Practice Final Exam questions for: History of Economic Thought (ECON 4010)

Practice Final Exam questions for: 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. For each of the following indicate at least one of their most noteworthy contributions to economics:

1. Francois Quesnay
2. Adam Smith
3. David Ricardo
4. Karl Marx
5. Antoine Augustin Cournot
6. Jules Dupuit
7. Alfred Mashall
8. Thorstein Veblen
9. John Kenneth Galbraith
10. John Maynard Keynes
11. John Hicks
12. Joseph Schumpeter
13. Vilfredo Pareto
14. Arthur Pigou
15. Ludwig von Mises
16. Kenneth Arrow
17. Milton Friedman
18. John Stuart Mill
19. Robert Fogel
20. Joan Robinson
21. Douglas North
22. Gary Becker
23. Joseph Schumpeter
24. Deirdre McCloskey
25. Rosa Luxemborg
26. Ronald Coase
27. George Stigler
28. Jeremy Bentham
29. William Stanley Jevons
30. Martin Feldstein

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

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 Edgeworths 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 published their 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 Friedmans views on what monetary policy can and cannot do.