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Questions and Answers
What was the viewpoint of many economists in the 20th century?
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?
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?
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?
What did Milanovic's book, 'Visions of Inequality', restore?
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What did Adam Smith, according to Milanovic, have a pronounced viewpoint on?
What did Adam Smith, according to Milanovic, have a pronounced viewpoint on?
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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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