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Honors 102 Key Concepts for Exam 2 (See also Key Concepts for Exam 1) Fayazmanesh Industrial Revolution Definition and period Economic sectors affected by Industrial Revolution Spinning jenny, water frame (Richard Arkwright), spinning mule, Eli Whitney’s cotton gin Production of pig iron, wrought iron, and steel Steam engines: Newcomen and Watt’s inventions Agricultural Revolution: Crop rotation, advancements in chemistry, advancements in equipments Consequences of Industrial Revolution: Change in output, demographic changes, social changes (balance of power changes, unemployment, wages, and working conditions) Corn Laws Anti-combination laws Communist Manifesto Ricardo & Ricardian Economics David Ricardo’s biography and writings Ricardo’s aim in the Principles of Political Economy and Taxation Ricardo’s theory of rent Net produce Rate of profit in the agricultural and manufacturing sectors of the economy and the falling rate of profit “Stationary state” Ricardo’s theory of value: reproducible and nonreproducible goods Ricardo’s criticism of Smith’s labor commended theory Problems with the regulation of value by labor The concepts of past and present labor or dated labor Calculation of values under the condition of wage-labor and capital Modification of labor theory of value Circulating and fixed capital The effect of changes in wage rate on value “Invariable measure of value” Neo-Ricardianism and Piero Sraffa’s Production of Commodities by Means of Commodities Natural and market prices Ricardo’s method of political economy Marx & Marxian Economics Working class conditions at the end of the Industrial Revolution Radical movements: “Utopian socialists,” Anarchists, and “Scientific Socialists” The “League of the Just,” “Communist League,” and the Communist Manifesto Karl Marx’s biography International Working Men’s Association and the Paris Commune Marx’s major writings: Grundrisse, A Contribution to the Critique of Political Economy, Capital, Theories of Surplus Value, Wage Labor and Capital, and Value, Price and Profit Methodological and theoretical significance of Grundrisse: Changes in the meanings of terms, new concepts and theories, the distinction between form/content, essence/appearance, etc. The structure of A Contribution and its “Preface”: plan of work and the “materialist conception of history” Forces/relations of productions and economic structure/superstructure Stages of history Capital, Volume 1: Chapter 1: "The Commodity" Use-value, exchange-value and value Labor and labor power Concrete and abstract labor Money, Circulation of Commodities, and the General Formula of Capital Labor Process and the Capitalist Production Process Production process and surplus value Necessary labor and surplus labor Absolute and relative surplus value Constant Capital, Variable Capital, and the Value of Output Rate of Surplus Value “Many Capitals,”competition, and the rate of profit Prices of Production Composition of capital Value of “social capital” Profit of Enterprise, Interest, & Rent Productive capital, interest-bearing capital, and landed property Cyclical and secular Crisis Marx's method of political economy Introduction to Neoclassical Economics and the Marginal Revolution The origin of the term “neoclassical” Bentham’s utility theory Developments in mid-19th century mathematics Calculus of variation Lagrange multiplier Utility as a function: Total utility, marginal utility, and diminishing marginal utility Stages in the development of neoclassical “utility” analysis: 1) Measurable, independent and additive utility, 2) Utility surface, 3) Indifference curve analysis First stage: William Stanley Jevons, Leo Walras, Carl Menger, and Alfred Marshall Principle of maximization of utility or equi-marginal principle Second stage: Francis Ysidro Edgeworth and Irving Fisher Third stage: Vilfredo Pareto, John R. Hicks and Paul Samuelson Cardinal and ordinal utility measurement Indifference curves and the budget line Slope of the budget line and relative prices Derivation of individual demand curve and market demand curve Principle of utility maximization: indifference curves and the budget line Derivation of demand curve: indifference curves and budget lines Market demand, market supply and the equilibrium price. John Bates Clark Honors 102 Sample Essay Questions Fayazmanesh 1. What were the social, political and economic consequences of the Industrial Revolution in England? How did these changes influence economic theories? 2. Explain David Ricardo’s theory of rent (make sure to give a numerical example). What is the significance of this theory for distribution of income and the rate of profit in economy? 3. What was Ricardo's criticism of Smith's theory of value and how did his own theory of value differ from that of Adam Smith? 4. Using a numerical example, explain how Ricardo’s determination of value by labor is modified when wagelabor and capital are introduced. 5. In light of what we have studied in this course, discuss Marx's critique of the method of classical political economy and his own method of economic analysis. 6. Critically evaluate Marx's arguments in his famous "Preface" to A Contribution to the Critique of Political Economy. 7. Does Marx’s economic theory exhibit a Kuhnian “paradigm change” relative to the theories of the classical economists? If yes, explain why. If not, explain why not. 8. Using a numerical example, explain Marx’s transformation of values into "prices of production." What is the significance of this transformation? What does this transformation tell us about Marx’s concept of science? 9. Explain the so-called three stages in the development of neoclassical “utility” analysis. Explain how each stage supposedly improves the theory. Also, explain how the developments in the 19th century mathematical physics influenced the development of utility theory. 10. It is usually argued that around 1870s a “marginal revolution” occurred in economic theory. Explain the nature of this revolution. Does this “revolution” have the characteristics of a Kuhnian “scientific revolution”? If yes, explain why. If not, explain why not.