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History of Economic Thought Quiz

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Questions and Answers

What was the viewpoint of many economists in the 20th century?

Economists emphasized the importance of experience over mathematical abstraction

Economists believed their field was an absolute science amenable to pure mathematical abstraction (correct)

Economists were primarily interested in historical perspectives

Economists focused on income distribution from the French Revolution through to the Cold War

What did Branko Milanovic's book, 'Visions of Inequality', aim to do?

Bring time back into the economic equation and trace the development of economic thought (correct)

Emphasize the importance of experience over mathematical abstraction in economics

Tease out insights from the works of seminal figures to put modern thinking on income distribution in a broader context

Focus on the financial crisis and Thomas Piketty’s book on income distribution

What was a central concern of early economists?

Inequality (correct)

Income distribution from the French Revolution through to the Cold War

Historical perspectives

Pure mathematical abstraction

What did Milanovic's book, 'Visions of Inequality', restore?

<p>The insights of thinkers distorted by later commentary</p> Signup and view all the answers

What did Adam Smith, according to Milanovic, have a pronounced viewpoint on?

<p>Anti-capitalist and left-leaning perspectives</p> Signup and view all the answers

Study Notes

20th Century Economists' Viewpoint

Many economists in the 20th century overlooked the significance of income inequality in their analysis.

Purpose of 'Visions of Inequality'

Branko Milanovic's book, 'Visions of Inequality', aimed to provide a comprehensive understanding of the concept of economic inequality.

Early Economists' Concern

A central concern of early economists was the distribution of wealth and income.

Contribution of 'Visions of Inequality'

Milanovic's book, 'Visions of Inequality', restored the importance of income inequality to the forefront of economic discussion.

Adam Smith's Viewpoint

According to Milanovic, Adam Smith had a pronounced viewpoint on the negative consequences of economic inequality on social cohesion.

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Description

Test your knowledge of the history of economic thought with this quiz. Explore key developments and influential thinkers in economics to gain a deeper understanding of the discipline's evolution.