Flashcards: Economic theories

The labor theory of value (LTV) is a heterodox economic theory of value that argues that the economic value of a good or service is determined by the total amount of socially necessary labor required to produce it, rather than by the use or pleasure its owner gets from it.

A preference is a technical term in psychology, economics and philosophy usually used in relation to choosing between alternatives: someone has a preference for A over B if they would choose A rather than B.

Physiocracy (from the Greek for "government of nature") is an economic theory developed by a group of 18th century Enlightenment French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced.

The Malthusian trap is named after the view of Thomas Robert Malthus that improvements in a society's standard of living are not sustainable because of population growth.

Surplus product (German: Mehrprodukt) is an economic concept explicitly theorised by Karl Marx in his critique of political economy.

The Stockholm School (Swedish: Stockholmsskolan), is a school of economic thought.

The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century.

Mercantilism was an economic theory and practice, dominant in modernized parts of Europe during the 16th to the 18th century, that promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers.

Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.

Voluntary Socialism is a work of nonfiction by the American mutualist Francis Dashwood Tandy (1867–1913).

The Austrian School is a school of economic thought that is based on the concept of methodological individualism – that social phenomena result from the motivations and actions of individuals.

Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.

Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy.

State socialism is a classification for any socialist political and economic perspective advocating state ownership of the means of production either as a temporary measure in the transition from capitalism to socialism, or as characteristic of socialism itself.

Malthusianism is a school of ideas derived from the political/economic thought of the Reverend Thomas Robert Malthus, as laid out in his 1798 writings, An Essay on the Principle of Population, which describes how unchecked population growth is exponential while the growth of the food supply was expected to be arithmetical.

Mutualism is an economic theory and anarchist school of thought that advocates a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market.

A steady-state economy is an economy made up of a constant population size and a constant stock of physical wealth (capital).

Supply-side economics is a macroeconomic theory that argues economic growth can be most effectively created by investing in capital and by lowering barriers on the production of goods and services.

Neoclassical economics is a set of solutions to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

Neo-Keynesian economics is a school of macroeconomic thought that was developed in the post-war period from the writings of John Maynard Keynes.

Teoría de Precios: Porqué está mal la Economía (Price Theory: Economics is Mistaken) is an economic essay written in textbook format by Mexican author Jorge Del Villar.

The behavioral theory of the firm first appeared in the 1963 book A Behavioral Theory of the Firm by Richard M.

Public choice or public choice theory refers to "the use of economic tools to deal with traditional problems of political science".