Modern Theories of Political Economy
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Questions and Answers

What drives the bourgeoisie to fear the working class?

  • The potential loss of their economic power (correct)
  • Their reliance on the military for support
  • The existence of surplus value
  • The need for increased political authority

    • How does the state act during class struggles according to the content?

  • It can act independently to maintain its own power (correct)
  • It primarily serves the interests of the working class
  • It remains passive and does not intervene
  • It always supports the bourgeoisie without exception

    • Which of the following describes the rate of profit?

  • It is the ratio of surplus value to total capital advanced (correct)
  • It represents the total capital advanced without considering surplus
  • It is calculated solely on surplus value
  • It is determined by the quantity of commodities exchanged

    • What causes economic crises within the capitalist system?

    <p>The inherent contradictions within capitalism</p> Signup and view all the answers

    What role do bourgeois alliances with reactionary forces serve?

    <p>To suppress popular movements</p> Signup and view all the answers

    What is the main assumption of the Malthusian Theory?

    <p>Population may outpace resources.</p> Signup and view all the answers

    What does the term 'Bank-run' refer to?

    <p>A situation where many depositors withdraw funds simultaneously.</p> Signup and view all the answers

    Which economic concept argues for minimal government intervention?

    <p>Libertarianism</p> Signup and view all the answers

    What is the focus of Keynesian economics?

    <p>Government intervention to stabilize the economy.</p> Signup and view all the answers

    What does the term 'Multiplier Effect' refer to in economics?

    <p>Investment triggering an increase in economic activity.</p> Signup and view all the answers

    Which principle is characteristic of Communism?

    <p>Ending social classes for equality.</p> Signup and view all the answers

    Which of the following best describes Neo-classical economics?

    <p>It defends capitalism while downplaying cultural influences.</p> Signup and view all the answers

    Which ideology promotes the notion that selfishness is a virtue?

    <p>Libertarianism</p> Signup and view all the answers

    What do proponents of the Malthusian catastrophe suggest?

    <p>Overpopulation will lead to resource depletion.</p> Signup and view all the answers

    What aspect is commonly criticized in Pop Economics?

    <p>The moral implications in economic decision-making.</p> Signup and view all the answers

    What role does money play in the C-M-C circulation process?

    <p>It serves as a medium for exchange between commodities.</p> Signup and view all the answers

    What is one of the key principles of Communism regarding ownership?

    <p>Collective control over production should be established.</p> Signup and view all the answers

    How does the concept of commodities relate to their market value?

    <p>Market value conceals the real property of commodities.</p> Signup and view all the answers

    What does the term 'international solidarity' imply in the context of Communism?

    <p>Unity among workers globally against capitalism.</p> Signup and view all the answers

    What is NOT a characteristic of the Simple Circulation model?

    <p>It shows the direct production of wealth.</p> Signup and view all the answers

    Which socialist ideology sought to preserve older societal structures when addressing social issues?

    <p>Reactionary socialism</p> Signup and view all the answers

    What underlying concept does the 'mystical' quality of commodities refer to?

    <p>The abstraction of labor and value hidden in their market representation.</p> Signup and view all the answers

    What does Communism primarily advocate for in terms of wealth distribution?

    <p>Equitable distribution among all individuals.</p> Signup and view all the answers

    What does the Cantillon Effect describe?

    <p>The uneven effect inflation has on goods and assets</p> Signup and view all the answers

    Which of the following is a consequence of high inflation according to the content?

    <p>High profits and economic stimulation</p> Signup and view all the answers

    According to the theory of Physiocracy, the economy derives its value primarily from which sector?

    <p>Agriculture sector</p> Signup and view all the answers

    What did William Godwin associate with a perfect society?

    <p>A utopian society resulting from industrial advancement</p> Signup and view all the answers

    What is the primary focus of Economics as distinguished from Political Economy?

    <p>Scientific understanding and data analysis of society</p> Signup and view all the answers

    Which class in the Physiocratic model is identified as non-productive?

    <p>Sterile class</p> Signup and view all the answers

    What is a significant implication of Poor's Law as explained in the content?

    <p>It creates dependency of the poor on government support</p> Signup and view all the answers

    Which term refers to Adam Smith's concept of individuals pursuing their self-interests leading to societal benefits?

    <p>Invisible Hands</p> Signup and view all the answers

    What is characterized as a consequence of the Great Depression?

    <p>Severe economic downturn and unemployment</p> Signup and view all the answers

    What does the term 'Division of Labor' imply in economic contexts?

    <p>Time efficiency and specialization in tasks</p> Signup and view all the answers

    What is a primary goal of an economist in ensuring economic activity?

    <p>Encourage positive occurrences</p> Signup and view all the answers

    Which type of economy is characterized by absolute power resting with the monarchy?

