Econ434Essay - Miscellaneous Essay Questions History of...

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Miscellaneous Essay Questions History of Economic Thought Essay Questions 1. Briefly describe the major fundamental shortcoming of theories of price determination in England prior to roughly 1870, and explain what caused this failure. 2. Briefly outline the major arguments of at most four different theories about the source of property rights. 3. Explain how Pareto optimality applies to (a) global [economy-wide] production and distribution, (b) allocation in consumption for the individual. (c) productive (technical) efficiency within and between production processes, and (c) distributive efficiency (allocation between consumers). 4. Briefly identify the basic motives economic theorists conventionally assume when attempting to explain human behavior. (I.e., describe homo economicus .) 5. Now differentiate this “economic” explanation of behavior from theories developed by two of the following groups of thinkers: (a) sociologists. (b) medieval scholastics. (c) cognitive psychologists. (d) evolutionary biologists. (e) cultural anthropologists. (f) behavioral psychologists. (g) sociobiologists. (h) eugenicists. 6. Provide an example that illustrates David Ricardo’s theory of comparative advantage, and identify more modern and comprehensive sources of potential gains from international trade. 7. Identify three major advances in economic theory in the middle of the nineteenth century that hinged on the application of calculus to economic problems. 8.
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This note was uploaded on 01/12/2010 for the course ECON 434 taught by Professor Byrns during the Spring '09 term at UNC.

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Econ434Essay - Miscellaneous Essay Questions History of...

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