Econ 12 – Assignments Nos. 2 and 3

Read Chapters 5 and 6 of Backhouse. Answer briefly the following questions (using also other material you can find from the references in the Syllabus).

Answers to questions 1-6 are due January 6.

1.What did Cantillon think about the problem of population? (2 pts.)

2.Turgot contributed to the modern economics definition of what constitutes wealth. What did he say? Re-state his thought in your own words. (2 pts.)

3.Quesnay, among the Physiocrats, argued that agriculture was fundamental. Was he right or wrong? Explain. (5 pts.)

4.Discuss how Quesnay and Turgot influenced Adam Smith. (4 pts.)

5.Summarize, in your own words, the evolutionary theory of social organization in the writings of the Scottish Enlightenment. (4 pts.)

6.Summarize Mandeville’s “Fable of the Bees.” (3 pts.)

Answers to questions 7-10 are due January 13.

7.What is the “invisible hand” in the work of Adam Smith? Quote the paragraphs in which these words appear in his writings. Explain in your own words, preferably in Taglish or Cebuano, how the invisible hand works. (20 pts.)

8.Would Adam Smith agree that ‘greed is good’? Why or why not? (5 pts.)

9.Did Smith, in arguing for free markets, also argue for only a limited role for government? Explain your answer. (5 pts.)

10.Did Smith see a role for government to maintain full employment? Why or why not? (4 pts.)

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