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Daniel Kahneman - economic psychologist (Keynes (key takeaways (repartions…
Daniel Kahneman - economic psychologist
Kahneman
Introduction
homo oeconomicus is increasingly seen as failing to explain how thr economy operates in practice
key mover behind the movement of behavioural economics
life -> grew up in France and one night he walked home and the soldier hugged him and that is when he realised that human beings are endlessly complicated.
economic writings and theories
people are irrational is at the heart of his theory
Keynes
studied maths and LFRED Marshall wanted to convince him to do econ
was alsi a member of the apostles
condemned the versailles treaty in vitriolic language
was agains t rejoining the gold standard
his reputation was tarnished during the great crash
wages are sticky downward
made the multiplier famous
popular again through the financial crisis
key takeaways
repartions to Germany to high
the paradox o theft
the multiplier effect
wages ar sticky downwards
Gary Backer - economics in the real world
applied economics to the real world that were previously only for lawyers and sociologists etc.
in the tradition of the neoclassical chicagoer school
did not grow up in a incredibly academic household. Decided at Princeton that sociology was too difficult
people take decision for their own benefit but it is more than just selfishness
developed the concept of human capital
a household could be regarded as a small factory
criminal behaviour
for him criminal behaviour is a rational decision
punishment works for him
many of the issues that he addressed are still reflected in public policy
Karl Marx
was at the university of bonn and also engaged in sword fights etc and later his dad transferred him to Berlin which was academically better and mor sober. he studied law there and excelled academically.
hosehold was later quite poor and three of his children died in the dark hole
economics
the amount of labour determined the value
able to pay the subsistence wage because there are enough workers waiting to pick up the work
the capitalist system was unsustainable and would ultimately lead to tis overthrow
says that he himself is no marxist
Alfred marshall
unintelligible algebra etc blame alfred marshall
his father william was a tyrant of a father and wanted him to go to oxford to pursue a career in the church
Alfrde married one of his students and left cambridge to bristol where this was okay and then retuedn to cambridge
developed the price model with demand etc
tried to use biology to establsh economics as a science
contributed to elasticity and the substitution effect
did realise that w need to understand how humans beta of flesh and blood
key contributions
the role of supply and demand
the use of mathematics in economics
the concept of marginalise
Milto friedman