SUBJECT: History of Economic Thought

URGENT!!

1. Discuss the interplay of the money rate of interest and the natural rate of interest in a credit economy.

2. Discuss the cumulative process analysis of Knut Wicksell regarding equilibrium in the economy. (Note: start with a disequilibrium situation where the two rates of interest are unequal.)

3. Explain what Leo Walras meant by general equilibrium. Why will there be always equilibrium in the economy? What happens if there is excess demand in one market? Excess supply in another market?

4. Contrast William Stanley Jevon's definition of utility to that of Carl Menger's. In what aspect are they similar? In what aspect are they different?

5. Why is time an important element in Alfred Marshall's analysis of production?