econ103hw2

econ103hw2 - Econ 103 Homework 2 Delavan Due Friday...

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Econ 103 Homework 2 Delavan Due Friday September 12, 2008 1. (20) Smith argued that unregulated (laissez-faire) capitalism would lead to substantial increases in income for all . Explain exactly how this was supposed to come about. 2. (20) Smith also believed that laissez-faire capitalism would be self-regulating via the invisible hand. Explain what he means by this, and evaluate his argument. 3. (20) In the film “Greed,” John Stossel constructs various arguments about how the global economy works. What elements of Stossel’s ideas are consistent with Adam Smith? Where does Stossel depart from Smith? 4. (20) Marx argued that alienation and class conflict were an inevitable part of capitalism. This seemed to be true in the mid-1800s when Marx was writing. Is it still as true today? Why or why not? Explain, and support your answer. 5. (20) Define what Veblen means by conspicuous consumption . Make a list of at least 4 items that Bucknell students seem to purchase more for the purposes of conspicuous consumption than for the usefulness of the item. Briefly explain why you chose these particular items.
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econ103hw2 - Econ 103 Homework 2 Delavan Due Friday...

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