Q1. 18 points

(a). Provide an explanation of the Classical conception of economics as "a science of material wealth." What role did the Classical theory of value play in the emergence and development of such a conception of economics? (5)

(b). Provide an explanation of the Wicksteed-Robbins "means-ends" conception of economics. How did this conception differ from the Classical conception in part (a)? (5)

(c). Analyze the implications of the Wicksteed-Robbins conception for the scope of economics and for the relationship between economics and ethics. (5)

(d). Explain how Mises' conception of economics as "praxeology" differs from the Wicksteed-Robbins conception.

Economics subject