Concepts of natural rate of employment in modern economics

Reference no: EM133204174 , Length: 5 Pages

Assignment:

1. Explain the importance of the labor theory of value in Marx's analysis of the capitalist economy? How is his theory different from that of Adam Smith and David Ricardo?

2. In what way are the concepts of the natural rate of employment in modern economics and the reserve army of labor in Marx similar? How are they dissimilar?

3. Money and credit play both a constructive and a destructive role in capitalist accumulation. Explain briefl.

4. Briefly discuss Marx's concept of fictitious capital. Give one example and explain in what way it can be considered to be fictitiou.

5. Briefly explain Marx's the law of the tendency of the falling rate of profit in Marx. Why is there a tendency for the profit rate to fall. Give two examples counteracting tendencies that prevent this fall.

6. What does Marx's model of simple and expanded reproduction with two sectors illustrate about the sources of demand in a capitalist economy? How would this model help explain capitalist crisis.

7. Read the NYT article "How America lost out on iphone work". On the basis of the article discuss the reasons why middle-class jobs are being squeezed? What ideas of Marx's economic thought are relevant to your analysis? (Write a short response essay of about 500 words)

8. Read the NYT article "Profits for Buyout Firms as Company Debt Soared".

Discuss on the basis of the article how finance shapes social relations using the experience of the Buyout firms, owners and workers at Simmons. (Write a short response essay of about 500 words).

Reference no: EM133204174

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