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19 Cards in this Set

  • Front
  • Back

Smith: When does labor commanded and embodied do not coincide, and why? What does this imply?

Under capitalist system because exchange value of a good must be such as to allow the payment of profit and rent besides wage. implies that q labor good can pay for must be greater than q labor to produce it.

Smith: a competitive economy guarantee?

production of goods the consumers demand

the chosen production methods are the most efficient

the goods are sold at the lowest price

Smith: 5 factors that lead to variation in the wage structure?

Agreeableness of the occupation

Cost of acquiring the necessary skills/knowledge.

Regularity of employments.

Level of trust/responsibility.

Probability of success

Smith: view on government?

intrusion by government into the economy is undesirable.

governments are corrupt, inefficient, and the grantors of monopoly privileges to the detriment of the society as a whole.

Role for the state:

To protect society from foreign attack

To establish administration of justice

Smith: ways in which markets foster morality?

Moral capital due to competitive conditions.

Repeated commercial dealings foster trust

It increases bourgeois virtues:

Indolence is avoided.

Parsimony and frugality.

Mill’s On Liberty: about interfering in other’s actions?

self-protection is the only reason to interfere

Mill’s On Liberty: view of government?

having rulers as representative of people

Mill’s On Liberty: comprise of?

thought and feeling

Mill’s On Liberty: truth depend upon?

free expression of opinion.

Mill’s On Liberty: precondition of the emergence of vitality and individuality?

largest possible liberty of action.

Mill’s On Liberty:two conditions the society was allowed to impose on individuals?

must not injure interests of another,

undertake sacrifices incurred for defending society from injury

Mill’s On Liberty:main theme?


Mill’s On Liberty:leads to the highest good? What is the best way to help others?

Individual autonomy.

best way to help others is help them to be autonomous.

Ricardo: model can we predict relative prices from labor values alone?

Not unless time requirement for production are equal between commodities.

Marx: four processes of alienation?

man from product /

from work process.

from his species/

from man

Marx: two conditions (z(c )/z(k)) = p(c )/p(k). Show the conditions under which this equality holds.


l( c)/l( k)=k(c )/k(k )

: Find the multiplier and the autonomous spending.

Y= {[1/(s+bt+m-z)] (a-bT0+I0+G0+X0-M0)}

1/=mult rest is auto

SMith: In particular explain sympathy, impartial spectator and mutual sympathy and how these result in the development of the moral system in Smith’s The Theory of Moral Sentiments.

Sympathy: process in which spectator puts himself in actor’s situation through an imaginative process

impartial spectator: inner man, creation of real spectators

mutual sympathy: two people feeling for each other

interaction between agent/spectator creates morality

On what basis do feminist economists criticize neo-classical economics’ assumptions? List three criticisms and explain each of them.

Autonomy and self-interest

assumption denies human connectedness ex empathy


Experimental economics demonstrate that humans do not often behave rationally

Economics as the science of markets

Much is produced within ties of family (private)