Adam Smithpolitical Arithmetickmercantilismsimon

Adam Smithpolitical Arithmetickmercantilismsimon

I. Basic Terminology: Do incorporate as many of the listed financial historical terms into each of the two essays as needed. **Remember to consult the required Hubbard and Kane text, the recommended Backhouse text as well as class lecture notes and other suggested scholarly books, journals, and document sources to assist in the research.**

Adam Smith

Political Arithmetick


Simon Kuznets

GNP, GDP, and GDP per capita



Angus Maddison, James Fallows, Paul Kennedy, and Matt Ridley

“Perfect Competition.”


“Bounded Rationality.”

The Endowment Effect


Loss Aversion and Prospect Theory

“Great Power Imbalance”

Roman Hardware and Software

Institutional Software

Internal Economic Stagnation-Economic Imbalance

King Croessus

The House of Egibi

Currency Debasing


Zheng He, Kublai Khan, and Zhu Di

Estate Management

Plato’s “Ideal State”

“Justice and Exhange” as well as “Acquistion of Wealth” by Aristotle


Nicole Oresme

The School of Salamanca

Sir Thomas Smith

The Balance of Trade Doctrine

Rate of Interest and Case for Free Trade

The Recoinage Crisis of the 1690’s

John Law




II. Essay Topics: Complete an response, 5-8 pages, each regarding any two of the topics. Honours College students, however, are to complete only one 5-8 page essay from the list below yet a second 5-8 page response from the list of topics from the Martin text (50 points each).

1. What is Declinism in relation to the economics of competing great nation powers? Does it last forever? Should it concern all nations? Are powerful nations capable of revitalising themselves economically? Defend your view.

2. Illustrate and explain economic methods in which a nation’s wealth has been measured in the past as well as ways in which a country’s economic wealth is measured in the present? Are the present methods reliable? If not, why so? If so, are they reliable in absolute or relative senses or both?

3. In what countries does the top five highest GDP, GDP per capita as well as GNP and GIP presently exist? What economic, demographic, and political factors contribute to these results and why?

4. What economic factors led to the fall of Rome? How and why?

5. How and why did Ancient China transform from being an agricultural to industrial power? Illustrate ancient Chinese economic growth and innovation. What led to its’ decline and why?

6. How and why was economics taught in medieval as well as modern European universities? Why had it become an important discipline?

7. What factors contributed to the rise of Dutch commercial power and why? Illustrate and explain ways in which the Netherlands became the world’s seafaring and economic power in the seventeenth century. What led to its’ demise? What did the

Dutch contribute, however, to global finance?

8. Who was Jean Baptiste Turgot? How did he influence economic thought?

II. Felix Martin: Money-Exam I Second Essay Response Choices(Honours pupils only).

1. According to Martin, what is money? Illustrate and explain some of its’ early historical uses. Should a new form of economic transaction be used today?

2. How has money been given value throughout history? Illustrate with historical examples. How shoul money be valued in the present?

3. What in Monetary Maquis? Illustrate and explain past and recent economic historical events to explain this idea with Argentian in 2001 as a model.

4. What economic events created the birth of “Monetary Interest?” Explain.

5. According to Martin, what was the “Vampire Squid?” Illustrate and analyse.

I. Basic Terminology: Do incorporate as many of the listed financial historical terms into each of the two essays as needed. **Remember to consult the required Hubbard and Kane text,

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