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Essay Instructions: The answer to each part of a question must be clearly identified by the numbers(Q1, Q2, etc) and letters ((a), (b), (c), etc).
I expect you to make good use of "The New Palgrave Dictionary of Economics" and other sources too

1. (a) Discuss the following two quotations. With which, if either, do you agree?

Up to a certain point it is possible to compare the influence of economic theories on society to that of grammarians on language. Languages are formed without the common consent of grammarians, and are corrupted in spite of them; but their works throw light on the laws of the formation and decadence of languages. ? [Augustin Cournot, 1838]

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. ? [John Maynard Keynes, 1936]

(b) Consider James M. Buchanan’s public-choice theory of politics (see chapter XI of New Ideas from Dead Economists by Todd Buchholz). Are Buchanan’s views, on the factors that influence the decisions of politicians, closer to Cournot’s or to Keynes’s? Explain.
(Explain what Cournot is saying. Explain what Keynes is saying. Explain what Buchanan's views are on related matters and compare and contrast Buchanan's views with the two quotes.)

2. (a) Did Thorstein Veblen have a favorable view of neoclassical economic theories, which were based on the assumption that people are rational? Explain.
(b) Consider the articles on behavioral economics at http://myweb.liu.edu/~uroy/eco54/histlist/behav-econ/index.html. Summarize the main thrust of some of these articles. Based on these articles, what’s your opinion of behavioral economics? Do you think behavioral economics represents a return of Veblen’s ideas?

3. (a) To what extent has economics benefited from the application of mathematical methods in the analysis of economic issues?
(b) Comment on Paul Krugman's article "Two Cheers for Formalism" which is available at his web page http://web.mit.edu/krugman/www/. (c) You may also wish to comment on the debate on related issues, under the title "Who's the Real Economist?", between Paul Krugman and James "Son of John Kenneth" Galbraith in Slate (http://slate.msn.com), the online magazine. (I have posted a copy of the debate at http://myweb.liu.edu/~uroy/eco54/histlist/KrugGalb.html.)

4. James Buchanan used economic principles to analyze the political actions of individuals, and the collective implications of those actions. Gary Becker used economic principles to study discrimination, marriage, fertility, divorce, crime, etc.
(a) Do you think it makes sense to use economic principles to analyze political and sociological matters? Explain.
(b) How successful has this attempt to broaden the applicability of economics been?
(Chapter XI of New Ideas from Dead Economists by Buchholz and the entry on Public Choice in the New Palgrave Dictionary of Economics have useful discussions on Buchanan’s ideas. There are several books by Becker in the library. You may also wish to comment on the debate between two political scientists on the use of economic reasoning in political science that was published in the New York Times on April 26, 2000 under the title Political Scientists Debate Theory of `Rational Choice'. This article is available at http://myweb.liu.edu/~uroy/eco54/histlist/pol-sci-rational.htm.

Essay Instructions: 1. Explain in detail why economists do not measure things in dollar cost but in opportunity costs. Give an example from your community or outside your community of a dispute over the opportunity cost of the use of resources.



2. Explain in detail and give examples of HOW the market economy answers the following 3 basic questions that every economic system must answer:



a. What goods are going to be produced?

b. How will the economy make sure goods are produced efficiently?

c. How will the economy decide who gets the goods and how much?



3. Explain in detail why competition is the regulatory mechanism in a market economy. Give an example of this concept.





4. Fully explain what is meant by the concept of transfer payments and how the government uses transfer payments to redistribute income in society. Give a concrete example of how the government is doing this.



5. Based on your experiences and/or what is happening in the news today,

fully explain why you think your respective government is or is not doing a

good job correcting for spillover costs and/or benefits. Give examples of

this that are very explicit.



Be sure you ANSWER ALL these questions and ALL the PARTS of the questions in as much DETAIL as possible with as many EXAMPLES as possible to show your IN DEPTH UNDERSTANDING of these concepts.

THIS IS NOT A ESSAY/PAPER JUST ANSWERES TO QUESTIONS ABOVE

Essay Instructions: write an essay on the following economists ideas on value theory. the first four economists are required ( MARX, MENGER, SAY, SMITH and any one of the following to make five: bohm-bawerk, condillac, gossen, fevons, ricado, wicksell, and wieser.)

the first four economist are required plus an extra one from the following in lower case letters.

Essay Instructions: Final Paper

Complete a 5-6 page final paper that completely answers the following:

Economists generally agree that high budget deficits today will reduce the growth rate of the economy in the future. Why? Do the reasons for the high budget deficit matter? In other words, does it matter whether the deficit is caused by lower taxes, increased defense spending, more job-training programs, and so on? In your analysis, what role do fiscal and monetary policies have to lead to higher or lower budget deficits? How do budget deficits affect overall long-term economic growth and the debt that the U.S. has to contend with?

Final Paper: These are the criteria for the paper.

Must be 5 to 6 double-spaced pages in length and formatted according to APA style as outlined in your approved style guide.
Must have a cover page that includes:
Title of paper
Student?s name
Course name and number
Instructor?s name
Date submitted
Must include an introductory paragraph with a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must conclude with a restatement of the thesis and a conclusion paragraph.
Must use at least four scholarly resources.
Must use APA style as outlined in your approved style guide to document all sources.
Must include, on the final page, a Reference List that is completed according to APA style as outlined in your approved style guide.


Please utilize only these sources:
1.Case, K.E., Fair, R.C., and Oster, S.E. (2009). Principles of Macroeconomics. (9th ed). Upper Saddle River, New Jersey: Pearson Prentice Hall.
2. Bureau of Labor Statistics. Retrieved from http://bls.gov/
3. June 17th 2010 CNBC Stock Market Squawk Box - Jobless Claims & Consumer Price Index [video]. Retrieved from http://stockmarketlive.org/june-17th-2010-cnbc-stock-market-squawk-box-jobless-claims-consumer-price-index
4. Schuster, H. (Producer). (2009, June 7). The Chairman Part 1 [video]. Retrieved from http://www.cbsnews.com/video/watch/?id=5069647n&tag=related;photovideo
5. Schuster, H., & Peterson, R. (Producers). (2009, June 7). The Chairman Part 2 [video]. Retrieved from http://www.cbsnews.com/video/watch/?id=5069653n&tag=related;photovideo
6.Understanding the WTO: Settling Disputes. World Trade Organization. Retrieved from http://www.wto.org/english/thewto_e/whatis_e/tif_e/disp1_e.htm.

Grading is based on:
Content Criteria-
The paper discusses the significance of the causes of the high budget deficit.
8 points
The paper identifies the role of fiscal and monetary polices in higher or lower budget deficits.
8 points
The paper discusses how budget deficits affect overall long-term economic growth and debt.
8 POINTS

Writing Skills:
The paper includes a clearly identifiable thesis statement that indicates the topic of the essay. 1POINT
Ideas are expressed in complete sentences. 1POINT
Paragraph and sentence transitions are present, logical and maintain the flow throughout the paper. 1POINT

Research Criteria
Must use at least four scholarly external resources to support your analysis and recommendations. 1POINT

Style Criteria:
Must be five to six double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide.
1POINT
Must include, on the final page, a Reference Page that is completed according to APA style as
outlined in the approved APA style guide. .5POINTS

Thank you!