Scarcity

1.
What is scarcity? How does wealth affect the psychological condition of scarcity?
2.
What are the three
solutions
to the economic problem
and how will understanding them
affect your
understanding of history and
problems like poverty and inflation?
3.
How do modern American rural economies reinforce the element of tradition in society? What are the costs
in terms of economic and social change?
4.
How did slavery and free labor affect social surplus
?
Would you say that
the output was maldistributed?
Why or why not?
5.
Illustrate an
example of an element of command that still exists in the U.S. today.
Topic #
2
6.
Describe the primary
, specific
difference between an agricultural society and an industrial one.
7.
Would you conside
r serfs to have been exploited? What benefits did serfs gain depending on their feudal
lord?
What were the costs?
8.
Explain
the difference between guilds and modern businesses.
9.
How would you characterize the accumulation of social surplus in the American e
conomy? Based on this,
what priorities can you say Americans
have
?
Topic #3
10.
Was the itinerant merchant a stabilizer or destabilizer in medieval society? Explain your answer. How did
this affect the prestige of the itinerant merchant?
11.
As cities began to
form, did the itinerant merchant become more or less essential for the development of
market society? Why?
12.
How did the Crusaders initially perceive the Venetians and Byzantines? Was this to the Crusaders
advantage or disadvantage? Why?
13.
How did wage labo
r affect feudal society? What was the outcome to the manorial system?
Why?
14.
Describe Adam Smith’s “invisible hand.” How does it regulate the markets?
15.
Compare and contrast Calvinism with
Catholicism
. What economic activities did Calvinism promote?
Topic
#4
16.
Can you think of a reason why technical improvements in agriculture or manufacturing have generally been
slow to arise in countries that have relied on slave labor?
17.
What forces to you think would be necessary to bring a new
industrial revolution
to the underdeveloped
world today? Is an industrial revolution there apt to resemble the one that took place in England in the
eighteenth century?
18.
How does the accumulation of capital affect the productivity of the worker?
19.
Does all investment require sav
ing? Why? What is the ultimate result of saving and then investing?
20.
Is capital building in the U.S. today directed by the market alone? Does government accumulate capital?
Does public capital improve productivity as well as private capital?
21.
Is building
a school an investment? Is building a hospital? A sports stadium? A housing project? What do
you think distinguishes investment, in general, from consumption?

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