Review questions for material since the midterm (through lecture 11 on Monday 2/15/2010):
Nassau William Senior
1. Discuss Nassau William Senior's beliefs concerning positive and normative economics.
2. 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?
3. How did Nassau William Senior's views on rent differ from Ricardo's? How does this reduce class distinctions based upon the receipt of rent?
John Stuart Mill
4. How do Mill's views on utility differ from Bentham's?
5. According to Mill, what are the three types of goods? Which is the most common?
6. What are Mill's views on government intervention?
Karl Marx
7. Define and explain the following modes of production: Capitalism, State Capitalism, State Socialism, Utopian Socialism, Anarchism, Marxian Socialism (including the six stages of production), and Syndicalism.
8. According to Marx, in the transition from slavery to feudalism to capitalism, how does each new system fool workers into working harder even though, in the end, they are no better off (i.e. still at subsistence)?
9. What were Marx's views on the writings of Smith, Ricardo, Mill, Bentham, Say, and Senior? Why was he critical of much of what they wrote?
10. Explain Marx's theory of exploitation.
11. What are the reasons, according to Marx, for the falling rate of profit over time, capital accumulation, and crises? What are the consequences of the falling rate of profit, capital accumulation, and crises?
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