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Economists
NAQT
| Question | Answer |
|---|---|
| What was Adam Smith's nationality and life span? | Scottish, 1723–1790. |
| What is the name of Adam Smith's famous 1776 book? | An Inquiry into the nature and causes of the Wealth of Nations. |
| What metaphor did Adam Smith create? | The “invisible hand.” |
| What school of economics did Adam Smith's work found? | The Classical school of economics. |
| What subjects did Adam Smith write on besides economics? | Nearly every subject of moral and social philosophy. |
| What was Milton Friedman's nationality and life span? | American, 1912–2006. |
| What conservative economic theory did Milton Friedman advocate? | Monetarism. |
| What did Milton Friedman advocate in his work A Monetary History of the United States, 1867–1960? | Monetarism. |
| What is monetarism a revision of? | The quantity theory of money. |
| What type of government policy is Milton Friedman associated with? | Laissez-faire. |
| What was Karl Marx's nationality and life span? | German, 1818–1883. |
| What was Karl Marx's principal contribution to economic thought? | The theory of surplus value. |
| What earlier theory did Marx's theory of surplus value extend? | The labor theory of value. |
| In what work did Karl Marx defend his theory of surplus value and historical materialism? | Das Kapital. |
| What years were the three volumes of Das Kapital published? | 1867, 1885, and 1894. |
| What was John Maynard Keynes's nationality and life span? | English, 1883–1946. |
| For what 1936 work is John Maynard Keynes most famous? | The General Theory of Employment, Interest and Money. |
| Why did Keynes call his work the "General Theory"? | He judged most of classical economic analysis to be a special case. |
| According to Keynes, what was the best way to deal with prolonged recessions? | Deficit spending. |
| What was the publication year for The General Theory of Employment, Interest and Money? | 1936. |
| What was David Ricardo's nationality and life span? | English, 1772–1823. |
| What is David Ricardo's most famous work? | Principles of Political Economy and Taxation. |
| What concept did David Ricardo introduce to justify international trade? | Comparative advantage. |
| What economic principle is David Ricardo credited with creating? | The iron law of wages. |
| What did Ricardo's concept of comparative advantage justify? | Unfettered international trade. |
| What was John Kenneth Galbraith's nationality and life span? | Canadian, 1908–2006. |
| What are some of John Kenneth Galbraith's popular liberal writings? | The Affluent Society and The New Industrial State. |
| What do Galbraith's writings emphasize? | Public service and the limitations of the marketplace. |
| Which of Galbraith's books focused on public service? | The Affluent Society. |
| Which of Galbraith's books focused on the limitations of the marketplace? | The New Industrial State. |
| What was Francois Quesnay's nationality and life span? | French, 1694–1774. |
| What school of economic thought was Francois Quesnay the leader of? | The Physiocrats. |
| What did the Physiocrats believe was the ultimate source of all wealth? | Land. |
| What was one of the tenets of the Physiocrats' school of thought? | The economic and moral righteousness of laissez-faire policies. |
| What is the significance of the Physiocrats in economic history? | They were the first systematic school of economic thought. |
| What was Alfred Marshall's nationality and life span? | English, 1842–1924. |
| What was the title of Alfred Marshall's magnum opus? | Principles of Economics. |
| What year was Principles of Economics published? | 1890. |
| What are some of the fundamental concepts introduced by Alfred Marshall? | Consumer surplus, quasi-rent, demand curves, and elasticity. |
| In what fields are Marshall's concepts considered fundamental? | Introductory macro- and microeconomics. |
| What was Thorstein Veblen's nationality and life span? | American, 1857–1929. |
| For what 1899 work is Thorstein Veblen primarily remembered? | The Theory of the Leisure Class. |
| What phrase did Veblen introduce in The Theory of the Leisure Class? | "Conspicuous consumption." |
| What did Veblen liken the ostentation of the rich to? | Darwinian proofs of virility found in the animal kingdom. |
| What was Veblen's overall approach in The Theory of the Leisure Class? | He likened the ostentation of the rich to Darwinian proofs of virility. |
| What was John Stuart Mill's nationality and life span? | English, 1806–1873. |
| What 1844 work saw Mill extend the ideas of Ricardo? | Essays on Some Unsettled Questions of Political Economy. |
| What did John Stuart Mill's 1848 Principles of Political Economy examine? | The necessity of private property. |
| In which work did Mill examine the relationship between profits and wages? | Essays on Some Unsettled Questions of Political Economy. |
| What two fields did John Stuart Mill contribute to? | Social philosophy and economics. |
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