Reference no: EM133341619

Question 1: In the short run, neoclassical economics assumes diminishing marginal products. Explain what this means. What is the significance of this assumption (i.e. what does it do, what is its function in the analysis)? In the long run the assumption of diminishing marginal products does not hold. Why not? What assumption replaces diminishing marginal products? What do these assumptions indicate about the political aims of neoclassical economics?

Question 2: Neoclassicals argue that markets should be relied on to allocate every thing. According to neoclassicals who gets the goods when markets allocate them? Do you agree with this argument? What is "commodification" and how does it figure into the neoclassical argument? What are the potentially harmful consequences of commodification? Do you think that there are some resources that should not be allocated via markets? Explain your position.

Question 3: Explain the difference between structure (nurture) and agency (nature) in the philosophy of social science. How might the concepts of structure and agency be used to explain the distribution of income and wealth in the US? Which do you think has played a more significant role in creating the existing distribution of income and wealth? Why do some people argue that inequality is useful? Why do others argue that inequality is harmful? Why is the distribution of income and wealth relevant when considering where to draw the line between things that should and should not be for sale?

Question 4: In "Why Socialism?" Einstein begins by suggesting that we should not leave the organization of society up to economists. Why not? He goes on to argue that to overcome the "crisis of our time" we have to move beyond capitalism. What is the crisis of our time? How is it linked to capitalism? Describe Einstein's vision of a better system? What does it look like? Do you agree with Einstein's analysis? Make sure you explain the concepts of alienation and exploitation.

Question 5: Discuss Marx's critique of the labor process. Where do profits come from? What are the impacts of the capitalist organization of production on workers and jobs? Historically, how have workers reacted against capitalist control of the labor process? What tactics and strategies have workers relied on to achieve their goals? What is the IWW? What did the IWW want? What happened to the IWW? In your answer make sure to address the concepts of exploitation and alienation.