1. Who was Adam Smith? A Scottish philosopher and economist during the 18th century. Ahe wrote " The Wealth of Nations" and is considered one of the founding fathers of modern economic thought.

 

2. What was the "old world view of economics" prior to Smith's revelations concerning free exchange?

 

3. According to Smith, what was the benefit of free exchange? Smith introduced the concept that free trade would benefit individuals and society as a whole. He believed that governments should not impose policies that interfered with free trade, domestically and abroad.

 

4. How would trade benefit the trading partners?

 

5. According to Smith, what constituted a nations' wealth?

 

6. What was the impact of The Wealth of Nations?

 

7. Describe Smith's understanding of how human societies work.

 

8. What was the name of Smith's book on moral ethics?

 

9. According to Smith, who benefits the most from economic and social

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3. These questions come from the article Making Depressions Great Again which appeared in the WSJ (February 2016).

(a) Why does the author suggest a trade war is approaching? ($2,000)

(b) What implications would a trade war have for the global economy? ($2,000)

4. These questions come from an article Making the Case for Trade which appeared in the WSJ (March 2016).

(a) Why do the four leading presidential candidates oppose free trade? ($2,000)

(b) The author outlines three benefits of free trade. Summarize each benefit in 4-6 lines. ($2,000)

5. These questions come from the article What Donald Trump Doesn't Understand About the Deal which appeared in the NY Times (March 2016).

(a) How does Donald Trump's view of trade contrast with the principles of trade as taught in this course? ($2,000)

(b) The author describes Donald Trump as a rent seeker. What is meant by this term? How does rent-seeking define Trump's view of trade? ($2,000)

How would you define the monitoring problem and state its implications for economics?