Famous Economists

What is Adam Smith often referred to as?

The Father of Economics.

What is the title of Adam Smith's most famous book?

The Wealth of Nations.

In which year was The Wealth of Nations published?

What concept did Adam Smith introduce to describe the self-regulating nature of the market?

The Invisible Hand.

What is a key idea in Adam Smith's economic theory?

The importance of the division of labor.

Where was Adam Smith born?

Kirkcaldy, Scotland.

Adam Smith believed that individuals pursuing their own self-interest would…

Lead to social and economic prosperity.

What was Adam Smith's perspective on tariffs and trade restrictions?

He believed in free trade and opposed tariffs.

What is the full title of The Wealth of Nations?

An Inquiry into the Nature and Causes of the Wealth of Nations.

Which other major work by Adam Smith focuses on ethics and morality?

The Theory of Moral Sentiments.

What did Malthus believe would happen if population growth continued unchecked?

Resources would become scarce, leading to famine and poverty.

How did Malthus describe the rate of population growth compared to food production?

Population grows exponentially, and food production grows arithmetically.

Which of the following is an example of a preventive check according to Malthus?

Delayed marriage.

What did Malthus mean by 'positive checks' on population growth?

Events or conditions that reduce the population.

Which scientist's theory was influenced by Malthus's ideas on population growth?

Charles Darwin.

Which work by Robert Thomas Malthus introduced his famous theory on population growth?

An Essay on the Principle of Population.

What did Robert Malthus argue would eventually limit population growth?

Natural checks like famine, disease, and moral restraint.

Robert Thomas Malthus was inspired to write his theories on population as a response to which of the following?

The utopian ideas of thinkers like William Godwin.

As a professor, Malthus became one of the first in Britain to teach which subject?

Political Economy.

Malthus's view on population growth was shaped partly by observing social conditions during which historical event?

The French Revolution.

How did Karl Marx impact Economics?

Criticised Capitalism, revealing its flaws, brought attention to labor economics and set the basis for the command economy

Which of the following is a type of Alienation?

Alienation from Species Essence.

Which of the following is NOT a social class in Marx’s theory of Class Struggle?

Aristocracy.

Why, according to Marx, are workers subject to exploitation?

Workers produce more value than they receive in wages.

What was Marx’s primary prediction about the future of capitalism?

It would eventually collapse and be replaced by communism.

What is the core principle of the Labour Theory of Value?

The value of a good is determined by the amount of labour required to produce it.

How might Karl Marx have viewed the potential impact of AI on the capitalist mode of production and the working class?

As a tool that could further exploit the working class.

Karl Marx often struggled with..

poverty

Which of the following economists had significant impacts on Karl Marx’s theories?

Both Adam Smith and Friedrich Engels are correct.

What political system is most commonly associated with and influenced by Karl Marx?

Communism.

Andrew Brimmer was the first African American to serve as a:

Governor of the Federal Reserve.

Which economist greatly influenced Andrew Brimmer’s work?

Wassily Leontief

Which historical movement did Andrew Brimmer witness during his lifetime?

The Civil Rights Movement.

Brimmer believed in increasing interest rates gradually to:

Avoid economic shocks.

The Bretton Woods system linked global currencies to which standard?

Gold.

Andrew Brimmer advocated for debt forgiveness for which region?

Africa.

What was Brimmer’s stance on fiscal and monetary policy during high inflation?

They should complement each other.

What was a major reason for the fall of the Bretton Woods system?

Lack of gold reserves.

What organization did Brimmer lead from 1995 to 1997?

District of Columbia Financial Control Board.

Which group did Brimmer aim to support with minority-owned banks?

Urban communities.

What university did Linda Datcher Loury spend the majority of her career (27 years) working at?

Tufts University.

Which of the economists below had an influence on Loury throughout her career?

Glenn Loury

What was Linda Datcher Loury best known for in her academic work?

Research on the effects of social networks and social capital on economic outcomes.

What name did Loury earn because of her groundbreaking work?

Grandmother of Social Economics.

Which situation represents using an informal source to obtain a job?

Your mom is best friends with the owner of a restaurant and she asked her friend to hire you.

What were Loury’s findings on the correlation between maternal childcare and child’s years of schooling?

Maternal childcare has a positive influence on the years of schooling of children.

