Old Test Questions ECO 3303 History of Economic Ideas Randall Holcombe Spring 2008 1. (10 points) Mandeville argued that morality and economics are different areas of inquiry, but how did he link together morality and prosperity? 2. (10 points) What was the main argument underlying Adam Smith’s Theory of Moral Sentiments? 3. (30 points) Over the past three centuries, economics has been preoccupied by a different main issue in each century. Briefly review the issues that dominated economics in each century, explain how the issues arose, and why the profession moved on to new issues. 4. (15 points) Discuss the views of the mercantilists related to raw materials. How did raw materials, both produced domestically and abroad, fit into their system? 5. (15 points) Who were the physiocrats? What were their main ideas, and how do the policy ideas of the physiocrats compare to those of the mercantilists? 6. (10 points) What were the main contributions to economics of Sir William Petty? 6a. (10 points) What were the main contributions to economics of Richard Cantillon? 7. (10 points) Discuss the main contributions to economics of Thorstein Veblen. 8. (10 points) Discuss the main contributions to economics of David Hume. 9. (10 points) Discuss the main contributions of John Stuart Mill to economics. Which economists had the greatest influence on his work? How influential was Mill, both in his own day, and on those economists who followed him? 10. (10 points) What were the main contributions of Jeremy Bentham to economics? How did Bentham’s work influence the development of economic ideas? 10a. (5 points) What were the main contributions of Jeremy Bentham to economics? 11. (10 points) How does Adam Smith argue that college teachers should be compensated? Briefly explain the logic behind his argument. 12. (20 points) Heilbroner argues that land, labor, and capital, as marketable factors of production, have only existed for a few hundred years. Explain his reasoning, and discuss the degree to which his reasoning seems valid. 13. (10 points) Ludwig von Mises argued that “Economics is the youngest of the sciences.” What was his argument? Does this argument appear true, or is it just an exaggerated claim of an economist?
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