Explain Malthus’ Population Doctrine. How does he “prove” that no matter how hard we work, population will always outweigh Earth’s productive resources.
Describe Ricardo’s Labor Theory of Value (LTV). How is he able to describe all costs of production in terms of labor? How does his “Iron Law of Wages” allow him to state the value of a day’s labor in terms of food?
if the value of all goods produced come from the labor used to make them, where does profit come from?
Describe Ricardo’s theory of rent. Does Ricardo regard the rent a farmer must pay for his land as contributing to the value of his crops?
What is the difference between Smith’s “Wage Fund” and the way you were told that wages were determined in Econ 003?