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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. |
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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 |
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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 |
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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 |
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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. |
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Mill’s On Liberty: about interfering in other’s actions? |
self-protection is the only reason to interfere |
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Mill’s On Liberty: view of government? |
having rulers as representative of people |
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Mill’s On Liberty: comprise of? |
thought and feeling |
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Mill’s On Liberty: truth depend upon? |
free expression of opinion. |
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Mill’s On Liberty: precondition of the emergence of vitality and individuality? |
largest possible liberty of action. |
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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 |
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Mill’s On Liberty:main theme? |
Autonomy |
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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. |
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Ricardo: model can we predict relative prices from labor values alone? |
Not unless time requirement for production are equal between commodities. |
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Marx: four processes of alienation? |
man from product / from work process. from his species/ from man |
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Marx: two conditions (z(c )/z(k)) = p(c )/p(k). Show the conditions under which this equality holds. |
r=0 l( c)/l( k)=k(c )/k(k ) |
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: Find the multiplier and the autonomous spending. |
Y= {[1/(s+bt+m-z)] (a-bT0+I0+G0+X0-M0)} 1/=mult rest is auto |
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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 |
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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 Rationality Experimental economics demonstrate that humans do not often behave rationally Economics as the science of markets Much is produced within ties of family (private) |