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ECONOMIC THEORIES

Andrew Simler. ECONOMIC THEORIES. Mercantilism. Mineral resources are wealth Zero-sum game Balance of trade Exports are good, imports are bad Tariffs. Classical Economics. Value derived from labor Laissez-faire Free trade Competition “Invisible Hand” Self-interest. Marxist Economics.

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ECONOMIC THEORIES

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  1. Andrew Simler ECONOMIC THEORIES

  2. Mercantilism • Mineral resources are wealth • Zero-sum game • Balance of trade • Exports are good, imports are bad • Tariffs

  3. Classical Economics • Value derived from labor • Laissez-faire • Free trade • Competition • “Invisible Hand” • Self-interest

  4. Marxist Economics • Value derived solely from labor (cf. Classical) • Labor itself also valued on this basis • Labor creates surplus value • Inevitable fall in profits • Increased use of machinery • Exploitation of workers • Eventual revolution by oppressed working class

  5. Neoclassical Economics • Value derived from subjective scarcity • Mathematical modeling • Marginalism • Three assumptions • Rational behavior • Maximum utility • Full information

  6. Keynesian Economics • Markets are not perfectly efficient • Recessions and depressions • Government intervention • Supply can exceed demand • Downward spiral in price • Liquidity trap

  7. Monetarism • Reaction against Keynesian thought • Money supply is key • Great Depression was fault of Federal Reserve • Money supply should grow steadily to match growth of economy • The market will then sort out all economic problems • Natural level of unemployment

  8. Dependency Theory • Persistent poverty in underdeveloped countries • Pattern of international interactions • Dominant industrialized powers, poor dependent states • Echoes of imperial/colonial relationship • Self-reinforcing • Supported by elites of dependent states • Consequence of capitalism or power imbalance

  9. References • http://www.investopedia.com/terms/m/mercantilism.asp • https://web.archive.org/web/20110723183642/http://www.newschool.edu/nssr/het/profiles/colbert.htm • http://www.britannica.com/EBchecked/topic/120200/classical-economics • https://web.archive.org/web/20110723182041/http://www.newschool.edu/nssr/het/profiles/ricardo.htm • http://www.economics.utoronto.ca/munro5/MARXECON.htm • https://web.archive.org/web/20110629230810/http://www.newschool.edu/nssr/het/ • http://www.econlib.org/library/Enc1/NeoclassicalEconomics.html • https://web.archive.org/web/20110723173747/http://www.newschool.edu/nssr/het/essays/margrev/ncintro.htm • http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html • https://web.archive.org/web/20111029053933/http://www.newschool.edu/nssr/het/profiles/keynes.htm • http://www.economist.com/economics-a-to-z/m#node-21529789 • https://web.archive.org/web/20110421033625/http://www.newschool.edu/nssr/het/profiles/friedman.htm • https://web.archive.org/web/20111031071832/http://www.newschool.edu/nssr/het/essays/monetarism/mpolicy.htm • https://www.mtholyoke.edu/acad/intrel/depend.htm • https://web.archive.org/web/20110723182316/http://www.newschool.edu/nssr/het/profiles/prebisch.htm

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