Q 1. What is the Iron Law of Wages? [In other words, what is the early Malthusian theory of wage determination.] What is wrong with it? How did economic theorists handle the problems that the Iron Law raised? 2. Suppose someone portrayed Adam Smith as the economist who carried the torch for "laissez faire, laissez passer." [In other words, suppose someone portrayed Smith as a passionate reformer who believed the market solves each and every economic and social problem.] Is this a fair and balanced portrayal of Smith"s viewpoint?