History of economic theory

  1. How different are the approaches of Adam Smith and David Ricardo to the labor theory of value?
  2. Are the ideas of Smith and Ricardo on the theory of value still current today? Why or why not?
  3. What was the main contribution of John Bates Clark to the theory of distribution compared to David Ricardo?
  4. Do you think that Clark’s theory justifies the actual distribution of incomes in modern societies?
  5. What were the main elements of Friedman’s monetarism?
  6. Would you recommend a Keynesian or a monetarist/supply-sider approach to economic policy today? What’s the main reason?

Sample Solution