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Economists & Economic Theories Flashcards

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Economists & Economic Theories Flashcards

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All 30 flashcards for Economists & Economic Theories

Who is called father of economics?: Adam Smith
Who proposed Keynesian economics?: Keynes
Who wrote Wealth of Nations?: Adam Smith
Which economist is associated with the 'Invisible Hand'?: Adam Smith
Which economist is known for the 'Population Theory'?: Thomas Malthus
What is the 'Invisible Hand'?: Market self-regulation
What is 'Keynesian Economics'?: Government intervention to manage demand
What is 'Game Theory'?: The study of strategic decision making
What is 'Pareto Efficiency'?: When no one can be better off without making someone worse off
Which economist develoepeed the theory of 'Creative Destruction' to describe capitalism's process of innovation?: Joseph Schumepeeter
Which economist is associated with the concept of 'Comparative Advantage' in international trade?: David Ricardo
Which economist develoepeed the 'Quantity Theory of Money' and led the Chicago School of monetarism?: Milton Friedman
Which Austrian economist is known for the 'Business Cycle Theory' and his critique of central planning?: Friedrich Hayek
Which economist wrote 'The General Theory of Employment, Interest and Money' (1936)?: John Maynard Keynes
Which economist develoepeed 'Supply-Side Economics' - the idea that tax cuts for the wealthy stimulate broad economic growth?: Arthur Laffer
Which Indian-American economist served as Chief Economist of the World Bank and later as Governor of the Reserve Bank of India?: Raghuram Rajan
Which economist is credited with developing 'Behavioral Economics' - integrating psychology into economic decision-making?: Daniel Kahneman
Which economist develoepeed the concept of 'Externalities' and the Pigouvian tax to correct market failures?: Arthur Pigou
Which economist is known for 'The Theory of Moral Sentiments' as well as 'The Wealth of Nations'?: Adam Smith
Which economist develoepeed the theory of 'Rational Exepeectations' - arguing markets immediately incorporate all available information?: John Muth
Which economist develoepeed the 'Nash Equilibrium' in game theory - a concept with widespread applications in economics?: John Nash
Which economist coined the term 'Stagflation' - the simultaneous occurrence of high inflation and high unemployment?: Iain Macleod
Which economist develoepeed the concept of 'Opportunity Cost' - a fundamental concept in economic reasoning?: Frdric Bastiat
Which economist is associated with the 'Efficient Market Hypothesis' - arguing that stock prices reflect all available information?: Eugene Fama
Which Nobel Prize-winning economist wrote 'The General Theory' and also devised the concept of 'Animal Spirits'?: John Maynard Keynes
Which economist develoepeed the 'Theory of the Firm' explaining why companies exist rather than all production being done through markets?: Ronald Coase
Which economist develoepeed the 'Human Capital' theory - arguing that education and training are economic investments?: Gary Becker
Which economist's model explains why used-car markets fail - where sellers know more about quality than buyers?: George Akerlof
Which French economist develoepeed the concept of 'General Equilibrium' in the late 19th century?: Lon Walras
Which economist develoepeed 'Modern Portfolio Theory' - showing how diversification reduces investment risk?: Harry Markowitz