3/29/ · Marx measured value in units of “simple average labor”. According to Marx, skilled work counts for multiple values of unskilled labour. The average labour time expended in a unit of production can be measured in money. According to Marx’s theory of exploitation, labour can create profit on its own History of Economic Thought is a subject which is has a critical account of development of all emerging economic ideas, seeking for their originsand, in most cases, trying to figure out their blogger.com history of economic thought is concerned with thinkers and theoriesin the fields of political economy as well as general economics from the far past ranging to the immediate present (Roll , p23).The broad Essay on diwali with introduction and conclusion in english, cause and effect essay vaping of thought economic essay History questions can you get a phd without writing a dissertation kf case study shallice and warrington! Essay on my laptop computer tiktok craze essay in english. Mark antony speech analysis essay, essay about elephant conservation
History of economic thought essay questions
by Irwin Collier 3 years ago. Source: Harvard University, Annual Reports of the President and Treasurer of History of economic thought essay questions College,p. It must always have been perfectly well known that population will probably though not necessarily increase with every augmentation of the supply of subsistence, history of economic thought essay questions, and may, history of economic thought essay questions, in some instances, inconveniently press upon or even for a certain time exceed the number properly corresponding to that supply.
Nor could it have ever been doubted that war, disease, poverty — the last two often the consequences of vice — are causes which keep population down. Again, it is surely plain enough that the apprehension by individuals of the evils of poverty, or a sense of duty to their possible offspring, may retard the increase of population, and has in all civilized communities operated to a certain extent in that way. Comment on the question, and answer it; and refer briefly to the history of the line of argument that draws an analogy between the value of labor and of commodities.
It represents the rate of wages as depending on the amount of capital which employers think proper to disburse as wages. The wages rate was regarded as the dividend, found by dividing the wages-fund by the number of labourers.
But though this division doubtless takes place, there is nothing in the theory to determine either the whole amount which is to be divided, or the proportional share which any particular labourer may obtain. Nobody can possibly suppose that workmen in different branches of production, history of economic thought essay questions, or in different ranks in the same branch, receive the same wages.
Nor can anybody imagine that the capitalist distributes his capital simply because it is capital, irrespective history of economic thought essay questions the produce which he expects from the labour bought. Later economists have generally rejected this doctrine; but even those of them who maintain that wages are paid out of capital, fall back on arguments which imply its truth.
For instance, Cairnes, who earnestly maintained that capital is divided into history of economic thought essay questions, rent, material, and wage-fund, argued that trades-unions could not increase the rate of wages because, if they did so, they would reduce profits below the rate which would make investment worth while.
On his own doctrine, history of economic thought essay questions wages could not trench on profits…. We shall see further on that wages and profits are not the leavings of each other, because they are not parts of the same whole.
If we suppose them to be East Indians, we shall have a certain annual product; if we suppose Russian peasants to be substituted for East Indians, we shall have twice or three times that product; if we suppose Englishmen to be substituted for Russians, we shall have the product again multiplied two or three fold.
By the wage-fund theory, the rate of wages would remain the same through these changes, inasmuch as the aggregate capital of the island would remain the same through these changes and the number of laborers in the market would be unchanged, the only difference being found in the substitution of more efficient for less efficient laborers. According to the view here advanced, on the contrary, the amount to be paid in wages should and would rise with the increased production due to the higher industrial quality of the laboring population.
It is only the immediate reservoir through which wages are paid out, until the purchasers of the commodities produced by that labor make good the advance and thereby encourage the undertaker to purchase additional labor.
Whom do you judge to be the writers of the extracts b and c? But economic facts are so closely connected with the whole of life, the element of personal freedom comes in so constantly, that a causal connection like that history of economic thought essay questions a law of nature cannot be shown. Ricardo often begins with facts, carefully and nicely observed in real life, and makes them the first premises of his reasoning. Then he uses a method of reasoning which is common in philosophy, but inadmissible in political economy.
