Discuss Adam Smithâs several theories of value.
Explain Adam Smithâs analysis of the role of supply and demand in relation to the determination of short run and natural price.
Why does Adam Smith reject the labor theory of value?
What are the primary causes and factors in Smithâs view of the process of economic growth?
Discuss Adam Smithâs several theories of wages.
Why does Ricardo abandon the pure labor theory of value â and to what extent does he abandon it?
Compare and contrast the views of Adam Smith and David Ricardo on the causes of the stationary state and on the basis for trade between countries.
How was Ricardoâs position on the Corn Laws related to his theory of distribution?
According to Ricardo what was the long run trend of the shares of national income received by the laboring classes, landlords and capitalists? Be sure to explain the causes of this trend.
In what respect might Adam Smith be labeled an advocate of laissez faire? On what basis might this label be disputed?
Explain Malthusâ theory of population including discussion of the various checks to population growth. Explain how his population theory was related to his positions on the Poor Laws.
Malthus was both an important contributor to the classical school as well as an important critic of classical economics. Explain why.
Be able to identify each of the following concepts with Smith, Ricardo or Malthus.
ID the following in regards to factions of economics
Productive and unproductive labor
invisible hand, preventive checks
moral restraint
rent as the indestructible powers of the soil
impartial spectator, unproductive consumption
comparative advantage, absolute advantage
Francis Hutcheson
Essay on the Low Price of Corn on the Profits of Stock
non-reproducible goods
Godwin and Condorcet
canons of taxation, differential rent
vent for surplus
natural price
pin factory
durability of capital
machinery question
arithmetic and geometric ratios
The Theory of Moral Sentiments
Discuss Adam Smithâs several theories of value.
Explain Adam Smithâs analysis of the role of supply and demand in relation to the determination of short run and natural price.
Why does Adam Smith reject the labor theory of value?
What are the primary causes and factors in Smithâs view of the process of economic growth?
Discuss Adam Smithâs several theories of wages.
Why does Ricardo abandon the pure labor theory of value â and to what extent does he abandon it?
Compare and contrast the views of Adam Smith and David Ricardo on the causes of the stationary state and on the basis for trade between countries.
How was Ricardoâs position on the Corn Laws related to his theory of distribution?
According to Ricardo what was the long run trend of the shares of national income received by the laboring classes, landlords and capitalists? Be sure to explain the causes of this trend.
In what respect might Adam Smith be labeled an advocate of laissez faire? On what basis might this label be disputed?
Explain Malthusâ theory of population including discussion of the various checks to population growth. Explain how his population theory was related to his positions on the Poor Laws.
Malthus was both an important contributor to the classical school as well as an important critic of classical economics. Explain why.
Be able to identify each of the following concepts with Smith, Ricardo or Malthus.
ID the following in regards to factions of economics
Productive and unproductive labor
invisible hand, preventive checks
moral restraint
rent as the indestructible powers of the soil
impartial spectator, unproductive consumption
comparative advantage, absolute advantage
Francis Hutcheson
Essay on the Low Price of Corn on the Profits of Stock
non-reproducible goods
Godwin and Condorcet
canons of taxation, differential rent
vent for surplus
natural price
pin factory
durability of capital
machinery question
arithmetic and geometric ratios
The Theory of Moral Sentiments