ECS3705 History of Economic Thought (ECS3705)

ECS3705 Exam Preparation November 2021. History Of Economic Thought. Functional distribution of income according to Ricardo Ricardo wanted to understand the force that determine the shares of the national income accruing as wages, profits & rents (interest was combined with profit). Wages – natural price is given the habits & customs of the people, enables workers to subsist and to perpetuate themselves without a change in their numbers. Market price depends on supply & demand. Ricardo...

ECS3705 Exam Prep. History Of Economic Thought. Mercantilism can roughly be characterised as an exercise in nation building by way of an alliance between the city merchant and the monarch, both of whom had gained in power and prestige. The monarch (king or queen) gave the merchant the protection and privileges of monopoly that he needed for his business endeavours and, conversely, the merchant provided the monarch with the tax income in the form of precious metals (gold and silver) to finan...

ECS3705 STUDY NOTES SUMMARY. History Of Economic Thought. French mercantilism differed from its English counterpart in two main ways. First, it had a stronger feudal flavour, meaning that its policies and regulations were also aimed at protecting the interests of the landed nobility in addition to the interests of the merchants. That is why tolls and other restrictions on intranational trade were part of mercantilist state regulation in France too. Second, French mercantilism was probably st...

ECS3705 EXAM ESSAYS 2021. ECS3705 - History Of Economic Thought. Compare and contrast the mercantilist and the physiocrat school of thought: To provide a substantial comparison between the mercantilist and the physiocrat school of thought, it is important to analyse why each school of thought arose, as well as the major tenets of each, who benefitted from each school of thought and finally how each school of thought has affected todays perspective in economics. It is also significant to ackn...

ESSAYS: Compare and contrast the mercantilist and the physiocrat school of thought: To provide a substantial comparison between the mercantilist and the physiocrat school of thought, it is important to analyse why each school of thought arose, as well as the major tenets of each, who benefitted from each school of thought and finally how each school of thought has affected todays perspective in economics. It is also significant to acknowledge that Physpiocracy arose as a reaction to mercan...

LU 1: Mercantilists, physiocrats and classical forerunners Explain Fear of Goods: One of the principles of the Mercantilist school is duty free importation of raw materials that could not be produced domestically, protection for manufactured goods and raw materials that could be produced domestically and export restrictions on raw materials. Emphasis on exports & a reluctance to import has been called the fear of goods. Brielfy explain bullionism: Bullion is another word for plain bars of...

Exam Preparation: Herewith all the questions (according to sections) of the last 6 exam papers. Section A: This section counts 40 marks – have to explain 8 concepts counting 5 marks each.  The fear of goods One of the principles of the Mercantilist school is duty free importation of raw materials that could not be produced domestically, protection for manufactured goods and raw materials that could be produced domestically and export restrictions on raw materials. Emphasis on export...