Assignment: History- Economic Thought
1. In Smith's view, what are the differences between capital, profit, and rent?
2. What is the difference between Smith's "Wage Fund" and the way you were told that wages were determined in Econ 201
3. Explain Malthus' Population Doctrine. How does he "prove" that no matter how hard we work, population will always outweigh Earth's productive resources. Why have Malthus' predictions not happened yet?
4. Describe Ricardo's Labor Theory of Value (LTV). How is he able to describe all costs of production in terms of labor? How does his "Iron Law of Wages" allow him to state the value of a day's labor in terms of food?
5. if the value of all goods produced come from the labor used to make them, where does profit come from?
6. Describe Ricardo's theory of rent. Does Ricardo regard the rent a farmer must pay for his land as contributing to the value of his crops
Format your assignment according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.