By logical sequence of thought he leads the reader, who can see no flaw in the chain of conclusions, to a result which, notwithstanding the solidity of the premises and the steadfast reasoning, history of economic thought essay questions, is yet by no means unquestionable. For in the end we are not concerned with the elaboration of a truthful train of thought, but with a truth of real life; hence the test of truth lies in the connection of cause and effect that exists in real life; and as to that, with its manifold and varied possibilities, no human insight can make the true combinations in advance by abstract reasoning.
There may be an artistic truth, which yet, when compared with reality, history of economic thought essay questions, is not a truth.
Even if one sees no inconsistency with the facts of experience up to the very last step in the reasoning, yet that reasoning gets its final stamp of truth only from experience. Our thoughts on the facts of the world are often true only so long as we shape them according to those facts that we know; a new experience comes in to better this approximate truth, history of economic thought essay questions.
that there is a definite universal rate of profits and wages in a community; this last postulate implying 1 that the capital embarked in any undertaking will pass at once to another in which larger profits are for the time to be made; 2 that a laborer, whatever his ties and feelings, history of economic thought essay questions, family, habit, or other engagements, will transfer himself immediately to any place where, or employment in which, larger wages are to be earned; 3 that both capitalists and laborers have a perfect knowledge of the condition and prospects of industry throughout the country, both in their own and in other occupations.
Cairnes urges that capital deserts or avoids occupations which are known to be comparatively unremunerative; while if large profits are known to be realized in any investment there is a flow of capital toward it. Hence it is inferred that capital finds its level like water.
But surely the history of economic thought essay questions of capital from losing to highly profitable trades proves only a great inequality of profits. Taussig and Mr. Brooks [ see next posting for information about Brooks ].
Source: Harvard University Archives. Examination papers in economics of Professor F. Taussig HUC Exam Questions history of economic thought essay questions, Harvard Taussig. The answer to 4 in the Mid-Year exam seems INSANE today. html the quotation is in chapter 5 Googling gives lots of Encyclopedia Britannica, but they seem to be even later than Maybe Taussig had some kind manuscript and he shared it with his students? Also, are you really just supposed to give a name to answer the question?
Seems nuts. Before the quote, he asks the students to comment on the quote so he does ask more than just identify the author. of the Encyclopaedia Britannica. The Economics Rare Book Reading Room. Classic Economics. The Catalogue of Artifacts Amherst Berkeley Brown Chicago Columbia Cornell Harvard Indiana Johns Hopkins M. Michigan Minnesota Princeton Pennsylvania Stanford Vassar Wellesley Williams Wisconsin Yale.
close press enter after type. Economics in the Rear-View Mirror Archival Artifacts from the History of Economics. History of Economic Theory. Final exam questions, Taussig, by Irwin Collier 3 years ago, history of economic thought essay questions. Economic Theory; its history and present stage; —Lectures, preparation of papers, and discussion of selections from leading writers. POLITICAL ECONOMY 2. What should you say as to these statements? Say something as to the connection that may be traced between the personal history of Adam Smith and of Ricardo, and the characteristics of their writings.
Sketch the history of the doctrines as to the productiveness of different kinds of labor from the time of the Mercantile writers to that of J. Explain the conclusions which George draws as to wages from an analysis of the simplest stage of society, and those which Ricardo draws as to values from a similar analysis. State whether the reasoning in the two cases differs and if so, wherein; and give an opinion as to the soundness of the conclusions reached.
State carefully the wage-fund doctrine as expounded by Cairnes, and show wherein his exposition is an advance on the previous treatment of the subject. Give an opinion as to its value 1 in explaining differences between the returns of different managers, and 2 in eliminating such returns, like rent, from the problem of distribution.
Compare Carey and Bastiat, and say something as to the manner and extent of their influence on the course of economic speculation. Explain wherein the attitude of Wagner to economic study differs from that of Mill and Cairnes.
Yet a few pages after recognizing their title to investigation, Mr. They must either follow Mr. Does his reasoning lead to the alleged dilemma? Make a brief comparison between the general characteristics of the economic writings of Adam Smith and of J. Explain how Malthus illustrated and applied his general principles in his discussion of the movement of population in a Sweden and Norway, b Switzerland, c France during the Revolutionary wars.
