Philosophers of Economics

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_________ is the father of Modern Economics

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Adam Smith

Front

_____ is the founder of Austrian Economics and won the Nobel Prize in Economics.

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Friedrich Hayek

Front

How did John Maynard Keynes differ from Friedrich Hayek and Adam Smith?

Back

He believed that government intervention was necessary in order to correct and prevent economic depressions.

Front

What did Hayek and Friedman advocate for? Options: Free-Market Capitalism, Communism, Capitalism, Mixed Economy

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Free-Market Capitalism

Front

Adam Smith believed that the economy operated according to three natural laws involving this concept...

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Self-Interest

Front

Who said that “The Social Responsibility of business is to increase profit”, and “The business of business is business”?

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Friedman

Front

What book did Adam Smith Write?

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The Wealth of Nations

Front

Adam Smith’s Wealth of Nations stressed the importance of...

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Supply and Demand

Front

What did Friedrich Hayek win a Nobel Prize for?

Back

His work on the theory of money and economic fluctuation

Front

Who were Adam Smith, Friedrich Hayek, John Maynard Keynes, and Milton Friedman?

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Philosophers of Economics