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Questions and Answers of Sports Economics

Draw supply-and-demand curves that will be Marshallian stable and Wal-rasian unstable.Explain why.?
Marshall said, “It is wisest not to say that ‘Rent does not enter into cost of production’:for that will confuse many people. But it is wicked to say that ‘Rent does enter into cost of
What are two limitations of Marshall’s analysis of consumers’ surplus?
In what way is Marshall’s analysis different in its treatment of time?
Marshall stated that his entire life had been and would be given to presenting in realistic form as much as he could of a certain mathematical note. What was that note, and was Marshall accurate?
Most modern economists regard tastes as outside the purview of economics; how would Marshall be likely to view this development?
In what way was it ironic that Marshall started using the term economics rather than political economy ?
Marshall is essentially irrelevant because all he ever says is, “It depends.” Do you agree or do you disagree?
Explain Keynes’s comment, “Jevons saw the kettle boil and cried out with the delighted voice of a child; Marshall too had seen the kettle boil and sat down silently to build an engine.”
That absent-minded professor is back with another job for you. This time, she’s doing an article on John Bates Clark’s theory of distribution. As is her way, she has jotted down the following
How could you determine the rate of return (interest) on your college education?
The rate of interest depends upon supply and demand. Explain the forces that are behind supply and demand.
Write an essay in which you examine the role of risk and dynamic economic change in explaining profits.
Explain why marginal productivity theory cannot be used to explain profits.
Explain the role of marginal productivity concepts in arguments that minimum wage ?
Discuss the problems of trying to ethically justify a given distribution of income.
What were the errors in J. B. Clark’s argument that an ethically ideal distribution of income would result from competitive markets?
Why did J. B. Clark maintain that perfectly competitive markets would yield a just and fair distribution of income?
Write an essay in which you explain the distribution of income in the United States, using marginal productivity theory. What are some of the weaknesses of using marginal productivity theory to
The classical theory of distribution is not concerned with the issue of product exhaustion, unlike the marginal productivity theory of distribution. Explain.
That absent-minded professor is back with another job for you. This time, she’s writing a Principles textbook and wants to include a variety of definitions of economics. She remembers that Jevons
Write an essay in which you evaluate the claim that a revolution in economic theory
Marginal utility theory is an example of a broader principle of going to the margin in order to understand economic activity. Explain this statement and give other examples of the use of marginal
Write an essay on this statement: Classical value theory explains what determines prices in the long run, whereas marginal utility theory explains prices in the short run.
Using Gossen as an example, discuss the criteria one should use in selecting people to study in a course on the history of ideas (the first to express an idea versus the developer of an idea that
Contrast the scope and method of economics according to Jevons, Menger, and Walras.
Are factors of production price-determined or price-determining? What difference does it make?
What difference does it make whether one can make interpersonal comparisons of utility?
How does marginal utility explain the diamond-water paradox?
Explain how Jevons used the phrase bygones are for ever bygones to criticize the labor theory of value.
Menger and Jevons made an error that might be described as the mirror of the error of the classical economists. Describe this error.
That absent-minded professor is back with another job for you. This time, she remembers a discussion of Marx’s writings about what distinguishes “the worst architects from the best of bees.”
It can be argued that modern microeconomic search theory explanations of unemployment are more consistent with Marx’s concept of a reserve army of the unemployed than are neoclassical theories of
Modern New Classical and New Keynesian theories of macroeconomics are beginning to endogenize technological change as an explanation of real business cycles. They argue that these technological
Write an essay on whether Marx should be considered a classical economist.
Marx’s theory of a falling rate of profit under capitalism has similarities to both Smith’s and Ricardo’s. Explain.
Explain Marx’s distinctions among capitalism, socialism, and communism.
Using Isaiah Berlin’s analogy of hedgehogs and foxes, would you classify Marx as a fox or a hedgehog? Why?
Contrast and compare Marx’s and Hegel’s theories of history.
Explain Paul Sweezy’s statement that “Marxian economics is the economics of capitalism and capitalist economics is the economics of socialism.”
That absent-minded professor is back with another job for you. This time she’s reviewing a recent book that argues that utility is interdependent, and that what matters is one’s relative
Write an essay on how Mill was able to extend and improve Ricardo’s theory of comparative advantage.
Explain Mill’s theory of value and contrast it with Ricardo’s.
Explain how custom might negate or modify economic predictions based on competitive markets.
Write an essay on Mill’s views about women and equality. Do you think the problem of the subjection of women has been solved in the United States?
Mill turned the classical notion of a stationary state as a dismal outcome into a Utopian vision. Explain.
What were J. S. Mill’s views about competition and private property as causes of social disorder? What are your views?
How might economics have been different if it had followed Charles Babbage rather than Ricardo?
Write an essay on J. S. Mill’s distinction between the laws of production and the laws of distribution and give your views on the validity of his distinction.
