Key Terms:  Economic Theory

Locke:

Value is subjective

The role of government

Life, Liberty, Property

Contracts

Malthus:

Food production

Population growth

Positive checks

Negative checks

Diminishing returns

Smith:

Self interest

Law of supply

Law of demand

Consumer sovereignty

Taxation

Invisible hand

Mercantilism

Tariffs

Absolute advantage

Ricardo:

Comparative advantage

Population cycles

Iron law of wages

International trade and tariffs

Bentham:

Utilitarianism

Utility

Pain\pleasure principle

Hedonic or felicific calculus

Suffrage

Owen:

Utopian socialism

Planned communities

Education

Child labor

Obstacles to social reform (private property, religion,  marriage)

Education

New Lanark, New Harmony

Fourier:

Utopian socialism

Phalanxes

Planned communities

Rotation of jobs

Distribution of passions

Marx:

Bourgeoisie

Proletariat

Opiates of the masses

Economic determinism

Means of production

Class struggle

Profit

Dictatorship of the proletariat

Socialism

Communism

Spencer:

Social Darwinism

Survival of the fittest

Natural selection

Gospel of Wealth

Adaptation

Competition

Sociology

Eugenics

Social welfare programs

Veblen:

Leisure class

Pecuniary emulation

Consumption by proxy

Producer sovereignty

Conspicuous consumption

Keynes:

Aggregate demand

Unemployment

Inflation

Growth

Pump priming

Deficit spending

Minimum wage laws

Maximum work week

Pension plans

FDR and the New Deal

Wagner Act (NLRB)

FLSA

The Business Cycle:

Boom

Prosperity

Peak

Liquidation

Recession

Depression

Trough

Recovery

Sunspots

Psychology

Social welfare

Unemployment

Growth

Inflation

Interest rates

Pension plans

Rostow:

Stages of growth

Traditional economy

Preconditions for takeoff

Takeoff

Drive to maturity

Maturity

Old in the industry

Extinction

Demise of capitalism

Affirmative Action:

JFK & LBJ

Plessy v. Ferguson

Brown v. BOE

Quotas

Bakke v UC Davis Medical School

Gratz v Bollinger

Gutter v. Bollinger

Supply Side:

Reagan

Debt v deficit

Tax cuts

Recession

Stagflation

Gov’t spending

Money supply

Inflation

Unemployment

Interest rates

Defense spending

Growth

Laffer curve

Deregulation

Monetarism:

inflation

growth

unemployment

interest rates

federal reserve board

Alan Greenspan

Milton Friedman

Ben Bernanke