Practice Midterm Exam questions Fall 1997
History of Economic Thought (ECON 4010)
with Elaine Peterson

Use separate sheets as needed to answer each of the following questions. Please be sure to indicate on each sheet which question you are answering. When you are done put your name on your set of answers and staple them together. Feel free to use examples to support your ideas.

1. "Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill shared in common essentially one dynamic model of equilibrium, growth, and distribution."
(Samuelson, JEL, Dec. 1978)

 Yet each made unique contributions to that model. What are each author's major contributions to the classical model?

2. Discuss Karl Marx's theory of value and it's relevance to his ideas on the evolution of economic systems.

3. Marginalist thought started in 1850. Agree or disagree and defend your answer.

4. Compare and contrast Mercantalism with Physiocracy.

5. What common ideas lead to grouping different economic thinkers as socialists and why might you group them into smaller subgroups?

6. Discuss the centralization of capital according to Karl Marx.

7. Compare and contrast Mercantalism with Classical Economics.

8. "Do pearls have value because people dive for them, or do people dive for pearls because pearls have value?" (Brue, The Evolution of Economic Thought, 1994)

Compare how 2 classical thinkers might respond to how 2 marginalist thinkers might respond.

9. Compare the contributions of Dupuit, Jevons, and Marshall.

10. Please describe Smith, Ricardo, and John S. Mill’s views on international trade.

11. How do Adam Smith's ideas relate to efficiency wages?

12. Who is credited with the law of comparative advantage, why is it important, and did they make any other important contributions to economic thought?

13. Compare Ricardo's labor theory of value with Marx's labor theory of value.

14. Brue refers to "the Austrian triumvirate", who does he mean and what are their major contributions to economic thought?

15. What are Edgeworth’s most noteworthy contributions to Economic Thought?

16. Briefly discuss Alfred Marshall’s ideas regarding demand and supply.