February 4, 2010
Adam Smiths theory of Division of labor is about how division of labor increases the
output. This theory also specializes the cooperative labor in specific, limited the roles and t
Essay assignment 2
March 6, 2010
3. What were Veblens criticisms of Marshalls economic assumptions? What
concerns are addressed by Galbraith? Describe some ideas of New
Institutionalists. What is the main difference between the New
P ric e - p e r s h o e
D e m a n d fo r S h o e s
History of Economic Thought
Many people working in factories.
Grew up materially well off and married into
a wealthy family.
Influenced by Hegel (German philosphe
Review For Final questions for EC 200 Chapter 10-14 and 17
1. Alternating periods of growth and contraction in Real GDP is defined as Business cycle.
2. Which of the following is the characteristic of a downturn in the business cycle? Higher
Summaries of videos and my opinion
March 2, 2010
Summary of Video Paul Krugman Talks Stimulus On MSNBC part 1
Main points: Depressions
1. People arguing whether the stimulus plan will work or not.
2. When Japan decided to use the st
March 7, 2010
Questions for inside the Meltdown on PBS Frontline
What happened to make the firm Bear Stearns go out of business?
What are credit default swaps? What role did they play in the meltdown?
What is the Federal Re
( 1842 1924)
Founder of Neoclassical Economics.
Prices Determined by Supply & Demand.
Marginalism & Utility Theory.
Short vs. Long Run in Production
University College at Bristol
Back to Cambridge
History of Thought
Criticized Neoclassical economics for
unreasonable assumptions about human
Thorstein Veblen (1857 1929)
John Kenneth Galbraith (1908 2006)
Applied tools of neo
EC 200 - Final Exam Topics:
1. Definition of the business cycle
Alternating periods of economic growth and contraction.
2. How to calculate the unemployment rate
Unemployment rate =
3. Types of unemployment
Seasonal unemployment: workers from