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2002 ACF Fall - Packet by Kelly McKenzie (#4) - #4 [report this tossup]
Social Studies — Economics
The fourth section of chapter one concerns the "fetishism of commodities and the secret thereof", while chapter four provides a "general formula" for the titular subject while analyzing what the author designates as the C-M-C and M-C-M forms of circulation, the latter representing the desire to accumulate money for its own sake. Putting forth a controversial theory of commodity value in which a commodity is said to be worth the labor that went into it, the author then uses this theory to claim that employers can pay laborers less than the value of their labor since the employers control the "means of production". FTP, what is this work of economics by Karl Marx?
Answer: Das Kapital
2009 ACF Fall - Packet by Furman, Claremont A, Illinois A, and ULL A - #12 [report this tossup]
Social Studies — Economics
It's not by Karl Marx, but this work contrasts “value in use†with “value in exchange†in the section “Of the Origin and Use of Money.†It mentions that "Brutus lent money in Cyprus at eight-and-forty per cent" in a section discussing stock. Its first chapter popularized the phrase "the division of labor" and relied on the example of a pin factory, while a metaphor commonly associated with this work was reused from the author's earlier The Theory of Moral Sentiments. For 10 points, name this 1776 work that used the concept of the “invisible hand†to advocate a laissez-faire economic approach, a book by Adam Smith.
Answer: An Inquiry into the Nature and Causes of the Wealth of Nations
2005 ACF Fall - Packet by Grinnell Lyon, Chicago E, UBC A, Florida A, and Penn - #5 [report this tossup]
Social Studies — Economics
Henry George suggested in Progress and Poverty that a tax on land alone can eliminate this. It cannot be eliminated during ordinary taxation, though it is minimized when supply is relatively inelastic. On a supply and demand curve, this is represented by the area taken away from producer and consumer surplus that does not go to the government. FTP, what is this fall in total surplus from when a tax is issued in an economy, changing the market outcome?
Answer: deadweight loss
2006 ACF Fall - Packet by Harvard B, Maryland B, and Oklahoma B - #5 [report this tossup]
Social Studies — Economics
The relationship this graph predicted was actually discovered by Irving Fisher in the 1920s, over thirty years before its namesake published his work on it. It can be derived theoretically using Okun's law from the short-run aggregate supply, although its originator examined one of the properties in terms of nominal wages rather than the standard common today. Originally based on data for the United Kingdom from 1861 to 1957, it was generalized by Samuelson and Solow to the United States, but it could not explain the economic oddities of the 1970s because in the long run, it is perfectly inelastic. FTP, name this curve which in the short-run depicts an inverse relationship between unemployment and inflation.
Answer: Phillips curve
2008 ACF Fall - Packet by Eden Prairie High School - #5 [report this tossup]
Social Studies — Economics
He defended Say's law by arguing against the possibility of general gluts, and he called for a stable monetary policy in Proposals for an Economic and Secure Currency. A concept developed by Robert Barro which states that equilibrium consumption is invariant if the government is financed by tax increases or deficit spending is known as his "equivalence," and he also introduced diminishing marginal returns. In another work, he criticized Malthus' theory of rent, and that work also introduced the theory of comparative advantage. For 10 points, identify this economist who wrote Principles of Political Economy and Taxation and advanced the "iron law of wages."
Answer: David Ricardo
2002 ACF Fall - Packet by Indiana - #5 [report this tossup]
Social Studies — Economics
His first work accused his colleagues of "mental gymnastics" for rejecting mathematics to unify economic analysis. As consultant to the Committee of Economic Development in 1958, he answered the question "What is the most important problem to be faced by the U.S. in the next 20 years" with "inflation." Some of his recent works have attempted to describe Keynesian Economics with linear programs. Remembered for his "cost-push" inflationary theory, FTP, name this co-author with Nordhaus of Economics: An Introductory Analysis, a professor at MIT who won the Nobel Prize for Economics in 1970.
Answer: Paul Samuelson
2004 ACF Fall - Packet by St. Thomas - #4 [report this tossup]
Social Studies — Economics
It must have a positive slope, and because the factor it measures cannot be negative it must be concave up and cannot rise above the line y = x, known as the line of perfect equality. The area between it and the line of perfect equality is known as the Gini coefficient, and at each point its y-value shows the cumulative percentage of a given asset owned by the bottom x percent of the sample. First developed by its namesake American economist during the early-20th century, FTP, identify this construct from welfare economics used to illustrate income inequality.
Answer: Lorenz Curve
2009 ACF Fall - Packet by Dunbar HS and Minnesota - #4 [report this tossup]
Social Studies — Economics
This economist argued that countries should avoid deflation even if it causes their currency to depreciate in A Tract on Monetary Reform. He dismantled classical theory in favor of logical-relationist theory in A Treatise on Probability. He argued against the gold standard in The Economic Consequences of Mr. Churchill, and referred to the Treaty of Versailles as a Carthaginian peace in another work, entitled The Economic Consequences of the Peace. For 10 points, name this British economist who wrote General Theory of Employment, Interest, and Money and advocated governmental intervention in the economy.
Answer: John Maynard Keynes
2008 ACF Fall - Packet by Georgia A - #6 [report this tossup]
Social Studies — Economics
A variation to this concept that includes perturbations in decision models is known as trembling-hand perfect. This concept holds when certain sets are non-empty, convex, compact subsets of a Euclidean space by the Kakutani Fixed Point Theorem, and the utility function is continuous and quasi-concave. A Bayesian one is found by anticipating the plans of others, and they were worked on by Harsanyi and Selten as well as their namesake, who introduced them in the paper Non-Cooperative Games. For 10 points, name this idea in which each player's strategy choice is a best-response to the strategies played by his rivals, a game theory equilibrium named for a schizophrenic.
Answer: Nash equilibrium [accept Nash after "equilibrium" is read, prompt on it before]
2006 ACF Fall - Packet by Harvard A and Illinois B - #12 [report this tossup]
Social Studies — Economics
This man's biographers include Joseph Dorfman and J.P. Diggin, who called him "The Bard of Savagery." Early in his career this man wrote an article on "The Barbarian Status of Women," and he was the original translator of Ferdinand Lasalle's Science and the Workingmen. Longer works include The Instict of Workmanship and The Place of Science in Modern Civilization, and along with Charles Beard and John Dewey he founded the New School for Social Research. Best known for a work containing a section on the fur trade, this is, FTP, what economist, who coined the term 'conspicuous consumption" in his The Theory of the Leisure Class?
Answer: Thorstein Veblen