The wordly philosophers: adam smith



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Econ 103

Spring 2002




THE WORDLY PHILOSOPHERS: ADAM SMITH


Materials:



  1. Chapter 3 of Heilbroner (In Reserve Library)

  2. Classnotes



  1. Short answer questions




  1. Who was Adam Smith? Briefly explain.




  1. Why did the author, Robert Heilbroner, say that the Wealth of Nations was a “revolutionary book”? Briefly explain your answer.




  1. What are the 2 great economic problems that Adam Smith discusses in the Wealth of Nations? Briefly explain.




  1. What is the role of government in a market society, according to Smith? Briefly explain your answer.



  1. Long Essay

  1. According to Adam Smith, how does a capitalist society hang together, i.e. coordinate its economic activities? Explain and illustrate your answer with examples.




  1. According to Smith, why and how does a capitalist society experience economic growth? Explain (you also need to discuss the process in your answer).


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