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50 Cards in this Set
- Front
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Keynes
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The economic model named for this thinker is based on the multiplier effect
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Keynes
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This economist argued that increased private saving leads to a higher interest rate in his refutation of Say's Law, and attacked the Treaty of Versailles in The Economic Consequences of the Peace
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Keynes
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His theory that increased government spending can cure recessions was applied by Franklin Roosevelt in the Great Depression
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Keynes
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name this British economist who advanced his ideas in The General Theory of Employment, Interest, and Money
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Keynes
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Along with John Hicks, this man developed a theory of normal backwardation in futures trading
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Keynes
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This man led the British delegation at the Breton Woods Conference; after an earlier postwar settlement,
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Keynes
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he denounced the heavy reparations placed on Germany in his Economic Consequences of the Peace
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Keynes
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He introduced the concept of demand-determined economic output in a work describing how government fiscal policy could regulate extremes in business cycles
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Keynes
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This man mocked Jevons's willingness to treat any unexamined hypothesis as equally likely as unlikely in a chapter on induction in his Treatise on Probability
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Keynes
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He declared that “demand creates its own supply” and introduced the idea of price-stickiness
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Veblen
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He coined the phrase penalty of taking the lead in a 1915 work, Imperial Germany and the Industrial Revolution
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Veblen
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He asserted that the machine process surpassed the titular entity as industries standardize and drive for precision in The Theory of Business Enterprise.
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Veblen
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His best known work contains a noted section on fur trade, explains the subjugation of women and the growth of sports with the titular concept, and dismisses both religion and etiquette as forms of conspicuous consumption
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Veblen
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identify this Norwegian-American economist and author of The Theory of the Leisure Class
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Veblen
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in one paper, this thinker argued that technological advancement in “machine processes” occurs because of the “instinct of workmanship.”
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Veblen
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He wrote a work in which the title group is likened to barbarians because its members do not produce, but merely make money by shuffling around what others make
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Veblen
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He names a set of luxury goods for which the demand increases as price increases
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Veblen
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He coined the phrase “conspicuous consumption” to describe the title social group of one of his works
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Veblen
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This economist wrote a work on “the conduct of universities by business men” entitled The Higher Learning in America
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Veblen
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He lends his name to a type of luxury good which violates the law of demand.
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Galbraith
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This economist argued that central planning and vertical integration replace supply and demand in large corporations in The New Industrial State
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Galbraith
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His most famous work popularized the phrase "conventional wisdom" and illustrated how post-World War II income disparities arose partly from a wealthy private sector despite a poor public sector.
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Galbraith
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This man argued that organized labor and the federal government could replace free market competition as the primary check on corporate power and that the titular concept was a "self-generating force" in one work
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Galbraith
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In another work, he argued that large companies undermine supply and demand via advertising and vertical integration and that shareholders were losing control of their companies to a techno-structure of managers.
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Galbraith
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This author of American Capitalism: The Concept of Countervailing Power wrote that though the private sector grew rich, the social and public infrastructure remained stagnant, allowing income disparities to remain
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Galbraith
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The author of How to Get out of Vietnam, his time observing postwar Germany resulted in a tract on the “rural poor”, entitled The Nature of Mass Poverty
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Galbraith
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He cites speculation, corporate structure, and high tariffs as the main causes of the title event in his The Great Crash, 1929, but is more famous for a work in which he argues that perfect competition no longer applies to corporate economies, and another about the gap between the public and private sector after WWII
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Galbraith
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name this author of The New Industrial State and The Affluent Society
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Galbraith
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This economist used trade unions as an example of the widespread concept of “countervailing power” in his book American Capitalism.
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Galbraith
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In his magnum opus, he cites General Motors in exploring the relationship between the number of large firms and lack of competitiveness in the economy
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Galbraith
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In perhaps his most famous work, he discussed “the way wants depend on the process by which they are satisfied” in a chapter titled “The Dependence Effect” and coined a phrase meaning “ideas which are esteemed at any time for their acceptability
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Pareto
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This man stated that the vestiges of sentiments can be observed in residues in his theory of nonrational motivation, and he stated that upper classes in society hold non-rational authority over the lower classes by using rationalizing derivations
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Pareto
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The formulator of the theory of the circulation of the elites, this author of Mind and Society introduced the use of indifference curves.
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Pareto
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name this Italian social scientist whose namesake optimality occurs when the welfare of one individual cannot be improved without reducing the welfare of another
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Pareto
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Lawrence Henderson established a group named for this man at Harvard University in 1932, which counted George Homans and Talcott Parsons among its members, while M. J. Farrell developed a principle of data analysis that is named for this man and Tjalling Koopmans
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Pareto
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The first theorem of welfare guarantees that every competitive equilibrium outcome will satisfy the condition named for him, and a more generic interpretation of that condition, which factors in compensation between parties, is named for Hicks and Kaldor.
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Pareto
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A rule which states that 80% of the effects can be attributed to 20% of the causes is known as his "80-20" principle
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Pareto
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In 1893, this person wrote an introduction to Das Kapital that agreed with its view of history as a class struggle but disagreed that Communism would bring about a classless society
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Pareto
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This person also argued that only ordinal utility was necessary rather than quantitative utility in his Manual of Political Economy.
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Pareto
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This writer's study of income distributions led to the generalization that twenty percent of a population controls eighty percent of its wealth
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Ricardo
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Robert Barro named this man's equivalence theorem, which states government deficits are anticipated by individuals who increase their saving
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Ricardo
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Piero Sraffa is one member of the school named for this man, who illustrated one of his theories using Portuguese wine and English cloth
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Ricardo
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He argued for the repeal of the Corn Laws, and his works include The High Price of Bullion and Principles of Political Economy and Taxation
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Ricardo
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He outlined his theory of distribution of the things that can be produced by landlords, workers, and owners of capital in his Principles of Political Economy and Taxation
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Ricardo
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He believed that workers' income remains at the subsidence level despite government intervention; that theory is the Iron Law of Wages
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Ricardo
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Another of his theories states that even if one country can produce everything more efficiently than another country, it should not hinder free trade between the countries.
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Ricardo
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This thinker searched for a “standard commodity” that would reflect his “labor-embodied” theory of value
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Ricardo
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Roberto Barro developed a theory of government finance called this man's "equivalence."
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Ricardo
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He discussed situations where scarcity of land led to disproportionate individual benefit for landlords compared to the real social value of their land as examples of his namesake rent.
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Ricardo
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He criticized the agricultural tariffs imposed by the Corn Laws and wrote Principles of Political Economy and Taxation, in which he introduced comparative advantage.
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