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no more than 500 words for each questions.

Date Posted: 01/12/2020
Category: Economics
Due Date: 04/12/2020
Instruction
1.Provide a critique of utilitarianism and its application in economics. Then discuss what kind of social reforms would utilitarianism potentially support and why? 2. Discuss the utopian socialist ideas and why the early socialists fail to make real changes. How did scientific socialism improve from the utopian ideas? 3. What is Walras’ law? How is it different from Say’s law? 4. Explain the falling rate of profit theory from Marx. Why would capitalists collectively drive down profit rate? 5. What is the reserve army of labor? How does it support the functioning of capitalism? Give an estimate of the reserve army in the US now. 6. Provide a critique of the idea that everyone is an owner of capital (e.g. rich people have buildings and banks, but working people have “human capital”.)
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