EC 12 Pointers

Additional FAQs on Chapters 6-7 of Backhouse

  1. According to David Hume, why is manufacturing valuable? Could this view apply as well to agriculture? Discuss.
  1. 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?
  1. Who invented the law of diminishing marginal utility?
  1. Who was the first to use a diagram to explain how demand and supply determine the market price?



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