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
Gov’t 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