history of Economics doctrine

Study Guide for weeks 1&2: 5060/6060-070: HOET Fall 17 Question 1) What’re the similarities and differences between command and custom (tradition based) economies? Give examples of both types. [Make sure you list the major advantages and disadvantages of each system over the other]. How’re custom and command economies different from modern market based economies? [Difficulty level à Easy] [Type: Short answer] Question 2) What is a collective action problem? Give an example? According to Heilbroner, what is the collective action problem associated with human survival and what are the 3 ways in which societies solve the collective action problem associated with survival? [Explain in detail, giving examples and illustrations wherever necessary] [Difficulty levelà Easy] [Type: Essay] Question 3) What elements of tradition and command do you think are indispensable in a modern industrial society such as ours? Do you think modern society could exist without any dependence on tradition or exercise of any kind of command? [Difficulty levelà Difficult] [Type: Essay] Question 4) What are the relative advantages of command and tradition based systems over the market system? [Difficulty à Moderate] [Type: Short answer] Question 5) What were the factors/changes that led to the decline of the feudalism and the emergence of modern market society [make sure you discuss at least 4 factors in detail] [DifficultyàModerate] [Type: Essay] Question 6) What is the ‘Enclosure Movement’, how did it lead to the creation of a modern labour class? [DifficultyàEasy] [Type: Short Answer] Question 7) In the Worldly Philosophers Heilbroner states, “ It (Economic Revolution/Market Revolution) was the most important revolution, from the point of view of shaping modern society, … more disturbing than the French, the American or even the Russian Revolution”. Explain this statement in detail. [Difficulty àDifficult] [Type: Essay] Question 8) “The individual has always had to struggle to keep from being overwhelmed by the tribe” (Nietzsche)

Explain the quote above in context of the collective action problem faced by primitive societies or (alternatively) why would the tribe need to overwhelm the individual in order to ensure survival? [Difficulty à Moderate] [Type: Essay] Question 9) What are the similarities and differences between the views of the Mercantilists and Physiocrats? [Make sure you briefly mention the historical, social and political underpinnings of the differences between the two] [Difficulty àEasy] [Type: Short answer] Question 10) “The mercantilists laid emphasis on hoarding, the physiocrats on circulating” Explain. [Difficulty à Moderate] [Type: Short answer]