Malthus thinks that a low money price of corn would not be favourable to the lower classes of society, because the real exchangeable value of labour, that is, its power of commanding the necessaries, conveniencies, and luxuries of life, would not be augmented, but diminished, by a low money price.
Some of his observations on this subject are certainly of great weight, history of economic thought essay questions he does not sufficiently allow for the effect of a better distribution of the national capital on the situation of the lower classes.
It would be beneficial to them, because the same capital would employ more hands; besides, the greater profits would lead to more accumulation; and thus a stimulus would be given to population by really high wages, which could not fail for a long time to ameliorate the condition of the laboring classes.
He puts the case of a capitalist who, history of economic thought essay questions, taking advantage of the necessities of his workmen, effects a reduction of wages and succeeds in withdrawing so much, say £, from the Wages-Fund; and asks how is the sum thus withdrawn to be restored to the fund? On Mr. Longe is easy on his own principles; and I am disposed to flatter myself that the reader who has gone with me in the foregoing discussion will not have much difficulty in replying to it on my own.
Would the explanation which the Wages-Fund theory gives of the causes regulating the rate of wages apply to a society in which a system of profit-sharing had been universally adopted? On his own doctrine, increased wages could not trench on profits. He should have argued that wages, if increased by a trades-union, could only be increased at the expense of raw material and fixed capital, which would be far more difficult than to increase them at the expense of profits. Indeed, if the trades-union movement did not history of economic thought essay questions with a new distribution of capital into its three parts a new distribution which would produce a rise in wagesthe trades-union could not possibly force an advance at the expense of raw materials or fixed capital, history of economic thought essay questions.
Sumner, Collected Essays. Those receipts came in day by day, yet the railroad company habitually pays its employees at the close of the week or at the close of the month. Here we have a very large class of services where the employer receives the price of his product before he pays for the labor concerned in its production.
The railroads of the United States also receive annually for freights five hundred and fifty millions. The greater portion of this amount is collected before the track hands and the station hands have received the remuneration for their share of the service. To descend to the other end of the scale of dignity, hotel keepers and, in less degrees, boarding-house keepers collect their bills before they pay their cooks, chambermaids, and scullions.
Nearly all receipts of theatre, opera, and concert companies are obtained day by day, although their staffs and troupes are borne on monthly or weekly pay-rolls. Walker, in the Journal of EconomicsApril, history of economic thought essay questions, Are these facts inconsistent with the proposition that wages are paid out of capital?
What should you say to the doctrine that the real source of wages is in the incomes of the consumers of the articles made by the laborers? In the first kind, the question proposed is, what effect will follow from a given cause, a certain general condition of social circumstances being presupposed, history of economic thought essay questions.
As, for example, what would be the effect of abolishing or repealing corn laws in the present conditions of society or civilization in any European country, or under any other given supposition with regard to the circumstances of society in general; without reference to the changes which might take place, or which may be already in progress, in those circumstances.
But there is also a second inquiry, namely, what are the laws which determine those general circumstances themselves. In this last the question is, not what will be the effect of a given cause in a certain history of economic thought essay questions of society, but what are the causes which produce, history of economic thought essay questions, and the phenomena which characterize, states of society generally.
What reasons are there for saying that different methods should be applied to these two kinds of inquiry? and what are the differences in method? Suppose production coöperation were universally adopted; wherein would the organization of society differ from that which socialism proposes?
Examination of selections from leading writers. Under what conditions did Adam Smith believe that wages could long remain high?
What reasoning led him to this conclusion?
Economic Schools of Thought: Crash Course Economics #14
, time: 10:05History of Economic Thought: [Essay Example], words GradesFixer
4/20/ · Question. 8 answers. Oct 17, The Lester-Machlup Debate started with Richard Lester () paper "Shortcomings of Marginal Analysis for Wage The history of Economic Thought Essay It’s a Historical Economic Thought essay. You form a question, and together with the question word count should be The topic is, dominantly, Labor theory of value. Below, you see the papers and their page range. The history of Economic Thought Essay 4/9/ · The History of Economic Thought Essay Jeremy Bentham is one of the most influential philosophers of the 18th and the early 19 th centuries, he propounded many significant insights that sought to determine t role of the state in economics and among key among them was utilitarianism
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