economic essays with some blanks quastions ( REVIEW _ MIDTERM)

Economics 451

Institutional Economic Theory

Mid-term Review

The following questions or statements should be considered as possible short answer (25 words or less) or fill in the blank questions.

To Ayres the most important factor in economic life is _______________

According to Institutionalists, Darwin's most important achievement was _________________________________________

What the instructor calls Standard Theory is based upon a theory of human nature called _______________

What we have learned since the work of William G. Sumner on mores theory has established the existence of another type of behavior that is quite different from the ceremonial mores that concerned Sumner. What is that type of behavior?________________________-

Institutionalists argue that attributing industrial progress to property or exchange is equivalent to attributing canoe-building to the liturgy of _________________________.

For the institutionalists, technology is best understood as ____________________________

Human skills are best understood as resulting from ____________________________________

The concept of culture in anthropology and the Darwinian concept of biological evolution are compatible in because ___________________________________________________________________________.

According to Institutionalists resources are __________________________________________.

Ayres thinks that the "industrial revolution" began in Western Europe because: __________________________________________________________________________

Differences in status, such as that which often marks the male-female relationship, is a function of the what process ________________________________

For Institutionalists the economic process is best understood as moving toward equilibrium (true or false and why) ___________________________________________________________________________

Essay question candidates –

Discuss Veblen’s instincts as they relate to human behavior. How does he use them in his analysis?

Institutionalist’s view of human nature is based on what concepts? Identify two and explain how they are related to the determination of human nature.

We may say the “behavior is the control of perception.” Explain what this means as it relates to habit and habitat.

Discuss the concept of culture and how it is used in institutional economic analysis.

Identify the main factors leading to the collapse of the Easter Island society. How do these compare with the characteristics of ceremonial/technological behavior outlined in class?

Explain what Institutionalists mean by the Veblenian Dichotomy; its components and assumptions. Discuss the aspects of each component. Why is it called the Veblenian dichotomy?

Discuss the distinction between a “theory” of output and a theory of production.

Compare and contrast the institutional theory of economic change with that of the classical or neo-classical theory.