Economic Philosophers Flashcards

Study Notes

Economic Philosophers

Adam Smith: Scottish philosopher known as the Father of Capitalism; advocated for Laissez Faire economics, suggesting minimal government intervention. Introduced the concept of the "Invisible Hand," which proposes that economic self-regulation sets prices.
Karl Marx: German philosopher who developed the theory of Communism emphasizing that everyone should contribute work according to their abilities and receive according to their needs.
Thomas Malthus: English economist concerned with overpopulation, posited that population growth exacerbates scarcity of resources.
David Ricardo: English economist known for the principle of Comparative Advantage, which explains how countries can benefit from trade by specializing in producing certain goods.
Jeremy Bentham: British philosopher who pioneered utilitarianism, advocating for individual economic freedom and maximizing happiness in society.
Henry George: American born in Philadelphia, proposed the Single Tax on land to alleviate the burden on the "renting class," and ran for mayor of New York.
Vilfredo Pareto: Italian economist known for the "80:20 Rule," which observes that 80% of effects come from 20% of causes; contributed to efficiency concepts in resource utilization and held philosophic views aligning with Fascist economies.
John Maynard Keynes: British economist active during WWII, known for Keynesian Economics advocating government spending during recessions to stimulate economic recovery. Critiquer of the Treaty of Versailles and author of "General Theory of Employment, Interest, and Money."
Friedrich Hayek: Founder of the Austrian School of Economics; opposed Keynesianism by arguing against government spending during economic downturns, claiming it penalizes responsible behavior.
Milton Friedman: American economist who argued that capitalism is essential for political freedom and that government intervention often leads to inefficiencies.
John Kenneth Galbraith: Canadian economist who opposed Friedman and served under Presidents Lyndon B. Johnson and Bill Clinton, known for his liberal economic views.
Paul Krugman: Economist and blogger known for his commentary on day-to-day economic issues and criticism of congressional budgetary processes, proposed the idea to "Mint the Coin" as a solution to budgetary concerns.
Ben Bernanke: Former head of the Federal Reserve, known for his role in handling financial crises, with experience from Merrill Lynch; identified as a Republican.
Thomas Piketty: French economist focusing on wealth inequality, author of "Capital in the 21st Century," which critiques growing wealth gaps; advocates for a Wealth Tax to redistribute income.
Robert Reich: American economist and former Secretary of Labor under Clinton; created a documentary on income inequality and advocated for economic reforms.
Larry Summers: Former President of Harvard University; American economist who served as an advisor to both Obama and Clinton, noted for his conservative approach despite being a Democrat.
Paul Volcker: Former Chairman of the New York Federal Reserve in the 1970s; known for his tough stance on banks and monetary policy, where he might have taken a hard line if he had served in Obama's administration.

Description

Explore the fundamental ideas and contributions of major economic philosophers through these flashcards. Learn about figures like Adam Smith, Karl Marx, and Thomas Malthus, and their impact on economic theory. Perfect for students and anyone interested in economics!