Key Economists and Economic Ideas

Vocabulary flashcards covering prominent historical economists, their major published works, and key economic principles based on the lecture material.

Oeconomicus

A book written by Xenophon (c. 430-354 BCE) discussing household management, wealth, and agriculture, recognized as one of the first works to lay a foundation for the study of economics.

The Republic

A fundamental philosophical and political book written by Plato (c. 380 BCE) discussing how to build a just and orderly society.

Specialization

An economic concept introduced by Plato where each individual focuses on work that matches their specific ability and talent.

Division of Labor

The separation of tasks among different people to make production faster and more efficient.

Rhetoric (c. 330 BCE)

A book by Aristotle on the art of persuasive speaking and writing, introducing three modes of persuasion: Ethos, Logos, and Pathos.

Ethos

Credibility or trust in the speaker, as introduced in Aristotle's Rhetoric.

Logos

The use of logic and evidence in persuasion, as introduced in Aristotle's Rhetoric.

Pathos

Appealing to the emotions of the listener, as introduced in Aristotle's Rhetoric.

Topics (c. 350 BCE)

A book by Aristotle focusing on logical reasoning.

Francois Quesnay

A member of the Physiocrats (1694-1774) who wrote Tableau Economique (1758) and emphasized proper management of natural resources.

Tableau Economique (1758)

An economic model created by Francois Quesnay showing how income, products, and wealth circulate among farmers, landowners, and traders/industry.

Physiocrats

A group believing in the Rule of Nature, holding that agriculture and natural resources are the true sources of wealth, and supporting free trade (Laissez-faire).

Merkantilista

Adherents of Mercantilism who believe that gold and silver constitute wealth, favor having more exports than imports, and advocate strong government control over the economy.

Law of Diminishing Marginal Returns

A principle detailed by David Ricardo stating that as you continuously add an input (such as labor, time, or capital), the additional output or benefit obtained progressively decreases.

Law of Comparative Advantage

A principle detailed by David Ricardo stating that a person or nation should focus on producing goods where they have the greatest efficiency and lowest sacrifice, purchasing other goods from elsewhere.

On the Principles of Political Economy and Taxation (1817)

A book written by David Ricardo in 1817 aiming to explain how national wealth is divided among landlords (rent), capitalists (profit), and laborers (wages).

John Maynard Keynes

A British economist (1883-1946), founder of Keynesian Economics, recognized as the Father of Modern Theory of Employment and Father of Macroeconomics.

Keynesian Economics

An economic school of thought asserting that active government intervention is essential to stabilizing the economy, particularly during recessions or high unemployment.

General Theory of Employment, Interest and Money (1936)

A major work published in 1936 by British economist John Maynard Keynes.

Neoclassicists

A group of economists who believe that product supply, consumer demand, and price determination are the primary driving forces of an economy.

Alfred Marshall

A British neoclassical economist (1842-1924) who authored Principles of Economics (1890) and explained how price is formed through the interaction of supply and demand.

Utility

The benefit or satisfaction derived from a good, serving as the basis of a product's value in Neoclassical economic thought.

Ludwig von Mises

An Austrian economist (1881-1973) known for the concept of praxeology and author of the 1949 work Human Action.

Praxeology

A concept associated with Ludwig von Mises stating that all human action is purposeful and directed toward improving one's condition.

Jeremy Bentham

An 18th-century philosopher (1748-1832) who promoted Utilitarianism, asserting that decisions should aim to produce the greatest good for the greatest number of people.

Utilitarianism

A philosophy promoted by Jeremy Bentham stating that the value of an object comes from its usefulness and that actions should seek the greatest good for the greatest number of people.

Friedrich Hayek

An Austrian-British economist (1899-1992) of the Austrian School of Economics and 1974 Nobel Memorial Prize winner known for concepts like Spontaneous Order.

Spontaneous Order

A concept promoted by Friedrich Hayek stating that social and economic order can naturally emerge from free interactions among people without central planning.

The Constitution of Liberty (1960)

A book published by Friedrich Hayek in 1960 advocating for personal freedom of choice under the Rule of Law.

Karl Marx

A German philosopher, economist, historian, and journalist (1818-1883) recognized as the main founder of Marxism and Father of Communism.

Marxism

A social, political, and economic theory stating that human history primarily revolves around class struggle between the Proletariat and Bourgeoisie.

Communism

An economic and political system aiming for a classless society where major wealth and means of production are owned by society or the state rather than private individuals.

The Communist Manifesto (1848)

A book written in German by Karl Marx and Friedrich Engels, published on February 21, 1848, outlining the core principles and goals of Communism.

Das Kapital (1867)

Karl Marx's most famous work published in 1867, examining capitalism, the relationship between capital and labor, labor exploitation, and the Labor Theory of Value.

Adam Smith

A Scottish economist and philosopher (1723-1790) known as the Father of Modern Economics who established the foundations of classical economics.

An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

A landmark book published by Adam Smith in 1776 focusing on production, trade, free competition, and capitalism.

Laissez-faire

A policy advocated by Adam Smith promoting private ownership and free trade while minimizing government intervention in prices, production, and competition.

Invisible Hand

An economic concept introduced by Adam Smith proposing that individuals acting in their own self-interest can unintentionally promote the overall economic good of society.