Assignment:
1. Explain Karl Marx's labor theory of value. Be sure to comment on the distinction he makes between labor and labor power. Also, comment on the relationship between the rate of profit, the organic composition of capital, and the rate of surplus value. Elaborate.
2. What did Leon Walras mean when he argued that market systems tend to move toward a general equilibrium? What are the properties of a general equilibrium? In what sense is his conception of an equilibrium timeless? Is his theory of a general equilibrium compatible with the Classical idea that market prices converge toward their natural levels? Elaborate.