Econ

QUESTION 1

1. What economic problems were the mercantilists interested in solving and for whose benefit?  How do those compare with the problems addressed by the Scholastics?  Was foreign trade  a “win-win” proposition for both nations involved in exchange?

QUESTION 2

1.

Why did the early mercantilists oppose the exporting of gold bullion? What was Mun’s argument in favor of it?

QUESTION 3

1.

How did Mandiville’s argue that that self love (in the form of greed) is what caused a society to flourish?  Can you find a problem with this argument?  What was Adam Smith’s reaction to Mandiville’s ideas?

QUESTION 4

1.

According to Sedlacek, how is Smith’s concept of self interest consistent with his previous argument that “sympathy” is the foundation of a moral society