1. From Heilbroner Chapter 7, what Heilbroner means by the 'Victorian World' and the 'Underworld' of economics?
   • What was the Victorian consensus?
2. Historical context of imperialism:
   • Explain briefly the trade that was led by the Dutch East Indian Company or the British East Indian Company, the so-called private empire. How was it different from the past? How did it lead to the slave trade?
   • Explain briefly how international trade and imperialism relate to technological advancements in Europe, including steamboats, railroads, guns, and medicine.
3. According to Hobson, what is the explanation of colonization committed by the West? How's it related to Marx's falling rate of profit?
4. What was the historical context that changed during the late 19th century that orchestrated the paradigm shift from classical analysis to neoclasscial analysis?
5. The 'equilibrium' concept arose during neoclassical economics era. How demand and supply, and thus the equilibrium, are used to explain the price as Marshall said they are the 'blades of a pair scissors? Why economists regarded this concept as 'Victorian vision of economy'? How's it different from classical economists?
6. What is the difference between the natural value and market price?
7. Explain the differences between the objective theory of value and the subjective theory of value.
   • What are the main differences between the classical and neoclassical economics in terms of theory of value, focus, main concern, unit of analysis, and conflict?
8. Explain water/diamond paradox.
   • What is the paradox?
   • What is classical explanation?
   • What is neoclassical explanation?
   • Which explanation is similar to what you have learned in the Consumer Theory in microeconomics? How?