Questions for Review without Answers
Chapter 5. History of Economic Thought I. Classical Economics
I. Basics
1) Explain what classical economics is and name the leading classicists.
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II. Preliminary Remarks on the Zeitgeist
2) Classical economics was one of the revolutions that ushered in the Modern Era. Please list the other ones.
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3) What were the major changes that the revolutions at the beginning of the Modern Era brought about?
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4) Name some of the hallmarks of modern thinking which resulted from these revolutions.
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III. Adam Smith
5) Which causes of the wealth of nations did Smith identify?
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6) Smith's Wealth of Nations is the most important book that has ever been written in economics. Can you explain why?
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IV. A. Robert Jacques Turgot
7) Explain Turgot's law and its historical and present impact on economics.
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V. Joseph Townsend
8) Which demographic facts in Third World countries and in highly advanced countries have proved Townsend's theory on overpopulation wrong?
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VI. Jeremy Bentham
9) What are the major theories of utilitarianism?
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10) Utilitarianism exerted enormous influence on economics. Which economic theories go back to utilitarianism?
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VII. Thomas R. Malthus
11) What did Malthus's population law postulate? Why has it proved wrong?
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VIII. Jean Baptiste Say
12) Quote and explain Say's law and describe how Keynes refuted it.
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IX. David Ricardo
13) What were Ricardo's major contributions to economics?
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X. John Stuart Mill
14) In what way did Mill wish to redistribute wealth?
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15) What solution did he propose to cure the schism between employers and employees?
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16) Mill was, together with Bentham, the founder of utilitarianism. What were his ideas about the pursuit of happiness?
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