Reference no: EM13976878

Short Answers and Essays:

I.  Identify the following people, things, concepts, etc., and explain briefly their importance in the history of economic thought (three or four sentences).

Commutative Justice

Just price

Usury

Thomas Mun

Household management

Net product

Sterile class

Multilateral chain of transactions

Productive class

Disorganization

Single tax

Quesnay

The invisible hand

Water/diamond paradox

Progressive state

Labor-embodied theory of value

Pots and pans

Adding-up theory of value

Gift of nature

Stationary state

Laissez-faire

Theory of Moral Sentiments

II. Essays

1. Economic theory and policy often reflect the needs of either a ruling class or a rising class, although their proponents often claim that their theories and policies are for society's benefit as a whole. To what extent can this argument be made with regard to the medieval/feudal view of commutative justice, the mercantilist policy prescriptions, the physiocratic proposals, and the classical view favoring "laissez-faire" and free trade.
2. Compare and contrast the mercantilist, physiocratic, and Smithian theories about where profit (or surplus-product) comes from.
3. Define, describe, and compare and contrast early bullionist views to those of Thomas Mun.
4. To what extent did Xenophon and Aristotle represent a higher level of economic thought than tribal economic thought, as expressed in the Old Testament?
5. Compare and contrast the "natural law" of the scholastic period with the "natural law" of the physiocrats.
6. Compare and contrast the simple (deer and beaver) and complex (Glasgow factories) versions of Adam Smith's theory of value.