Role of the government in the marginalist school


1. Supply Side and Demand Side

a. What was the justification for supply-side approaches of the 19th Century (PLEASE no discussion of 20th century politics).

b. The German historical school critiqued the British supply side by calling this the "Ricardian vice". What did this mean and what was their critique?

c. What rote did government play in the 19th Century supply side approach?

d. What is the role of the government in the marginalist school?

e. Evaluate the contribution of the demand-side, individual focused, marginal school to responding to some of the critiques of the socialists and the German historical school.

2. A priori and a posteriori

a. Briefly explain each of th and deduction)

b. Corn laws: What did Rob repeal?

c. Is the a-theoretical approach a conservative approach?

d. What role does Mengarian subjectivity play in resolving a priori and a posteriori methodology? What was the legacy of the marginal school here?

e. Is a science of economics

3. Socialism

a. Different types of socialism (pick three) and describe them.

b. For the three evaluate according to the five criteria Brue gives in his text

c. Why did Mill argue that modern society demanded some forms of community identity as opposed to clans and families before? Describe his argument and evaluate it.

d. Marx argued that the Victorian economy was one where the commodity form was the main characteristic. Explain his theory. What was implied by this observation?

e. Mill argued that society would eventually reach a steady state. How is this described economically? What is the significance of this steady state for Mill? What is implied for how society should be structured in the steady state as opposed to during periods of growth?

4. Evaluate different concepts of value

a. Describe physiocratic and Smithian theories of value.

b. Is Menger's concept of value closer to Mill or Bentham?

c. What is Marx's concept of valorization? How is this related to what is valued?

d. Why is the source of value so important in understanding what economists do?

e. Do policymakers have to have an explanation of where value comes from in order to make effective policy?

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