Question

Discuss Adam Smith’s several theories of value.

Explain Adam Smith’s analysis of the role of supply and demand in relation to the determination of short run and natural price.

Why does Adam Smith reject the labor theory of value?

What are the primary causes and factors in Smith’s view of the process of economic growth?

Discuss Adam Smith’s several theories of wages.

Why does Ricardo abandon the pure labor theory of value – and to what extent does he abandon it?

Compare and contrast the views of Adam Smith and David Ricardo on the causes of the stationary state and on the basis for trade between countries.

How was Ricardo’s position on the Corn Laws related to his theory of distribution?

According to Ricardo what was the long run trend of the shares of national income received by the laboring classes, landlords and capitalists? Be sure to explain the causes of this trend.

In what respect might Adam Smith be labeled an advocate of laissez faire? On what basis might this label be disputed?

Explain Malthus’ theory of population including discussion of the various checks to population growth. Explain how his population theory was related to his positions on the Poor Laws.

Malthus was both an important contributor to the classical school as well as an important critic of classical economics. Explain why.

Be able to identify each of the following concepts with Smith, Ricardo or Malthus.

ID the following in regards to factions of economics

Productive and unproductive labor

invisible hand, preventive checks

moral restraint

rent as the indestructible powers of the soil

impartial spectator, unproductive consumption

comparative advantage, absolute advantage

Francis Hutcheson

Essay on the Low Price of Corn on the Profits of Stock

non-reproducible goods

Godwin and Condorcet

canons of taxation, differential rent

vent for surplus

natural price

pin factory

durability of capital

machinery question

arithmetic and geometric ratios

The Theory of Moral Sentiments