Outline the assumptions behind the classical economists’ labor theory of value. 

Outline the assumptions behind the classical economists’ labor theory of value.

ECON320 History of Economic Thought Assignment

Book you should be familiar with: History of Economic Thought by E.K. Hunt

People you should be familiar with: David Ricardo, Karl Marx

Answering three questions below. (Each answer should be no longer than two paragraphs or 1 page. Text should be double spaced) Please do not use ‘correct’ references. The essay should be in your own words.

1. Outline the assumptions behind the classical economists’ of value. (By assumption I

mean the presumed shape of the long-run supply curve, , and the homogeneity of

labor.) To what extent do you think the labor theory of value could still be used today to explain

long-run relative prices.

2. How would you characterize the political views of David Ricardo on the role of government in managing

the economy? Given these views, why did Ricardo’s theory of value and distribution lead to the

rise of Radical Ricardianism? (EK Hunt is a good source here.)

3. Explain Marx’s theory of exploitation and evaluate its usefulness as a contemporary political

economic theory. Does the theory persuade you? Why or why not?

Answer preview to outline the assumptions behind the classical economists’ labor theory of value. Outline the assumptions behind the classical economists’ labor theory of value. 

APA

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