Critically evaluate Senior’s views on the proper method for economics.
Explain the problems encountered by Ricardian economics in the period from 1820 to 1850.
Write an essay about the divergent influences on J. S. Mill and how they produced his eclectic views on economic theory and policy.
It seems that you can never escape that absent-minded professor. She has yet another job for you. She tells you that the following quotation appears somewhere in Ricardo’s writing
Labor has always been concerned about being replaced by machines. Why do firms introduce labor-saving machinery? Do you think the introduction of labor-saving machinery is beneficial to society?
Some historians hold that economic theory can be explained as an intellectual reaction to problems of the times. Use this thesis to explain Malthus’s and Ricardo’s contributions to economic
Critically evaluate the argument between Ricardo and Malthus concerning the stability of a market system.
State Ricardo’s theory of comparative advantage and explain how people are made better off by free trade.
Explain Ricardo’s theory of distribution and his views about changes in the distribution of income over time.
Summarize Ricardo’s labor theory of value.
Explain Ricardo’s theory of land rent and point out the relationship between viewing rent from the product side and viewing it from the cost side.
Indicate the difference between Smith’s contextual and Ricardo’s noncom-textual policy analysis.
Contrast and compare Ricardo’s and Smith’s methodologies.
Explain and critically evaluate Malthus’s population theory.
The absent-minded professor has another job for you. She knows that somewhere in Smith’s writing, there is a famous “dogs don’t trade” quotation, but she does not quite remember where. Your
What do you think is the relationship between a person’s well-being and his or her possession and consumption of economic goods? Is it possible for an individual as well as a society to be better
Explain Smith’s views on why the rate of profit will fall as capitalism grows older.
If there is learning by doing, why is it unclear who ultimately will have the absolute advantage? What implications does this insight have for the argument for free trade?
The success of Adam Smith is explained by the fact that his theories rationalized the activities of the rising capitalist class. Write an essay that either supports or refutes this statement.
List Adam Smith’s qualifications of his laissez-faire policy (reasons for government intervention in the society) and then give your own views on the proper role of the government in society.
Explain how the former Soviet Union was mercantilistic rather than Smithian.
Contrast and compare Adam Smith and the mercantilists on the proper role of government in the society.
Explain Adam Smith’s analysis of the consequences of self-interest coupled with com- petitive markets.
What do you think is the relationship, if any, between the rise of capitalism in Western Europe and religious beliefs?
Contrast and compare Adam Smith’s and the mercantilists’ views on the nature and causes of the wealth of nations.
That absent-minded professor has another job for you. She knows that somewhere in Mun’s writing, he essentially stated that countries should run trade surpluses, but she does not quite remember
What is a likely reason for numerous economists’ having developed the quantity theory of money around the sixteenth century?
Write an essay on the importance to the development of economic thought of the recognition of the interrelatedness of economic activity and how a price system ?
Explain how the use of statistical data might be crucial in establishing knowledge in any scientific discipline.
Write an essay on the pros and cons of an advocacy group’s (e.g., the mercantilists)producing an objective analysis of an economy.
Contrast and compare the mercantilist and scholastic approaches to analyzing an economy.
Write an essay explaining the economic policies of the mercantilists and relate this to your knowledge of the American colonies and English rule.
Explain why the goal of a society, production or consumption, has important implications for analysis and policy.
The assumption that total wealth in the world is fixed had important consequences for the analysis of both the mercantilists and the scholastics. Explain.
Explain the economic ideas of the physiocrats.
Some writers are neither mercantilist nor classical but somewhere in between. Write an essay explaining the notion of a liberal mercantilist and illustrate by example.
Explain the economic ideas of the mercantilists.
You have just found a job as a research assistant to an absent-minded professor. She wants to quote the following passage from Aquinas but has lost the bibliographic citation. Your first assignment
Explain the evolving concept of usury and show how this idea is still used in our society.
Explain the concept of just price and write an essay on the difficulties of objectively determining a just price.
Contrast and compare Plato, Aristotle, and St. Thomas Aquinas on the desirability of private property.
How does a feudal society differ from a market society?
Use Aristotle’s distinction between needs and wants to evaluate your own consumption patterns.
What were Aristotle’s views on the appropriateness of economic activity?
What aspects of efficiency concerned some of the Greek thinkers?
Do you think it is appropriate to isolate the economic, political, sociological, and psychological facets of society from the total society?
Explain the difference between the use of tradition, authority, and a market system as allocators of scarce resources.
What is the meaning of the assertion that neither the Greeks nor the scholastics understood the full meaning and implications of scarcity?
Why might studying Guan Zhong be more relevant than studying Adam Smith for a modern Chinese economist?
What are some of the benefits to be gained by studying the history of economic thought?
Distinguish between positive, normative, and the art of economics.

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