![]() ![]() Working with others, he posited there was a “natural rate of unemployment” below which high inflation was all but inevitable. He and those associated with this school argue that the size of the money supply is the most important aspect affecting the rate of inflation and aggregate demand. Milton FriedmanĬredit: The Friedman Foundation for Educational Choice / Wikimedia CommonsĬo-winner of the 1976 Nobel Prize in Economics, advisor to two presidents and a prime minister, and leading proponent of the Chicago School of Economics, Milton Friedman is most famous for his Monetarist thinking. The Neo-Keynesian school of thought was eventually fused with various neoclassical ideas to become the leading theory of economics today. ![]() He also boosted and enhanced the idea of the Phillips curve -the observation that inflation and unemployment rates tend to move in opposite directions. It is similar to how physics textbooks use mathematical formulas to explain how objects move, and it allows for much stronger estimates of how an economy will be affected by change than was previously possible. His mathematical approach to economics helped raise the bar for analysis by introducing ways to represent theories and problems. His work was instrumental in co-establishing the Neo-Keynesian school of thought, alongside that of John Hicks and Franco Modigliani. Samuelson helped establish modern mathematical foundations for economics and wrote the canonical textbook Economics: An Introductory Analysis. ![]() Paul Samuelson was an American economist who won the 1970 Nobel Prize in Economics. He illustrated his concerns for the short-term when he reminded us, “ In the long run, we are all dead.” In those moments, the government could step in and create demand through increased spending.įamously, he focused almost exclusively on short-run economics. He argued that in some cases (particularly rapid shocks, like the Great Depression), this wouldn’t happen. Before Keynes, most economists worried about supply, with the idea that increasing supply would lower prices and stimulate demand as goods became cheaper. Keynes turned economics on its head when he argued that aggregate demand - the whole of spending on goods and services in a society - was the primary force that moved an economy. As a result, the “ Keynesian Revolution” in economics would be credited with helping to end the depression and driving the decades-long post-war boom. ![]() Active during the Great Depression, he sought to explain what had gone wrong with the global economy and how to address it. It is impossible to talk about modern capitalist economics without discussing John Maynard Keynes. Some of his ideas, such as his takes on the business cycle, have been revised and are seen as useful descriptors of how capitalism functions, even if card-carrying Marxist economists are currently in low demand. He argued that some of the problems then affecting capitalism - like the concentration of wealth, low wages, major recessions following booms, and terrible workplace conditions - were features rather than bugs in the system. He expanded on the labor theory of value in ways that went beyond the ideas of Ricardo and Smith, and his explorations of the concept would later fuel its replacement. If a political cartoon showed a politician speaking in Times New Roman font and another politician speaking in Comic Sans, then it could be implying that one politician is serious while the other is childish.He wrote around 10,000 pages on economics but, as a result of his often haphazard working methods and unfinished projects, only a fraction of his ideas have survived on paper. We think of visual to mean only pictures, but it could also be graphs, charts, memes, colors, or even font choices. The same evaluative criteria - rhetorical appeals and logical fallacies - can also be present in visual arguments. Learning to recognize how images, even color, layout, and font choices, affect people can help you to hone your visual literacy and learn how to identify and evaluated visual arguments. In Star Wars, Darth Vader wears a black cloak, while Luke Skywalker has white clothing. In movies, we associate black with bad and white with good. How many of them use one, or more, of those colors in their logo or design? Did you know that red, yellow, orange, and green make us hungry? Think about fast food chains. We are bombarded with images every day and are often unaware of how they affect us. Learning to decode visual arguments can be challenging. ![]()
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