History of Economic Thought

Both concepts of utility and marginal forms the basis of rational consumer behavior that is used to the present day in

Under this economic system, products are designed that will last longer, made with renewable materials and packaging.

Karl Marx is best known for his book

This 20th centry economist is creditied with Monetarism which emphasised the role of money in the economy.

According to Say's Law the economy tends towards full employment without government intervention because?

Considered the father of macroeconomics B/C of his views that govt intervention is necessary to achieve full employment

This 19th century Classical economist gave us the models of demand and supply.

Adam Smith's invisible hand of the market is based on the idea of?

The counter to the Keynesian revolution this economist was an advocated for less government intervention

In the 21st c, we have seen a field between economists and psychologist, resulting in a new field of economics known as