Instructions to students: All questions are compulsory.
Dictionaries are not allowed.
TASK: EC3023 History of Economics Assignment
Explain and evaluate the role of capital accumulation in the thought of Adam Smith.
Critically appraise Ricardo’s analysis of rent.
State the ‘transformation problem’ faced by classical economists and appraise Marx’s solution.
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a)Critically discuss Marshall’s notion of ‘quasi-rent’.
b)Explain carefully Marshall’s distinction between stable and unstable equilibrium, illustrating both diagrammatically, and distinguishing Marshallian-unstable from Walrasian-unstable equilibria.
Question 5: EC3023 History of Economics Assignment-City, University of London
“To go beyond the simple statement that everything depends on everything else, it was essential to specify the relationships between the various sectors in greater detail. Walras’s genius enabled him to lay the groundwork for this through the use of mathematics” (Landreth & Colander, 2002). How successful was he? Justify your answer.
“Neoclassical economics transformed itself so radically in the 1940s and 1950s that someone ought to invent and entirely new label for post-war orthodox economics” Blaug (1999). Do you agree? Justify your answer.
“Although the single most important aspect of Keynes the economist was his policy orientation, his most important work, The General Theory, … is essentially a theoretical book” (Landreth & Colander, 2002). Do you agree? Justify your answer. How then is the contradiction to be resolved?