econ 201 economists flashcards
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Thomas Carlyle
coined economics ‘the dismal science’
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Fredrich Hayek
“local knowledge” is all you need for rational decision-making
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Adam Smith
advocate for free markets, “the invisible hand” — where markets will correct itself, and wrote “the wealth of nations”
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David Ricardo
theory of comparative advantage and trade
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John Stuart Mill
opposed carlyle, mathus and the dismal science
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Goldin & Katz
noticed that the skill premium was increasing, not decreasing
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Thomas Mathus
predicted that population growth would exceed economic growth, leading to widespread hunger
Note 
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