Karteikarten: Foundations of Classical Economic Thought — 18 Karten

Classical political economy — emergence?

Late 18th-century school analyzing wealth, production, distribution.

Economic schools of thought — main types?

Classical, Marxism, Marginalism.

Division of Labour — role?

Increases efficiency and productivity.

Value and Prices — basis?

Labor value theory and market mechanisms.

Wealth Distribution — key agents?

Landowners, capitalists, workers.

Disagreements on Value — focus?

Labor vs utility and social relations.

Discourse in Economics — function?

Models and interprets economic phenomena.

Methodological challenges — main issue?

Establishing causality and neutrality.

Historical development — starting point?

From moral philosophy to scientific discipline.

Classical economics — key figures?

Adam Smith, Ricardo.

Marxism — critique?

Capitalism exploitation and surplus value.

Marginalism — focus?

Subjective utility and individual choice.

Division of Labour — effect?

Boosts productivity and economic growth.

Value in classical economics?

Based on socially necessary labor.

Price formation — mechanism?

Supply, demand, and labor value.

Wealth distribution — Marx?

Surplus value extraction from workers.

Discourse challenges — example?

Cause-effect identification and context.

Economic evolution — key change?

From moral philosophy to a science.