POLECON 100 Midterm: Midterm 1 Study Guide
2 Mar 2017
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Discuss in reference to any three of the following: smith, malthus, ricardo, mill. Background information: mercantilism & smith"s view of wealth. Smith is seen as an extension of feudalism; he has a feudal vision in the age of commerce: ideal society in which land is heavily featured, division of labor efficiency in productivity economic growth. Under the age of commerce, there are three key groups: landlords who get rent from land, workers who get wages for their labor, merchants/capitalists who get profits from stock. Home bias theory: individuals with capital will want to use it as close to home as possible, hence, capitals of all individuals would always tend towards the home. Fulfilled with the labor that they do happy about what they"re doing: because of nature to trucking everyone and the nation will both benefit from such economic growth.
