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Test File
By: Sebastian

Development of Economic Thought

Development of Economic Thought

Answer these questions from the four books and documents. I will upload some documents you might fine the answer quicker in them
the books are:
1.Capitalism, socialism and democracy by Joseph A. Schumpeter (pages 63-71) (third edition; chapter v).
2. The Wealth and Poverty of Nations (why some are so rich and some so poor) by David S. Landes (pages 186-212) (chapter 13-14)
3. The Marx-Engels reader. edited by Robert C. Tucker (pages 469-501) (second edition).
4. An Economic history of the american steel industry by Robert P. Rogers. (pages 14-15, 30-31, 48-51, and 64-65).


* This questions will definitely be on the test.

** At least, one of these three questions will definitely be on the test.

1.    How does Marx-Engels characterize all previous history?  Explain the reasoning behind your answers.

2.    What do Marx and Engels say about the conflict between the bourgeoisie and the working class?  Explain your answer.

3.    What actions described by Rogers are consistent with Marx and Engels’s view of capitalists?  Explain your answer.

4.    What does Marx say about the family and what evidence is there of his predictions in modern America?  Explain your answer.

5.    According to Jones, how did the political situation in Europe favor economic growth?  Explain the reasoning behind your answers.

6.    In what two ways were the governments of Europe more conducive to economic growth than those of other parts of the world? Explain your answer.

7.    Explain the problem that Taylor is trying to solve in his paper and how does he think capitalist economies solve it.  Explain your answer.

8.    How does Taylor think a capitalist economy determines the income distribution?  Explain your answer.

9.    What are the first things that a socialist economy has to do? Explain your answer.

10.    In Taylor’s socialist state how is the income distributiondetermined?  Explain your answer.

11.    How does the citizen in Taylor’s state determine what to buy?  Explain your answer.

12.    Describe the process by which Taylor’shypothetical state determines the price of inputs?  Explain your answer.

13.    Explain the meaning of “extraeconomic” as used by Mises.  Explain, then, how extraeconomic goods can affect decision making by an economic actor?

14.    In Mises, why is it not possible to base the compensation of a worker on merely the time he works?Explain your answer.

15.    What are the limits of monetary calculations according to Mises?  Explain your answer.

16.    Why do socialists argue that the incentives of managers will not change when they move from privately-owned corporations to state owned enterprises, and how

does Mises reply to the socialist arguments on the change in ownership in from private hands to the state?  Explain your answer.

17.    According to Mises, why is it not possible to base the compensation of a worker on merely the time he works? Explain your answer.

18.    According to Mises, what the two conditions allow the calculation of value in terms of money?  Explain your answer.

These are the terms that could be on the test.Thequestion will be as follows:  “Identify (or define) and discuss the significance to economics and the socialist

calculation debate of X of the following:

Intensive Growth                    Extensive Growth
Smithian Growth                    Promethean Growth
Steam Engine in the Industrial Revolution        Coal in the Industrial Revolution
Iron in the Industrial Revolution            Karl Marx
Taylor, F. M.                         Enrico Barone
Ludwig Von Mises                    Leon Walras
Joan Robinson                    Edward Chamberlin
Joseph Schumpeter                    Ronald Coase

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