New Ideas from Dead Economists
Please complete 5 questions from each chapter. Please answer with short answers.
Chapter 1:
1) Why is there a strong link between economics and the real world of the “political economy”?
2) Why is economics more difficult than “hard” physical science?
3) Why should we study the history of economics? How does the history of economic performances tell us information about today’s economy?
4) What recommendations are given in the section “the genesis of economics”?
5) Why we shouldn’t the economist be ignored?
6) Explain the economic contributions of the Bible, Aristotle, Middle Ages, and Mercantilists.
7) What is the language of economics?
8) What were the 3 grand professions of the middle ages?
9) Why is economics considered a dismal science?
Chapter 2:
1) Who was the Shining Figure in the Enlightenment? What is he famous for?
2) What were Professor Francis Hutcheson’s “false and dangerous” doctrines?
3) What was the answer Adam Smith suggested? How was it different from the other economists?
4) What is the meaning of “super-ego”?
5) What are the two main ideas of the Physiocrats’ theory of economics?
6) Explain the definition of “Tableau Economique”?
Chapter 3:
1) Why did Malthus think about the “party pooper”?
2) What were the two sides of population checks that Malthus created?
3) How would erasing the poor relief from the public be a “palliative”?
4) What innovation influenced the leap in population growth at the beginning of the 18th century in France?
5) What are the four stages of the “demographic transition”?
6) What does “PIPO” stand for?
7) What is the difference between an internal and external effect?
8) What key assumption that violated a central tenet of economics?
Chapter 4:
1) What were the two futures of Britain Ricardo saw in the chapter?
2) What is the point of Ricardo’s analysis?
3) In your opinion, which one is better from the economy’s side? Should we export the best goods to other countries, or should we export the better goods to other countries, and keep the best for our citizens?
4) Give an example for the following statement: “The free market is not a pain-free market. The invisible hand does not protect us the way a mother protects her child.”
5) What is the difference between economic rent and the simple rent tenants pay landlords?
6) What is meaning of “general gluts”?
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