Posted: March 6th, 2014

History of Economics Thought

Question 1.
(Riddell, et. at., 2011, p. 47)
[Adam] Smith believed that laissez-faire capitalism would be self-regulating via the invisible hand. Develop an example that illustrates these principles. Using your example, evaluate Smith’s argument.
Question 2.
(Brue and Grant, 2013, p. 105)
Succinctly summarize Thomas Malthus’ theory of population and relate it to his position on the poor laws.
Question 3.
Explain David Ricardo’s theory of rent. Why did Ricardo argue that economic progress would come to an end over time?
Question 4.
Explain Jeremy Bentham’s principle of Utility. What are the pros and cons of governments using his principle to make policies?

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