History of Economic thought Exam 2

Public Policy Issues in Early 19th Century England

The significant challenges addressing the welfare of the urban poor, public health, and workers' rights.

Chadwick

A social reformer known for his work on sanitation and health in Victorian England, influencing public health policy.

Poor Laws

Legislation aimed at providing support to the poor in England during the 19th century.

Factory Acts

A series of laws passed in the UK to regulate working conditions in factories, particularly concerning the welfare of workers.

Great Stink

A major public health crisis in London during the summer of 1858 caused by extreme pollution, emphasizing the need for sewage reform.

Public Good

A type of good that is non-excludable and non-rivalrous; Chadwick argued sanitation was a public good, essential for community welfare.

Preventative Principle

Chadwick's concept that preventive measures in public health would save money and lives compared to reactive strategies.

JS Mill

A philosopher and political economist who advocated for utilitarianism and government intervention to promote social and economic well-being.

Romanticism

An artistic and intellectual movement in the late 18th to mid-19th century emphasizing emotion and nature, contrasting with Enlightenment rationalism.

Utopian Socialists

Early socialists who sought to create ideal communities based on cooperative living and equitable distribution of resources.

Marx's Class Struggle

The conflict between different classes in society, primarily between the bourgeoisie and the proletariat, which Marx believed would lead to revolutionary change.

Cournot's Monopoly Model

A model of how a monopolist determines price and output to maximize profits, incorporating the concept of marginal analysis.

Dupuit's Price Discrimination

The strategy of charging different prices to different consumers for the same product, based on their willingness to pay.

Equimarginal Principle

The economic rule stating that consumers will allocate their resources to achieve equal marginal utility from each good.

Alfred Marshall

An influential economist known for his work on supply and demand, consumer surplus, and the introduction of mathematical concepts in economics.

Ceteris Paribus

A Latin phrase meaning 'all other things being equal', commonly used in economics to isolate the relationship between two variables.

Marshall's Long Run and Short Run Models

Theories explaining how businesses respond to changes in costs and prices over different time frames, critical for understanding market dynamics.