Choose 4 of the following 6 questions to answer. I want to return to the readings relevant for each question and display your understanding of the concepts below. Copy each question and bold the font into a word document for clarity. All information required to answer the following questions is contained in the readings. The paper will require both positive and normative elements in the responses as I would like to know your perspectives on these writers.
- Each answer should merit at minimum of .75 pages in length
- 3-5 pages in length in Total
- Double spaced Times New Roman
- MLA format (1” margins)
1. What was the role of the division of labor and specialization in Smith’s The Wealth of Nations? What fear did Smith hold in regard to the division of labor? What role did the government have in correcting this and, more broadly speaking, in the rest of society?
2. What is the idea of alienation as articulated by Marx? How does it manifest and what harm comes from it? Describe how the pandemic has increased or decreased the degree of alienation using one or more of the four types of alienation covered in the reading.
3. What is utilitarianism and what is its influence on economics (including contemporary economics)? What are the principles laid down by Jeremy Bentham? Describe your thoughts on the influence of utilitarianism on economics. Do you feel economics relies too heavily on the philosophical tradition or not? Explain your reasoning why?
4. In what ways is the “marginalist revolution” a “revolution?” How did it break from earlier clas- sical political economy? Choose one of the main figures (Walras, Jevons, or Marshall) and describe their role in the change.
5. Define Conspicuous Consumption as defined by Veblen and illustrate a contemporary example of this concept. How does it help to reinforce the standing of the leisure class? Veblen describes the concept in a pejorative manner. Conclude by stating whether you feel Conspicuous Consumption is inherently harmful and if it is not then provide any potential benefits that may come of it.
6. In Veblens discussion of the Industrial Exemption and Conservatism he states : ‘The leisure class is in great measure sheltered from the stress of those economic exigencies which prevail in any modern, highly organized industrial community. The exigencies of the struggle for the means of life are less exacting for this class than for any other; and as a consequence of this privileged position we should expect to find it one of the least responsive of the classes of society to the demands which the situation makes for a further growth of institutions and a readjustment to an altered industrial situation. The leisure class is the conservative class.” Utilize this reading to illustrate how Veblen views the leisure class’ response to innovation and progress. Following this, describe your interpretation of Veblen’s intuition in light of the current definition of ‘conservatism”. Do you feel his analysis to be too narrow or do you feel this to be an accurate description of the current state of affairs.
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