ECO310

History of Economic Thought

Midterm assignment
Deadline: Wednesday, November 16, 2016

NO LATE SUBMISSIONS WILL BE ACCEPTED

1. (15 points) Utilitarianism is a fundamentally conservative philosophy and epistemic

foundation, and will always lead to the conclusion that the status quo is ideal (whatever
the status quo may be) - To what extent do you agree with this statement? Base your
answer on our discussions of the conservative utilitarian thinkers Bentham, Say and
Senior, as well as of the radical utilitarian thinker William Thompson.

2. (15 points) For Marx, classical political economists tended to focus primarily on the
mechanics of market exchange because of, ultimately, a misunderstanding of the nature
of capital and property. Elaborate on this misunderstanding and how it leads to the
kind of analysis we associate with classical political economic thought.

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