    <p>Royal economy</p> Signup and view all the answers

    What is the main focus of French mercantilism?

    <p>Domestic industry and agriculture</p> Signup and view all the answers

    Which of the following best defines a 'Persian economist' perspective?

    <p>Personal supervision of economic activities</p> Signup and view all the answers

    What does the term 'Balance of Trade' refer to?

    <p>Increasing exports while decreasing imports</p> Signup and view all the answers

    What is one of the four special departments in a royal economy?

    <p>Coinage</p> Signup and view all the answers

    What describes the satrapic economy?

    <p>Revenue generation from various local sources</p> Signup and view all the answers

    How does Mandeville relate to political economy?

    <p>It highlights the dangers of population growth exceeding agricultural capacity</p> Signup and view all the answers

    What is a characteristic of an Attic economist?

    <p>Engagement in local trade and production</p> Signup and view all the answers

    What concept promotes self-interest according to the content?

    <p>Mandeville's grumbling hive</p> Signup and view all the answers

    What is the primary goal of the inheritance tax as mentioned?

    <p>To prevent property concentration among wealthy groups</p> Signup and view all the answers

    Which of the following is NOT a principle of justice as outlined?

    <p>Wealth distribution aims to maximize the well-being of the wealthiest</p> Signup and view all the answers

    What concept describes the extra satisfaction gained from consuming an additional unit of a good?

    <p>Marginal utility</p> Signup and view all the answers

    What is the primary focus of neoclassical economics?

    <p>Individual decision-making and market equilibrium</p> Signup and view all the answers

    What was a major contribution of the Marginalist Revolution?

    <p>Introduction of mathematical tools in economic analysis</p> Signup and view all the answers

    What does the diminishing marginal utility concept imply?

    <p>Additional satisfaction decreases with increased consumption of a good</p> Signup and view all the answers

    What is the significance of opportunity cost in economic decision-making?

    <p>It highlights the value of foregone alternatives when a choice is made</p> Signup and view all the answers

    What does the concept of equilibrium in economics refer to?

    <p>A condition where supply equals demand</p> Signup and view all the answers

    In terms of economic analysis, what did Jevons contribute through his use of mathematics?

    <p>He offered a rigorous foundation for economic theory</p> Signup and view all the answers

    What characterizes new Keynesian economics?

    <p>Emphasis on government intervention to fix market imperfections</p> Signup and view all the answers

    Which economic thinker is associated with the subjective theory of value?

    <p>Carl Menger</p> Signup and view all the answers

    What does post-Keynesian economics primarily believe regarding government policy?

    <p>It cannot efficiently handle both price stability and low unemployment</p> Signup and view all the answers

    Which of the following is a critique of altruism according to Ayn Rand?

    <p>It demands self-sacrifice and undermines individual identity</p> Signup and view all the answers

    Study Notes

    Modern Theories of Political Economy

    • Political Economy studies value, wealth of nations, and exchange
    • Classical political economy is crucial to understand the past

    Aristotle

    • Private property is essential for personal betterment

    Cicero

    • Agriculture is crucial for societal value
    • Nobles are above society and stimulate progress

    Plato

    • Communal ownership is required to reduce greed
    • Guardians are above and oversee the societal moral standards

    Xenophon

    • Household management is key
    • Women/wives should handle household budgeting

    Aristotle (Oikonomos)

    • Men should have property (i.e. agriculture), slaves, wives, and children

    Fall of Roman Empire

    • Barbarian tribe invasions led to the medieval period
    • Economic structures were destabilized

    Catholic Church

    • Challenging the essence of property
    • Property is more important because it relates to heaven
    • Matthew Principle: advantages accumulate over time

    St. Thomas Aquinas

    • Money usury (high-interest loans) are undesirable
    • Money should be stable; instability is similar to witchcraft
    • Profit is seen as undesirable

    British Mercantilism

    • Revenue sources include national products, merchandise, and taxes
    • Individual economic practices vary
    • Revenue from land is the least important source

    French Mercantilism

    • Focuses on domestic industry and agriculture
    • King and queen own/control lands (feudal system)

    Austrian Mercantilism

    • Agriculture creates more useful value compared to trade
    • Important to keep gold and silver circulating in the country
    • Import only raw goods which are used to produce in the country

    Balance of Trade

    • Maintain a positive balance of trade (more exports than imports)

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    Modern Theories of Political Economy PDF

    Description

    Explore the dynamics of political economy through the lens of historical figures such as Aristotle, Cicero, and Plato. This quiz delves into theories regarding property, wealth, and societal structures, including the impacts of the fall of the Roman Empire and the role of the Catholic Church. Test your understanding of how these concepts shaped modern economic thought.

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