history of economic
r
Order Description
Answer all of the following questions in approximately 4-5 sentences. You should aim to be clear, complete and concise in your answers. Please type your answers.
1. Describe Hayek’s theory of the business cycle.
2. Describe Schumpeter’s theory of the business cycle.
3. Explain how Schumpeter combines a theory of the business cycle with a theory of long term growth.
4. Why does Schumpeter believe that capitalism with be replaced with socialism?What is the form of socialism Schumpeter envisages?
5. Compare and contrast Keynes, Hayek and Schumpeter on what the causes and policy prescriptions are for recessions/depressions.
6. Compare Smith, Malthus/Ricardo, Mill, Marx, Keynes, Hayek and Schumpter on the trajectory of the capitalist system over time.
7. What is Douglass North’s definition of institutions and organizations.
8. What is the process of institutional change?
9. How does human learning play into the process of institutional change and
economic progress.
10. Compare the three views of capitalism (1) it is stable and best left alone, (2) it is unstable and will collapse and (3) it is unstable but can be managed. How do different political economists
fit into these three views?