What was Loury’s theory about the effect of high quality high schools on earnings?

The higher quality high school you attend, the higher your future earnings will be.

Which one of her following theories was NOT covered in our presentation?

Social Capital and Poverty Alleviation

What event/time period influenced her work?

Civil rights movement early 20th and late 21st century.

Which demographic groups did Loury’s research frequently focus on?

Women, racial minorities, and low socioeconomic communities.

Where did Milton Friedman graduate high school?

Rahway High School.

What is a key principle of Friedman’s Permanent Income Hypothesis (PIH)?

People spend based on their expected long-term average income.

Which historical event supported Friedman's criticism of the Phillips Curve?

Stagflation of the 1970s.

What does the K-Percent Rule advocate?

Increasing the money supply annually by a fixed percentage.

What is the main argument in Milton Friedman's book 'A Monetary History of the United States, 1867–1960'?

The Federal Reserve failed to stabilize the money supply during the Great Depression.

According to Milton Friedman, what role does monetary policy play in economic stabilization?

It minimizes government intervention and avoids political influence compared to fiscal policy.

Milton Friedman is most closely aligned with which economic school?

Chicago School of Economics.

What was the primary focus of Friedman’s economic philosophy?

Monetarism and free-market principles.

Which award did Milton Friedman receive in 1976?

Nobel Prize in Economic Sciences.

What influenced Friedman to study economics instead of becoming an actuary?

Influence of professors Arthur F. Burns and Homer Jones

What was Phyllis Ann Wallace’s most popular book that made a significant impact on how the government measures statistics for black women in the United States?

Black Women in the Labor Force.

Phyllis Ann Wallace was the first black woman to receive a doctorate from ___ University and graduate Magna Cum Laude.

Yale.

How did Phyllis Ann Wallace contribute to the CIA’s work in economics?

She worked as a senior economist as an economic intelligence analyst during the Cold War.

What was the result of Phyllis Ann Wallace’s research on the company AT&T?

The Landmark ruling in 1973 (company had to pay millions of dollars as apology).

What was Phyllis Ann Wallace’s heritage?

Black-American.

After Phyllis Ann Wallace returned to New York in 1969, what was her personal research focused on?

On the labor market for black communities.

What was Phyllis Ann Wallace’s goal for future generations, considering all the work she did in her lifetime?

For black individuals to have equal influence in the workforce.

Which company did Phyllis Ann Wallace fight against for non-discriminatory work ethic?

AT&T.

During which significant time period did Phyllis Ann Wallace grow up?

The Great Depression.

What did Phyllis Ann Wallace’s most popular book propose the government start doing?

Proposed that the government do an intersectional analysis so more diverse communities are considered in employment statistics.

What was David Ricardo’s wife’s name?

Priscilla Wilkinson.

What was published in 1815?

Influence of a Low Price of Corn on the Profits of Stock

Where was David Ricardo born?

England.

What university did David Ricardo attend?

None of the above. (Neitber Yale, Harvard, Cambridge)

David Ricardo’s father worked as what?

Stockbroker.

The Country with Comparative Advantage is based on…

The ability to produce a good at a lower opportunity cost than others.

Countries that have housing prices that are higher in major cities follow which theory?

Theory of Rents.

Skilled labour is more _______.

Valuable.

What age did David Ricardo start working?

How many children did David Ricardo have?

Where was Sir Arthur Lewis born?

Saint Lucia.

What major theory is Sir Arthur Lewis most famous for?

The Dual-Sector Model.

In what year did Sir Arthur Lewis win the Nobel Prize in Economics?

What was the main focus of Sir Arthur Lewis’s Dual-Sector Model?

Transitioning economies from agriculture to industry.

Which university did Sir Arthur Lewis attend as the first Black student?

London School of Economics.

Sir Arthur Lewis served as the first president of which institution?

Caribbean Development Bank.

What type of labor does the Dual-Sector Model focus on transitioning into industrial jobs?

Agricultural surplus labor.

In which year did Sir Arthur Lewis publish his influential article, 'Economic Development with Unlimited Supplies of Labour'?

What role did Sir Arthur Lewis hold at Princeton University?

Professor of Economics and Political Affairs.

What is one of the main criticisms of Sir Arthur Lewis’s Dual-Sector Model?

It oversimplifies labor mobility between sectors.