Paper details:

INSTRUCTIONS:

1) Please complete ONE LONG ESSAY question and ONE SHORT ESSAY question.

2) Your completed assignment should be between 5-6 pages in length.

3) Finally, approach the assignment as if you are writing a take-home exam and not a more formal paper.

4) Please DO NOT cut and paste material from the Internet. This is considered plagiarism and will result in your failing the assignment. You should be able to do the assignments by reading my notes, listening to the virtual lectures, and reading the assigned chapters in your textbook, The Evolution of Economic Thought. Good luck!

Part I:

Do ONE of the Following TWO Long Essays Long Essay

1 – John Stuart Mill and Karl Marx both worked on the theory of value, distribution, and growth they inherited from David Ricardo. Explain and analyze their respective contributions, as well as their innovations to post-Ricardian thought. Of the two, which do you find most persuasive? Defend your choice. Long Essay

2 – Compare and contrast John Stuart Mill and Karl Marx’s theories of value, distribution (theory of wages and profits) and growth. Of the two, which do you find most persuasive? Defend your choice.

Part II:

Do ONE of the following THREE Short Essays Short Essay

1 – Compare Mill’s and Marx’s theory as to why profits may fall over time and its consequences. Of the two, which do you find most persuasive? Defend your choice. Short Essay

2 – Explain how Marx’s concept of the reserve army of unemployed workers is linked to his theory of surplus value and profits. Do you find his concept persuasive? Defend your answer. Short Essay

3 – Explain how Mill’s notion of limited government is different than that of Smith’s perspective. Why do you believe Mill adopted a more expansive view of the role for government? Explain