Mnemonic: Smith forged Classical Economy with nothing but sand



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Noah Gilly

Mnemonic:

Smith forged Classical Economy with nothing but sand

At the base of this theory was an invisible hand

Friedman said that’s cool but

Compared to Lasseiz-fare it doesn’t make the cut

Wrote A Monetary History of the USA

All he wanted was the government to stay away

1818 Marx(s) Marx’s birth year

When he died we all shed a tear

The title of his book is Das Kapital

Economic surplus, master of ugly sounds

Keynes wrote The General Theory of Employment, Interest and Money

He wasn’t too strong but he was very cunning

When the dark of a recession, came around

He cut all the spending and brought the light back into town

Ricardo unlike Friedman

Liked to metal (meddle) in affairs

He made the iron law of wages and he didn’t care about no stupid laissez-faire (except in relation to international trade)

Galbraith wrote The Affluent Society

Because he believed there was a social hierarchy

Quesnay led the Physiocrates

They were ones economical debates

Land and lassiez-faire ran the economy

Don’t get me wrong, they weren’t a dichotomy

For a time in time it all seemed hopeless

Then Marshell came along with his magnum opus

Talking all about consumer surplus,

Said there were demand curves and elastivity

Was known all around the New York City

He was moving so fast, it was super sonic

Made the Fudenmental concepts micro and macro (said rapidly) economics

Veblen was a laid back guy

Wrote the The Theory of the Leisure Class in 1899 (eighteen-ninety-nine)

Conspicious consumption was his choice phrase

It’s quite popular in this day and age (blend together)

Mill wrote stuff ending with economy

His talk was about private property

Ricardo was his idol



He talked about wages and profits unbridled

Adam Smith (1723-1790) Scottish philosopher and economist. Though he wrote on nearly every subject of moral and social philosophy, he is basically remembered as the author of An Inquiry into the nature and causes of the Wealth of Nations (1776) and as the creator of the metaphor of the "invisible hand." This work more-or-less single-handedly founded the Classical school of economics.

Milton Friedman (1912- ) American economist. Conservative thinker famous for his advocacy of monetarism (an revision of the quantity theory of money) in works like A Monetary History of the United States, 1867-1960 (1963). he is strongly associated with the ideals of laissez-faire government policy.

Karl Marx (1818-1883) German economist, historian, and social philosopher. Marx's principal contribution to economic thought was extending the labor theory of value to its logical conclusion, his theory of surplus value. This theory, along with his defense of economic materialism, appeared in Das Kapital (1867, 1885, 1894).

John Maynard Keynes (1883-1946) English economist. He is most famous for The General Theory of Employment, Interest and Money (1936), which judged most of classical economic analysis to be a special case (hence "General Theory") and argued that the best way to deal with prolonged recessions was deficit spending.

David Ricardo (1772-1823) English economist. Ricardo is best known for Principles of Political Economy and Taxation, which introduced more-or-less modern notions of comparative advantage and its theoretical justification for unfettered international trade. He also put forth the so-called iron law of wages.

John Kenneth Galbraith (1908- ) Canadian economist. Galbraith probably wouldn't make this list if contributions to economic theory were all that mattered; as it is, his liberal popular writings like The Affluent Society and The New Industrial State (with their emphasis on public service and the limitations of the marketplace) ensure his coming up again and again.

Francois Quesnay (1694-1774) French economist. Quesnay was the undisputed leader of the Physiocrats, the first systematic school of economic thought. Among its tenets were the economic and moral righteousness of laissez-faire policies and the notion that land was the ultimate source of all wealth.

Alfred Marshall (1842-1924) English economist. Marshall's magnum opus, 1890's Principles of Economics, introduced the notions of consumer surplus, quasi-rent, demand curves, and elasticity, all fundamental concepts in introductory macro- and microeconomics.

Thorstein Veblen (1857-1929) American economist (of Norwegian heritage). Veblen is primarily remembered for his The Theory of the Leisure Class (1899) that introduced phrases like "conspicuous consumption." He is remembered for likening the ostentation of the rich to the Darwinian proofs-of-virility found in the animal kingdom.

John Stuart Mill (1806-1873) British economist and social philosopher. Mill is mainly known today (in economic circles) for his work extending the ideas of Ricardo in Essays on Some Unsettled Questions of Political Economy (1844) (for example, the relationship between profits and wages) but also for exhaustively examining the necessity of private property in his Principles of Political Economy (1848).


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