Lesson 10: Our "Henry George Course" in Context

(extra-credit lesson — recommended for students who’d like to continue studying with us!)

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1. This course keeps repeating the phrase "in political economy" because (7 pts.)

2. According to the authors, where do Henry George's ideas fit into the family tree of modern economics? Do you agree? Explain your answer. (7 pts.)

3. What concerns contributed to the gradual transition from feudalism to mercantilism? (7 pts.)

4. According to Adam Smith, what are the main factors that lead to prosperity? (7 pts.)

5. How was an "Iron Law of Wages" implied in Ricardo's Law of Rent? (7 pts.)

6. What is the essential weakness of the labor theory of value? (7 pts.)

7. What are some basic ways in which 20th-century economic policies failed to solve the chronic problems of poverty and boom/bust cycles? (8 pts.)

8. Describe some of the contradictions surrounding the legal concept of private property in land. (7 pts.)

9. In what sense has the "Malthusian" position been reasserted in the 21st century? What is your opinion on this? (7 pts.)

10. How has this course expanded the definition of "production" in political economy? (7 pts.)

11. What is the true goal of economic activity? (7 pts.)

12. State an example of how all three factors can provide an economic service. (8 pts.)

13. Why did Henry George not mention the boom/bust cycle in The Science of Political Economy? (7 pts.)

14. Why is marginal analysis a vital part of Henry George's political economy? (7 pts.)