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Economists
Economic Theory

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Economics

Economics was famously described, by the 19th century Scottish–born philosopher Thomas Carlyle, as "the dismal science". This strikes me as quite droll, although to my mind it's not really a science at all – and I am qualified to give that opinion, as I have a degree in it.

That degree, by the way, is of very little use in quizzes – there seems to be very little overlap between the economics that comes up in quizzes and the economics that I learnt about in the 1970s!

Economists

The Wealth of Nations (1776): author Click to show or hide the answer
Argued in Essay on the Principle of Population (1798) that population increases geometrically, food supply arithmetically Click to show or hide the answer
English philosopher, 1748–1832: the initial advocate of utilitarianism Click to show or hide the answer
English merchant and financier, 1519-79: founded the Royal Exchange, London (1571) and gave his name to the law of economics which states that "Bad money drives out good" Click to show or hide the answer

What Gresham's Law states, in more scientific terms, is that when government compulsorily overvalues one money and undervalues another, the undervalued (good) money will leave the country or disappear into hoards, while the overvalued (bad) money will flood into circulation. Another way of putting it is that when a circulating currency consists of both "good" and "bad" money, and legal tender law requires both forms to be accepted at equal value, the circulating currency will quickly become dominated by the "bad" money, because consumers will hand over the "bad" coins, keeping the "good" ones for themselves.

Gresham was not by any means the first to postulate this "law"; others, including the astronomer Nicolaus Copernicus (who died in 1543) had known about it for years. It was attributed to Gresham because he urged Elizabeth I to restore the debased currency of England.

General Theory of Employment, Interest and Money (1936): author Click to show or hide the answer
The Affluent Society (1958): author Click to show or hide the answer
First proposed a macroeconomic theory called monetarism, in the 1960s, as an alternative to the Keynesian model – controversially won the Nobel Prize in 1976 Click to show or hide the answer

The Nobel Prize for Economics was first awarded in Click to show or hide the answer

Economic theory

Difference between an economy's foreign income and expenditure Click to show or hide the answer
Collective association of independent enterprises, formed to control a market Click to show or hide the answer
Suspension of trade with another economy by authority Click to show or hide the answer
System effective in the early 20th century, whereby each country fixed the price of gold in terms of its own currency; partly blamed for the Great Depression; abandoned by Britain in 1931, USA 1933; effectively replaced by Bretton Woods in 1946, but that was abandoned by Nixon in 1971 Click to show or hide the answer
"Bad money drives out good" Click to show or hide the answer
Economic activity that is legal but unofficial (e.g. manufactured goods that are not imported by or on behalf of the manufacturer) Click to show or hide the answer
Doctrine where the government avoids controls Click to show or hide the answer
A market in which there is one buyer and many sellers Click to show or hide the answer
A market with competition between only a few suppliers Click to show or hide the answer
Term used in the 2008 banking crisis for the creation of new money in order to increase the money supply and so encourage spending (often described as "printing money") Click to show or hide the answer
Word coined in the 1970s to describe an economy in which there is no growth but where inflation continues to rise Click to show or hide the answer
Philosophy advocating policies designed to maximise good (or happiness) for a population Click to show or hide the answer

© Haydn Thompson 2017