question
microeconomics
answer
a study about how societies coordinate activities & structure incentives among individuals for the survival and advancement of the collective good
question
modern neoclassical economics
answer
the use of mathematical modeling to conceptualize institutional complexities
question
studying economics: chrematistiks
answer
economics as a study of money/wealth management
question
studying economics: oikonomos
answer
designing institutional structures for managing society
question
studying economics: linguistics
answer
vocabulary for policy and behavior of analysis
question
studying economics: philosophy
answer
economics as a world view
question
macroeconomics
answer
managing the economy for growth and stability
question
financial economics
answer
managing investments for proper returns
question
market failure
answer
situations in which the ideal market model falls short
question
efficiency V equity
answer
the tradeoff between the market (efficiency) and the intervention of government in a democratic society (equity)
question
institutional design: four structures that guide personal behavior and groups survival
answer
1. identity structure
2. authority structure
3. production structure
4. distribution structure
2. authority structure
3. production structure
4. distribution structure
question
institutional design: identity structure
answer
where is an individual situation in the definition and hierarchy of the group?
the problem of member stratification
the problem of member stratification
question
institutional design: authority structure
answer
what is the method for making community decisions and establishing proper conduct?
the problem of system legitimation
the problem of system legitimation
question
institutional design: production structure
answer
how does the group come up with sufficient aggregate production to meet survival needs?
the problem of resource generation
the problem of resource generation
question
institutional design: distribution structure
answer
given the production, how does the group decide who gets what?
the problem of resource division
the problem of resource division
question
political economy
answer
the study of the structures and their incentive implications for individual's choices
question
name the six period framework of economic design
answer
1. Greek - Plato, Aristotle
2. Scholastic - Thomas Aquinas
3. Mercantilism - Thomas Mun, Jean Baptist Colbert
4. Physiocratic - Francois Quesnay
5. Classical - Adam Smith > John S. Mill
6. Modern - Alfred Marshall
2. Scholastic - Thomas Aquinas
3. Mercantilism - Thomas Mun, Jean Baptist Colbert
4. Physiocratic - Francois Quesnay
5. Classical - Adam Smith > John S. Mill
6. Modern - Alfred Marshall
question
mercantilism
answer
the export of manufactured goods and import of currency & precious metals
"export more than you import"
"export more than you import"
question
Jeremy Bentham and John Stuart Mill
answer
Utilitarianism;
Bentham - father of this thought
Mill - pioneered the analysis of consumer behavior
Bentham - father of this thought
Mill - pioneered the analysis of consumer behavior
question
Francis Edgeworth and Vilfredo Pareto
answer
Mathematical Models;
Two engineers-turned economists; worked on mathematical models for economic theory
Two engineers-turned economists; worked on mathematical models for economic theory
question
Jevons, Walras, Menger
answer
...
question
Alfred Marshall
answer
Father of Modern economics; synthesized the works of Jevons, Walras, Menger, Edgeworth, and Pareto
question
Richard Ely and Thorstein Veblen
answer
Institutional tradition;
Ely - focused on structural monopolistic markets
Veblen - focused on cultural habits as concepts affecting economic behavior
Ely - focused on structural monopolistic markets
Veblen - focused on cultural habits as concepts affecting economic behavior
question
Beatrice Webb and Alice Paul
answer
Two women economists better known for activism and reform than for academic economics
question
Kenneth Arrow and Gerard Debreu
answer
Two nobel winners whose 1954 paper proved the existence of general competitive equilibrium
question
Vernon Smith and Daniel Kahneman
answer
Behavioral Economics;
another pair of nobel winners
another pair of nobel winners
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