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SectionLecture2 - Econ 100A Worksheet#2 What is Economics...

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Econ 100A - Worksheet #2 What is Economics? Warning : This worksheet is not philosophy-free and can therefore be health-damaging. The second text in particular might give you a headache. Don’t worry however: the text analysis here are not representative of the kind of exercises you will have to deal with in subsequent worksheets and PS. What is Value? Exercise 1 Answer the following questions about Ricardo’s text. 1) In case you don’t know, find out who Ricardo was. 2) General analysis of the text. a) What is the main problem addressed in this text? b) What solution(s) does it offer to it? c) Outline the argumentation used in the text. 3) More detailed analysis. a) Spot the statement of the Paradox of Value in the text. What conclusion does Ricardo draw from it? b) Summarize the distinction between scarcity and labor as sources of value and how Ricardo justifies it. Do you find this convincing? c) According to Ricardo, what is the object of economics (of political economy as he puts it). What does this exclude? Do you think this definition covers everything you would like to consider economically relevant issues?
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