Intellectual Heritage and Key Dates Economics Test 1
Terms
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Confucius
551-479 BC -
Analects
The Golden Rule
Jen & Li -
Plato
437-348 BC -
The Republic
Dialogues
Founded the Academy
Dialectics (thesis, antithesis, synthesis)
inductive logic -
Mencius
372-289 -
Division of Labor
The Book of Mencius -
Aristotle
384-322 BC -
Politics, Physics, Poetics
Founded the Lyceum
Supremacy of Logic
Syllogistic Logic (Set Theory)
deductive logic -
St. Thomas Aquinas
1225-1274 -
Summa Theologica
Dominican Priest
Just Price/Just Wage (each according to his needs)
Synthesis of Christian Faith & Aristotelian rationalism -
Thomas Mun
1571-1641 -
Discourse on Trade
Bullionism -
Jean Baptiste Colbert
1619-1683 -
Colbertism
gold is wealth
Finance Minister -
Francois Quesnay
1694-1774 -
Tableau Économique
laissez faire
physiocracy -
David Hume
1711-1776 -
Quantity Theory of Money
(i.e., wealth = goods + services)
Political Disclosures -
Adam Smith
1723-1790 -
Theory of Absolute Advantage
Invisible Hand Doctrine (Division of Labor)
Water-Diamond Paradox
Wealth of Nations -
Thomas Malthus
1766-1834 -
Law of Diminishing Returns (pessimist)
Cost Benefit Analysis
Essay on the Principals of Population -
Jean-Baptiste Say
1767-1832 -
Traité d’Économique Politique
Finance Minister
Law of Markets (Supply creates its own Demand) -
David Ricardo
1772-1823 -
Principles of Political Economy & Taxation
Labor Theory of Value (Classical Rent Doctrine)
Wage Fund Doctrine
Stationary State Doctrine
Law of Comparative Advantage -
John Stuart Mill
1806-1873 -
Principles of Political Economy
On Liberty
Utility Theory (learned from Bentham)
Concept of Demand -
Jeremy Bentham
1748-1832 -
Principles of Morals
Interventionist Liberalism
Utility Theory (taught Mill) -
Karl Marx
(1818-1883) -
Communist Manifesto
Das Kapital
Dialectical Materialism / Business Cycles
Alienation & Reconciliation Theory -
Carl Menger
(1840-1921) -
Foundations of Political Economy
Study of Natural Law
Law of Diminishing Marginal Utility -
William Stanley Jevons
(1835-1882) -
Sunspot Theory (20-year cycle)
Theory of Political Economy
The Solar Period and the Price of Corn -
Léon Walras
(1834-1910) -
Elements of Pure Economics
Mathematical Economics
Equilibrium Theory
Law of Supply & Demand -
Alfred Marshall
1842-1924 -
Principles of Economics
Scissors Analogy / Consumer Surplus / Theory of the Firm
Elasticity
Industry & Trade
Money, Credit & Commerce -
Vilfredo Pareto
1848-1923 -
Manual of Political Economics
Optimality Theory / Welfare Economics
Income Redistribution -
Francis Ysidro Edgeworth
1845-1926 -
Mathematical Psychics
Indifference Curve
Asymptotic Functions of Normal Distributions -
Thorstein Veblen
1857-1929 -
Theory of the Leisure Class
Conspicuous Consumption -
John Maynard Keynes
1883-1946 -
General Theory of Employment, Interest & Money
Consumption Function
Actuarial Tables
Anti-depression Procedure
General Equilibrium -
Joseph Alois Schumpeter
1883-1950 -
Theory of Economic Development
History of Economic Analysis
Entrepreneurship (hated capitalism)
Business Cycles -
Edward Hastings Chamberlin
1899-1967 -
Market Structure
Theory of Monopolistic Competition -
Joan Violet Robinson
1903-1983 -
Economics of Imperfect Competition
Price Discrimination
Market Structure -
Georg Wilhelm Friedrich Hegel
1770-1831 -
Wissenschaft der Logic(1816)
Hegelian Logic
German Historical School - 1750
- Industrial Revolution Begins
- 1776
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Declaration of Independence
Wealth of Nations, Adam Smith
Decline and Fall of Roman Empire
Edward Gibbon - 1848
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Karl Marx & Friedrich Engels
Communist Manifesto
European Revolutions
Irish Potato Famine
Political Economy
John Stuart Mill -
Irving Fisher
1867-1947 -
Rate of Interest
Purchasing Power of Money
Equation of Exchange
Interest Rate and Income
Price Indices -
Friedrich August von Hayek
1899-1992 -
Economics & Knowledge
Profits, Interest & Investment
Road to Serfdom
Nobel Laureate
Discovery of Process of Markets
Inherent Bureaucratic Inefficiencies -
Influential Friends:
David Hume -
Influential Friends:
Adam Smith (Deduced from Quesnay) -
Influential Friends:
John Stuart Mill -
Influential Friends:
Harriet Taylor -
Influential Friends:
Thomas Malthus -
Influential Friends:
David Ricardo -
Influential Friends:
Karl Marx -
Influential Friends:
Frederick Engels -
Influential Friends:
Léon Walras -
Influential Friends:
Vilfredo Pareto