Economics 493/593 - History of Economic Thought

Class Materials for Lecture 11

Brief Outline of Topics Covered in Lecture 11:

Senior, and Mill (ch. 8)
The Rise of Socialist Thought (ch. 9)
Marxian Socialism (ch. 10)

Video:

Lecture 11 - YouTube
Lecture 11 - Google Video

John Stuart Mill
(1806-1873)

Homework 5

Economics 493
Fall 2008
Homework 5
Due Tuesday, November 11

1. Explain Ricardo's theory of rent and the law of diminishing returns. What policy conclusions did he draw from this analysis?

2. What is utilitarianism? How did Bentham's utilitarianism lead him to egalitarian reform proposals? Why didn't he advocate complete equality of income?

3. According to J.B. Say, what was the fourth factor of production? How did the addition of this fourth factor of production this remove potential sources of class conflict from classical theory? .

4. Discuss Nassau William Senior's views on the poor laws. What policies did he help to enact as a member of the Poor Law Inquiry Commission?

Class Materials for Lecture 10

Brief Outline of Topics Covered in Lecture 10:

Bentham, Say, Senior, and Mill (ch. 8)

Video:

Lecture 10 - YouTube Video
Lecture 10 - Google Video

Jeremy Bentham Auto-Icon

Jeremy Bentham: As requested in his will, his body was preserved and stored in a wooden cabinet, termed his "Auto-icon". Originally kept by his disciple Dr. Southwood Smith, it was acquired by University College London in 1850. The Auto-Icon is kept on public display at the end of the South Cloisters in the main building of the College. For the 100th and 150th anniversaries of the college, the Auto-Icon was brought to the meeting of the College Council, where he was listed as "present but not voting". Tradition holds that if the council's vote on any motion is tied, the auto-icon always breaks the tie by voting in favor of the motion.

The Auto-Icon has always had a wax head, as Bentham's head was badly damaged in the preservation process. The real head was displayed in the same case for many years, but became the target of repeated student pranks including being stolen on more than one occasion. It is now locked away securely