College of
Business
Administration
College of
Business
Administration
1) One of Adam Smith’s fundamental ideas is that by leaving the market alone, resources will be allocated properly (i.e. supply and demand will be efficiently satisfied). Seeing how the United States market has never been completely free from government intervention. . .
How would Smith’s theory work today?
What role should government have?
What do you think of DeBeers?
What do you think of Microsoft?2) Is there a shortage of any resource? Malthus said that population would outpace resource availability. However, since the industrial revolution, technology has allowed us to mediate the issue of scarce resources.
Can this last? For how long? On what grounds do you draw your conclusion?3) “For what Ricardo foresaw was the end of a theory of society in which everyone moved together up the escalator of progress. Unlike Smith, Ricardo saw that the escalator worked with different effects on different classes, that some rode triumphantly to the top, while others were carried up a few steps and then kicked back down the steps to the bottom. Worse yet, those who kept the escalator moving were not those who rose with its motion, and those who got the full benefit of the ride did nothing to earn their reward. . . those who were ascending to the top were not well either; there was a furious struggle going on for a secure place on the stairs.”-Ricardo
Like Bellamy’s example, Ricardo’s metaphor claims different classes need different roles, does this mean that utopia is impossible?4) “It is therefore, the interest of all, that everyone, from birth, should be well educated physically and mentally, that society may be improved in its character, -- that everyone should be beneficially employed, physically and mentally, that the greatest amount of wealth may be created, and knowledge attained, -- that everyone should be placed in midst of these external circumstances that will produce the greatest number of pleasurable sensations, through the longest life, that man may be made truly intelligent, moral and happy, and be thus prepared to enter upon the coming millennium.”-Mill
How closely does this resemble the ideals of our current society?5) “By my own experience and reflection, I had ascertained that human nature is radically good, and is capable of being trained, educated and placed from birth in such manner, that all ultimately (that is as soon as the gross errors and corruptions at the present false and wicked system are overcome and destroyed) must be united, good, wise, wealthy, and happy.”-Owen
Do you agree with Owen’s assumptions of human nature?6) “MONSIEUR: Be my savior, I am dying of hunger. . . . For 15 days I have lived on bread and water . . . sold everything but my clothes, to pay for the expense of copies of my work. It is passion for knowledge and the public welfare, the desire to find a peaceful means of ending the frightful crisis which engages all European society which has brought me to this state of distress. .”-Saint Simon
The preceding was a note attached to his work hopefully sent to a potential publisher. Saint Simon was an extremely well traveled and educated man. In fact, at one point he devoted all his time to learning all there is to know in the universe. However, he did not benefit from all his enlightenment.
Is there any point in education?Related Links (copy and paste into URL, shortcut may not work):
http://www.frbsf.org/publications/education/unfrmd.great/greatbios.html#A1
http://www.frbsf.org/publications/education/unfrmd.great/1730-1800.html
http://www.frbsf.org/publications/education/unfrmd.great/greattimes.html
http://www.bized.ac.uk/virtual/economy/library/theory/classical1.htm
http://www.lucidcafe.com/library/96jun/smith.html
http://iisd1.iisd.ca/pcdf/corprule/betrayal.htm
http://www.blupete.com/Literature/Biographies/Philosophy/Malthus.htm
http://65.107.211.206/economics/malthus.html
http://www.bized.ac.uk/virtual/economy/library/economists/ricardo.htm
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