History of Economic Thought — DU B.A. (Hons.) Economics Previous Year Question Papers

1. What are the ‘cumulative view’ and the competitive view’ of the development of economic thought. Which of the two views supports the study of history of economic thought and why? 2. Adam Smith considered the division of labour and accumulation as central to the determination of the ‘Wealth of Nations’. Discuss 3. Adam Smith and David Ricardo subscribed to the labour theory of value but there are essential differences in their approaches. Explain. 4. How does Karl Marx use the labour theory of value to explain exploitation and 5. accumulation under capitalism? Discuss the three models of General Equilibrium theory developed by Leon Walras. 6. Discuss the three pillars on which the analytical structure of Keynes’s General Theory rests. 8. capitalist economies. Do the investment and consumption decisions of capitalists determine their profits in the Kaleckian model? Explain. 9. What are the factors that determine unemployment and output in a modern economy according to the post Keynesians? How are they different from those proposed by the neoliberals?