Question

Answer these questions: 7 to 15 lines each: a-Why is Marx’s concept of surplus value unique in political economy? b- Which system of thought is more pro-labour, mercantilism vs. physiocrats? defend. c-Compare the views of 2 political economists on the British corn laws. Which has a better view? d- What is the problem with Malthus’ concept of overpopulation in understanding the root causes of overpopulation? In your own words

Answer 1

a.Marxist theory of surplus value is said to be unique in the political economy. Marxian theory of surplus labor value has laid the foundation for many theories on labor and the relationship between labor and capital.The surplus value of Karl Marx is basically the difference between the amount received after the sale of the product and the amount it took for the producer to manufacture that product.In Marxian theory he also explains about the exploitation of the workers.The capitalists pays the workers less than than total profit they earned from the selling of goods.The workers are only paid subsistence wages
b.Mercantalism is a school of economic thought which promoted government regulations on trade.It is a school of thought which restricted the imports and encouraged exports.According to Mercantilism the primary wealth of nation depends upon the ownership of precious metals such as gold and silver. According to Mercantilism trade is a zero sum gain.Physiocrats like Adamsmith believed that the major source of wealth is land and it restricted the government regulations on trade.Comparing both the school of thought physiocrats is more pro labor.
C.The corn laws are basically the tariffs imposed on the imported food grains.The corn laws were implemented in order to protect the domestic producers .The corn law restricted the imports of cheap grains.Robert peel abolished the Britian corn laws.
d.Thomas Malthus predicted that the population rate will grow at an geometric rate and the food grains at an arithmetic rate.He argued that if there weren't regular checks on birthrates the world would face famine in 1798.The Malthus predictions never proved true.Malthus did not foresee the importance of pesticides,technological advancements at which will increase the food grain production