30 Questions
What is one of the main reasons to study the History of Economic Thought?
To understand how thoughts, theories, and issues evolved
What is the primary focus of modern economic thought?
Describing, interpreting, explaining, predicting, and justifying the economic system
During Antiquity and the Middle Ages, which thinkers were mainly focused on economic topics such as trade, value, money, and production?
Plato and Aristotle
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
Which term best describes economic thought that aims to describe, interpret, explain, predict, and justify the economic system?
Positive and normative
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
What topics were Plato and Aristotle concerned with in their economic thinking?
Division of labor and the desirable location of the city-state
During which period did economic thinking disappear for about a millennium and a half?
The Middle Ages
What was the principal learning method of the thirteenth century, as linked to Aristotelian philosophy?
Scholasticism
What did Aquinas and the scholastics focus on mainly in terms of economic activity?
Implementing strict laws to restrict entrepreneurial activity
How did Aquinas present economics in relation to his larger philosophical framework?
As a facet of his larger moral philosophy
What was the attempt of Scholasticism regarding economic life?
Imposing a value system on economic activities
What was the main concern of Scholasticism regarding economics?
Determining the just price and interest rates
According to Scholasticism, what principle was the just price theory connected to?
Principle of 'exchange of equivalents'
What was the theory of the 'just wage' based on?
Ensuring adequate standard of living for workers
How did Scholasticism justify interest on loans?
As a cost for risk taking
What characterized the rise of the bourgeoisie in European society according to the text?
Challenging the aristocracy
Which aspect of capitalism developed socially during the period mentioned in the text?
The rise of the bourgeoisie
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
In the context of economics in the Middle Ages, what was emphasized through the expansion of commerce?
Group specialization and geographical determination of trade
Which concept was NOT associated with the evolution of economic thought from antiquity to the Middle Ages?
Market economies
What aspect of economics became more prevalent as a result of the emergence of scientific methods and discoveries?
Rationality
Which factor played a significant role in making individualism an important aspect in the emergence of economics as a discipline?
Cultural revolution
What development contributed to the geographical determination of trade during the Middle Ages?
Rise of the nation state
What was the unifying spirit of the revival in the arts during the period described in the text?
Humanism
What is a fundamental belief derived from the insistence on the essential relationality of the person?
Interpersonal relations are the true economic resource
What aspect of collective action do economics and politics focus on, according to the text?
Wealth and power accumulation, respectively
In the context of orthodox economic theorists, what are the four main problems they have focused on?
Allocation, distribution, stability, and growth
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
What was the focus of early economics as distinct from politics?
Accumulation and management of wealth
Explore the reasons for studying the history of economic thought and delve into the topics of antiquity, the Middle Ages, mercantilism, and physiocracy. Gain insight into the evolution of economic theories, controversies, and modern economic ideas.
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