Economics 493/593 - History of Economic Thought

Homework #4

Economics 493/593
Winter 2010
Homework #4
Due 2/3/2010

1. Why did Ricardo focus on distribution rather than production?

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

3. Show graphically that, as population grows and the demand for corn rises, rents and wages go up, while profit falls.

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

Homework #3

Homework #3
Due Wednesday 1/27

1.  What is the role of the state according to Adam Smith? What makes for good taxes?

2. According to Adam Smith, what is the difference between the market price and the natural price? Why is this distinction important?

3. According to Smith, why do wages differ across occupations? What was he trying to explain by making this distinction?

4. Explain Malthus's theory of gluts. What policy conclusions did Malthus draw from the analysis?

Homework #2

Homework #2
Due Wednesday 1/20

1. Why is the Tableau Economique important in the history of economic thought?

2. Why was Turgot dismissed from his duties as finance minister in 1776?

3. What is the significance of the specie flow mechanism?

4. According to Adam Smith, what are the four stages of economic and social development? What are the characteristics of each stage?

Homework #1

Economics 493/593
Winter 2010
Due on Wednesday 1/13

Homework #1

1. List and briefly explain the major tenets of the mercantilist school.

2. Choose a country that is currently attempting to use economic policy to affect their trade balance and interpret those policies from a mercantilist perspective. In what way do the policies fit the mercantilist framework? In what way are they different?

3. What was Thomas Mun's most notable contribution to mercantilist thought? Explain.

4. Why did mercantilists try to achieve full employment?

Homework #7

Economics 493
Fall 2008
Homework 7
Due Thursday, December 4

1. According to Marx, why does profit fall over time?

2. Use the numerical example developed in class to examine what happens to the rate of exploitation and profit if the length of the working day is extended to 15 hours.

3. What is Clark's response to Marx's theory of exploitation?

Homework #6

Economics 493
Fall 2008
Homework 6
Due Thursday, November 13

1. How do Mill's views on utility differ from Bentham's?

2. According to Mill, what are the three types of goods? Which type is the most common?

3. 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)?

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?

Homework #4

Economics 493/593
Fall 2008
Homework #4
Due 10/30/2008

1. According to Adam Smith, what is the difference between the market price and the natural price? Why is this distinction important?

2. Explain why Smith's value theory involved circular reasoning.

3. Explain Malthus's theory of gluts. What policy conclusions did he draw from the analysis?

4. Why did Ricardo focus on distribution rather than production?

Homework #3

Homework #3
Due 10/16 (Thursday) at the end of class

1. What is the significance of the specie flow mechanism? Briefly, what is the essential difference between the views of Richard Cantillon and David Hume on how the specie flow mechanism operates?

2. According to Adam Smith, what are the four stages of economic and social development? What are the characteristics of each stage?

3. What is the role of the state according to Adam Smith? What makes for good taxes?

Homework #2

Homework #2
Due 10/14 at the end of class
(same due date as homework #1)

1. What was Thomas Mun's most notable contribution to mercantilist thought? Explain.

2. Why do Physiocrats believe agriculture is the only productive class?

3. Why is the Tableau Economique important in the history of economic thought?

4. Why was Turgot dismissed from his duties as finance minister in 1776?