

 

Contracts

 

Malthus:

Food production

 

Population growth

 

Positive checks

 

Negative checks

 

Diminishing returns

 

Smith:

Self interest

 

Law of supply

 

Law of demand

 

Consumer sovereignty

 

Taxation

 

Invisible hand

 

Mercantilism

 

Tariffs

 

Absolute advantage

 

Ricardo:

Comparative advantage

 

Population cycles

 

Iron law of wages

 

International trade and tariffs

 

Bentham:

Utilitarianism

 

Utility

 

Pain\pleasure principle

 

Hedonic or felicific calculus

 

Suffrage

 

Owen:

Utopian socialism

 

Planned communities

 

Education

 

Child labor

 

Obstacles to social reform (private property, religion,  marriage)

 

Education

 

New Lanark, New Harmony

 

Fourier:

Utopian socialism

 

Phalanxes

 

Planned communities

 

Rotation of jobs

 

Distribution of passions

 

Marx:

Bourgeoisie

 

Proletariat

 

Opiates of the masses

 

Economic determinism

 

Means of production

 

Class struggle

 

Profit

 

Dictatorship of the proletariat

 

Socialism

 

Communism

 

Spencer:

Social Darwinism

 

Survival of the fittest

 

Natural selection

 

Gospel of Wealth

 

Adaptation

 

Competition

 

Sociology

 

Eugenics

 

Social welfare programs

 

Veblen:

Leisure class

 

Pecuniary emulation

 

Consumption by proxy

 

Producer sovereignty

 

Conspicuous consumption

 

Keynes:

Aggregate demand

 

Unemployment

 

Inflation

 

Growth

 

Pump priming

 

Deficit spending

 

Minimum wage laws

 

Maximum work week

 

Pension plans

 

FDR and the New Deal

 

Wagner Act (NLRB)

 

FLSA

 

The Business Cycle:

Boom

 

Prosperity

 

Peak

 

Liquidation

 

Recession

 

Depression

 

Trough

 

Recovery

 

Sunspots

 

Psychology

 

Social welfare

 

Unemployment

 

Growth

 

Inflation

 

Interest rates

 

Pension plans

 

Rostow:

Stages of growth

 

Traditional economy

 

Preconditions for takeoff

 

Takeoff

 

Drive to maturity

 

Maturity

 

Old in the industry

 

Extinction

 

Demise of capitalism

 

Affirmative Action:

JFK & LBJ

 

Plessy v. Ferguson

 

Brown v. BOE

 

Quotas

 

Preferential treatment

 

Bakke v UCLA

 

Gratz v Bollinger

 

Gutter v. Bollinger

 

Supply Side:

Reagan

 

Debt v deficit

 

Tax cuts

 

Recession

 

Stagflation

 

Govít spending

 

Money supply

 

Inflation

 

Unemployment

 

Interest rates

 

Defense spending

 

Growth

 

Laffer curve

 

Deregulation

 

Monetarism:

inflation

 

growth

 

unemployment

 

interest rates

 

federal reserve board

 

Alan Greenspan

 

Milton Friedman

 

Ben Bernanke

 

MV=PQ