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1. Answer the following (400 words):

Adam Smith’s two books, the TMS (Theory of Moral Sentiments) and WN (Wealth of Nations), both appear to endorse economic inequality. Arguably, one of the two books makes a more compelling case than the other. Develop a position on this.

2. Choose one from the two choices below (400 words):

According to one scholar, Smith “did not leave it to man’s feeble reason to discover that and how he ought to preserve himself, but gave him sharp appetites for the means to his survival.” Compare and contrast the extent to which Smith, in the TMS and WN, downplays the role of human reason in guiding us to a better world.

Adam Smith observes that “the chance of gain is by every man more or less overvalued, and the chance of loss is by most men undervalued” (Smith, quoted in Heilbroner, p.33). What does he mean by this and in what respects in this claim consistent with his analysis of human nature in both of his two books, the TMS and the WN. Develop a position on this.

For question 3 and 4, refer to the list of philosopher-economists at the bottom of the page.

3. Answer the following (400 words):

Thomas Robert Malthus appears to argue that suffering and widespread poverty are inevitable, in contrast to his more optimistic predecessors. Compare and contrast three of the philosopher-economists we have read in this course on the means to overcome the problems posed by scarcity, whether it be scarcity of money, capital or land.

4. Answer the following (400 words):

Thomas Mun concludes that any legislative efforts to force money into a kingdom are “not only fruitless but also hurtful” (Mun, closing pages). Compare and contrast three philosopher-economists we have read in this course on the extent to which government action may or may not facilitate foreign trade and hence prosperity.

List of philosopher-economists you could refer to in your writing (for question 3 and 4):

Aristotle
Aquinas
Thomas Mun
John Locke
Montesquieu
Quesnay
David Hume
Adam Smith
Thomas Robert Malthus

preview of the answer..

Adam Smith who was lived between 1728 and 1790 was a Scottish man from Glasgow who is famously known for his contribution to the modern economics. He studied economics in Glasgow and Oxford University and was the government economic advisor as well as a professor and a private tutor to the royal family children’s. In his career he wrote two books that are considered to be the shape of modern economics. These two books were Wealth of Nation which ..

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