Blog

Answer & Explanation:there are three questions . every week question please about one page.Week 2(10/4)Greece through The MercantilistsWe begin with the economic thought of the Greek philosophers, particularlyAristotle, who understood economic behavior to be a part of nature, but weresuspicious of the intentions of individuals who were not “trained” to behavewisely. Teachings of the Greek philosophers were merged with Christianteachings by the Scholastic doctors, who developed a commercial code intendedto promote economic justice. As nation-states emerged economic thought turnedto the means by which one state can gain economic advantage over itsneighbors.SPIEGEL: Chapters 1,2 (all) 3 (rhrough p55 and pp.60-65) 4 (Through p.81)MEDEMA and SAMUELS: Aristotle (Politics and Nichomachean Ethics) Thomas Acquinas (through page 25) Thomas MunQUESTIONS: 1) Describe the difference between Economics and Chermatistics (the art ofgetting money) in Aristotle’s Thought. Why was he suspicious of Chermatistics?)How does this compare with the thought of the Stoics? The Epicurians?2) How do Thomas Acquinas’ standards of fairness in buying and sellingcompare to modern assumptions of what must be satisfied in order forcompetitive markets to function?Week 3(10/11)SPIEGEL: Chapters 5 (all) 7 (John Locke)8 (From Cantillon to the end) 9 (Hume)QUESTIONS: 1) What is a “specie” (pre

cious metal coin) flow theory of trade as advocated byHume? How much of that did the Mercantilists understand? How did this impacttheir policies, specifically, how did they view property rights or the rights ofindividuals?2) How Did Locke differ from the other mercantilists?Week 4(10/11)Liberalism and the Classical EconomistsWith the Classical economists, economic behavior was again seen as a naturalprocess, this time as one that performs best when left alone. Belief that thegains of one must come at the expense of others gave way to the view thatnatural cooperation would enhance the wellbeing of all parties. While Smithrecognized that economic processes could be corrupted, Others proclaimed his“invisible hand” to be a doctrine of greed.SPIEGEL: Chapters 10, 11, 12, 14 (All)QUESTIONS: 1) What does Smith mean by “self interest”? Is this consistent with his previousargument that “sympathy” is the foundation of a moral society?2) In the first week I argued that there were three points made in the “Garden ofEden” story that were a metaphors for nature and humankind’s relationship to it.Does Smith’s “Invisible Hand” fit that model?3) Acording to Smith, What is the down side of the division of labor? How doeshe propose to fix it?4) What problems does Spiegel have with Say’s Law? Under what conditions isit valid and under what conditions might it not be?