Reference no: EM131547833

Assignments is belong to a economic history course.

History of Economic Thought - A CRITICAL PERSPECTIVE THIRD EDITION by E.K. Hunt and Mark Lautzenheiser

Assignment 1

Supplement readings
1.) Introduction
2.) Invariable measure of value

Please take note on Ricardo page 96-98, 103-108 to cover the following guideline.
- Conflict between capitalists and landlord
o Explain Ricardo's capital accumulation
o What is diminishing returns to food production according to figure 5.3, 5.4
o Explain Ricardo profit squeeze scheme. Keywords: diminishing returns, subsistence wage, and rent.
o What is uniform rate of profit?
- Price determination
o Explain "compositions of capital". Ratio of capital to labor
o Take notes on how differing composition of capital cause value to vary among industries.
o Take notes on price vs labor embodied
Summarize this reading section and write your opinion. You might find it difficult to understand Ricardo calculations. We will go through this again in the class. However, I want you to be familiar with his calculations first.

Assignment 2

Supplement readings

1.) Marx on money
Reading guide for Marx1 p.206-209, 218-221
- Take note on the characters of commodity
o What is use value?
o Exchange value?
o What about money?
o Relations between use-value and exchange-value?
- Take note on the meaning of "value."
o Qualitative VS Quantitative?
o Abstract labor?
o The differences between value and price
- Take note on surplus value and valorization process
o Working day?
o Necessary labor?
o How circulation of money capital creates surplus value?
- Accounting of values
o Constant capital?
o Variable capital?
o What is the rate of surplus value?

Assignment 3
Supplement readings
1.) Bit of Marx life
2.) Transformation problem

Reading guide for Marx2 p.222-231, 240-244
- Take note on the Transformation problem
o Intro
- The relation between value and price
- Abstract labor as the only substance of value...not use value
- Price as empirical appearance for value
o Math
- What is equation 9.2? explain
- What is equation 9.3? explain
- What are the relations between them? Explain the transformation from value to price
- What is equation 9.5? why do we need c/v to be equal in all sector
o Concept
- What is organic composition of capital (C/V)?
- Equal rate of profit? Why? Keyword: competition
- Price deviate from value to? Redistribute surplus value...explain
o Table
- Study the table
- How did Marx transform surplus value to equal profit on price?
o Take note on the concept of Alienation
- The system prevents the workers from realization?
- Destructiveness of capitalist system

Textbook:-

https://www.dropbox.com/s/ulr8snzs05klkte/History%20Of%20Economic%20Thought-A%20Critical%20Perspective.pdf?dl=0

Attachment:- reading assignment.rar