Additional FAQs on Chapters 6-7 of Backhouse
- According to David Hume, why is manufacturing valuable? Could this view apply as well to agriculture? Discuss.
- In Adam Smith’s works, what did he consider as duties of government, which could not be relegated to the working of the market system or the Invisible Hand?
- Who invented the law of diminishing marginal utility?
- Who was the first to use a diagram to explain how demand and supply determine the market price?