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. For each of the following indicate at least one of their most noteworthy contributions to economics:
3. What common ideas lead to grouping different economic thinkers as socialists and why might you group them into smaller subgroups?
4. Compare and contrast Mercantalism with Classical Economics.
5. "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.
6. What are Edgeworth’s most noteworthy contributions to Economic Thought?
7. How do Adam Smith's ideas relate to efficiency wages?
8. Who is credited with the law of comparative advantage, why is it important, and did they make any other important contributions to economic thought?
9. Compare Ricardo's labor theory of value with Marx's labor theory of value.
10. Brue refers to "the Austrian triumvirate", who does he mean and what are their major contributions to economic thought?
11. What is meant by welfare economics and what are some of the key contributions of this area of thought?
12. Describe Mathematical Economics.
13. How did Hansen and Hicks change Keynesian economics?
14. What is meant by the "Chicago School"?
15. How is Institutionalism related to German Historicism?
16. Under the Neoclassical School, both Edward Chamberlin and Joan Robinson
different ideas on the economics of imperfect competition. Please describe their different and similar
ideas regarding imperfect competition.
17. Discuss the contributions of one of the first prominent American economists to economic thought.
18. How does Milton Friedman feel about the welfare system? Discuss thoroughly.
19. Discuss Milton Friedman’s views on what monetary policy can and cannot do.