History of Economic Thought: Module 1 Topics A & B

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What is one of the main reasons to study the History of Economic Thought?

To memorize historical events related to economics

To understand how thoughts, theories, and issues evolved (correct)

To ignore the mistakes made by past economists

To predict future economic trends accurately

What is the primary focus of modern economic thought?

Ignoring the impact of capitalism on society

Promoting socialist economic ideologies

Describing, interpreting, explaining, predicting, and justifying the economic system (correct)

Discussing philosophical theories unrelated to economics

During Antiquity and the Middle Ages, which thinkers were mainly focused on economic topics such as trade, value, money, and production?

Plato and Aristotle (correct)

Hobbes and Locke

Machiavelli and Rousseau

Descartes and Kant

What were some of the main concerns of thinkers during Antiquity and the Middle Ages regarding economic activity?

Organisation and control of economic activity and private property Signup and view all the answers

Which term best describes economic thought that aims to describe, interpret, explain, predict, and justify the economic system?

Positive and normative Signup and view all the answers

What was a notable characteristic of the economies during Antiquity and the Middle Ages, as highlighted in the text?

Presence of markets and market relationships without market economies Signup and view all the answers

What topics were Plato and Aristotle concerned with in their economic thinking?

Division of labor and the desirable location of the city-state Signup and view all the answers

During which period did economic thinking disappear for about a millennium and a half?

The Middle Ages Signup and view all the answers

What was the principal learning method of the thirteenth century, as linked to Aristotelian philosophy?

Scholasticism Signup and view all the answers

What did Aquinas and the scholastics focus on mainly in terms of economic activity?

Implementing strict laws to restrict entrepreneurial activity Signup and view all the answers

How did Aquinas present economics in relation to his larger philosophical framework?

As a facet of his larger moral philosophy Signup and view all the answers

What was the attempt of Scholasticism regarding economic life?

Imposing a value system on economic activities Signup and view all the answers

What was the main concern of Scholasticism regarding economics?

Determining the just price and interest rates Signup and view all the answers

According to Scholasticism, what principle was the just price theory connected to?

Principle of 'exchange of equivalents' Signup and view all the answers

What was the theory of the 'just wage' based on?

Ensuring adequate standard of living for workers Signup and view all the answers

How did Scholasticism justify interest on loans?

As a cost for risk taking Signup and view all the answers

What characterized the rise of the bourgeoisie in European society according to the text?

Challenging the aristocracy Signup and view all the answers

Which aspect of capitalism developed socially during the period mentioned in the text?

The rise of the bourgeoisie Signup and view all the answers

What were some key factors contributing to the emergence of economics as a discipline in the Middle Ages?

Rise of the nation state and systematic thought Signup and view all the answers

In the context of economics in the Middle Ages, what was emphasized through the expansion of commerce?

Group specialization and geographical determination of trade Signup and view all the answers

Which concept was NOT associated with the evolution of economic thought from antiquity to the Middle Ages?

Market economies Signup and view all the answers

What aspect of economics became more prevalent as a result of the emergence of scientific methods and discoveries?

Rationality Signup and view all the answers

Which factor played a significant role in making individualism an important aspect in the emergence of economics as a discipline?

Cultural revolution Signup and view all the answers

What development contributed to the geographical determination of trade during the Middle Ages?

Rise of the nation state Signup and view all the answers

What was the unifying spirit of the revival in the arts during the period described in the text?

Humanism Signup and view all the answers

What is a fundamental belief derived from the insistence on the essential relationality of the person?

Interpersonal relations are the true economic resource Signup and view all the answers

What aspect of collective action do economics and politics focus on, according to the text?

Wealth and power accumulation, respectively Signup and view all the answers

In the context of orthodox economic theorists, what are the four main problems they have focused on?

Allocation, distribution, stability, and growth Signup and view all the answers

What different disciplines have heterodox economists studied to understand forces producing changes in society and the economy?

Sociology, anthropology, psychology, political science, history, and ethics Signup and view all the answers

What was the focus of early economics as distinct from politics?

Accumulation and management of wealth Signup and view all the answers