1.Discuss the major shortcomings and contributions of physiocratic thought.

2.How did Smith's ideas echo those of the physiocrats? In what ways did Smith expand theory beyond those ideas?

3.In what respects might Smith rightly be called an advocate of laissez-faire? On what basis might one challenge this label?

4.What, according to Smith, determines exchange value in a primitive economy? What determines exchange value in an advanced economy? Why did Smith use "labor commanded" rather than simply "money commanded" as a measure of the value of a good?

5.How does Malthus's theory of population help explain famines? In what ways does it fall short or even distort understanding so as to contribute to modern famines?