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2010 ACF Fall - Packet by Bellarmine and UCLA
- #17 [report this tossup]
Social Studies — Economics
This thinker introduced his namesake triangles linking consumer spending and production time in his Prices and Production. He distinguished between thesis and nomos in the three-volume Law, Legislation, and Liberty. This organizer of the Mont Pelerin Society distinguished his outlook from the title one in "Why I Am Not a Conservative." One work by this author includes a chapter on "The Socialist Roots of Naziism" and warns against conditions leading to collectivization and the title oppression. For 10 points, name this Austrian economist who described the consequences of central planning in The Road to Serfdom.
Answer: Friedrich August von Hayek
2006 ACF Fall - Packet by Yale A, Florida Metropolitan A, and Andrew Yaphe - #6 [report this tossup]
Social Studies — Economics
The first English author to discuss it specifically may have been John Hales, in his A Discourse on the Commonweal of this Realm of England, though in the 19th century H. D. Macleod named it for a contemporary of Hales. Later in the 19th century Robert Giffen argued that its namesake didn't understand the importance of bimetallism, while William Stanley Jevons claimed, on its basis, that Herbert Spencer's arguments about private coinage were flawed. Its namesake enunciated this principle in the 16th century in response to the "Great Debasements" introduced by the predecessors to Queen Elizabeth. FTP, name this principle which states that bad money drives good money out of circulation.
Answer: Gresham's Law
2008 ACF Fall - Packet by Missouri S&T and Dartmouth B - #7 [report this tossup]
Social Studies — Economics
He claims it is impossible for an omnipotent, loving God to be in control of the world, but possible for a weaker God to exist in his Three Essays on Religion. One of his works lays out five principles of inductive reasoning, while another argues that freedom is good for women if it is good for men. In addition to System of Logic, he wrote a work that uses dolors and hedons to calculate the "Greatest Happiness Principle" and claims that "actions are right in proportion as they tend to promote happiness." The author of The Subjection of Women, for 10 points, name this man, who outlined a philosophy practiced by Jeremy Bentham in his book Utilitarianism.
Answer: John Stuart Mill
2005 ACF Fall - Packet by UCLA - #3 [report this tossup]
Social Studies — Economics
A 1947 study by George Stigler analyzed this type of situation and called into question the curve primarily associated with this entity. That hypothesis was introduced in 1939 by Paul Sweezy in a paper about demand under this condition, which suggests that any participant in one of these envisions two different demand schedules for its output. Edward Chamberlin proposed a model to understand these situations, which was a revision of the solution outlined by the French economost Antoine Cournot. FTP, name this market situation in economics in which there are a few non-collusive, independent sellers.
Answer: oligopoly
2007 ACF Fall - Packet by UCLA A - #15 [report this tossup]
Social Studies — Economics
Harvard's Robert Jensen and Nolan Miller attempted to prove their existence in China, and Battalio, Kagal, and Kogut's experiments with quinine water and lab rats proved that they can exist on the individual level. These entities can arise when the price of a good or service outstrips the consumer's tendency to purchase similar goods or services; that is, when the income effect is greater than the substitution effect. They were first postulated to exist in Alfred Marshall's Principles of Economics, which used the example of bread with meat as a substitute. FTP, name this kind of inferior good that people buy more of when the price goes up.
Answer: Giffen goods
2003 ACF Fall - Packet by Chicago - #21 [report this tossup]
Social Studies — Economics
He discussed theoretical psychology in The Sensory Order and attacked the idea that social scientists should adopt the methods of physical science in The Counter-Revolution of Science. The cousin of Ludwig Wittgenstein, his book The Constitution of Liberty included the misleadingly titled postscript "Why I am not a conservative," but this Austrian is best known for attacking Keynesian economics. For 10 points-name this economist who shared the Nobel Prize with Gunnar Myrdal, the author of The Road to Serfdom.
Answer: Friedrich Hayek
2004 ACF Fall - Packet by Chicago - #9 [report this tossup]
Social Studies — Economics
Among the situations the author uses to make his points in this book are the plight of Irish prostitutes in London and the exploitation of Holland's fisheries. Book Five begins with a clarification on the expenses of maintaining both militias and standing armies; Book Two details the "nature, accumulation, and employment of stock;" and Book Four details the "systems of political economy." Its author advocated that government maintain a laissez-faire attitude and coined the principle of the "invisible hand" to elucidate this point. FTP, name this magnum opus of Adam Smith.
Answer: An Inquiry into the Nature and Causes of the Wealth of Nations
2003 ACF Fall - Packet by Indiana - #4 [report this tossup]
Social Studies — Economics
His "Essay on the influence of the Low Price of Corn" discusses theories that would lead him to oppose the Corn Laws as a Member of Parliament. He created a stir with his tract The High Price of Bullion, while his best work begins with comparisons of value in use and in exchange, and reasons that the interests of society are opposed by the interests of landowners, an idea central to his theories of economic rent. FTP, name this founder of the classical school of economics who proposed ideas like the iron law of wages in The Principles of Political Economy and Taxation.
Answer: David Ricardo
2010 ACF Fall - Packet by UNC and Rutgers-Camden and Wisconsin
- #18 [report this tossup]
Social Studies — Economics
In one work, this thinker stated that modern technology was incompatible with the irrational process of business and finance, contrasting industrial and pecuniary employment. One of his works has a chapter on "The Belief in Luck" and examines the title group's interest in sports like bullfighting and football. This author of The Theory of Business Enterprise has namesake goods which fall in demand when they fall in price due to a perception of lower quality. That ties in with this author's idea that the rich need a way to justify and display their wealth. For 10 points, name this economist who introduced the idea of conspicuous consumption in his Theory of the Leisure Class.
Answer: Thorstein Bunde Veblen
2005 ACF Fall - Packet by Vanderbilt A, Georgia Tech A, and Tulsa - #3 [report this tossup]
Social Studies — Economics
He wrote an economic history of Roman agrarian society and a tract on the dual roles of idealism and materialism in Economy and Society. His vershtehen doctrine said that researchers must interpret people's actions using "ideal types" to understand social and economic phenomena, and his dabblings in positivism signaled his split from Gustav von Schmoller. He also studied the workings of bureaucracy and gave the Freiburg Address. His trademark work describes how Calvinist values, especially dedicating oneself to his duties, resulted in greater economic productivity. FTP name this author of The Protestant Ethic and the Spirit of Capitalism.
Answer: Max Weber