Escolar Documentos
Profissional Documentos
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Father of Classical
Economics
Adam Smith -1723-1790
free markets provide
the greatest good to
the greatest number of
people.
invisible hand
Inquiry into the Nature
and Causes of the
Wealth of Nations
Theory of Moral
Sentiments
Classical Economists
David Ricardo
1772-1823
"production of commodities
creates, and is the one and
universal cause which creates, a
market for the commodities
produced."
Marginalists
In addition to the
costs of production
setting prices,
demand plays a role
supply and demand
models
marginal choices
Principles of Economics
Marxism
Karl Marx 1818-1883
Keynesian Economics
Reaction to Keynesianism
Neoclassic Economics
invisible hand free markets will
always yield the best outcomes
monetarism
rational expectations theory
supply-side economics
Monetarism
return to free markets
emphasizes the role
of monetary policy
(how much money
supplied)
Chicago School
laissez-faire
deregulation
Supply-side Economics
Back to Smiths ideal
of production
bettering society
Incentives to
producers to promote
the economy
changes in tax rates
exert an impact on
total output
Important Contemporary
Economists
Paul Krugman
Jeffrey Sachs
Thomas Sowell
heterodox economics
behavioral economics,
complexity economics,
evolutionary economics,
experimental economics,
neuroeconomics
blah, blah,
blah. . .