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ECS3705- Summary Notes contains past exam Questions with correct Answers for exam preparations.

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STATS EXAM PACK(2010-203)

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STATS EXAM PACK(2010-203) Questions with well elaborated correct answers.

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ECS3705- Summary Notes

ECS3705- Summary Notes

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ECS 3705History Economic Thought Study Guide

INTRODUCTION MODULE OUTCOMES Through a study of this module, you can look forward to acquire: 1 a better understanding of the present economic situation by way of a better understanding of past economic situations. 2 a greater appreciation for the fact that many popular ideas which seem novel and contemporary are, in fact, reformulations of old ideas. 3 a deeper insight into the thought world of famous economists of the past, like Adam Smith, Karl Marx and John Maynard Keynes. 4 a bette...

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ECS3705-Study-unit-3 notes

ECS3705-Study-unit-3 Chapter 6, 7 & 8: Chapter 6 1. Malthus on the Poor Laws Malthus believed poverty and misery are natural punishments for the failure by the “lower classes” to restrain their reproduction. He felt that there must be no government relief for the poor. He believed that by giving them aid would cause more children to survive thus ultimately worsening the problem of hunger. Some of his ideas were adopted into the Poor Laws. This law abolished all relief for ablebodied p...

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University of South Africa • ECS3705-Study-unit-3

ECS3705-Study-unit-1

Study unit 1 Chapter 2, 3 & 4: Mercantilists, physiocrats and classical forerunners Chapter 2: Mercantilists 1. The fear of goods One of the principles of the Mercantilist school is duty free importation of raw materials that could not be produced domestically, protection for manufactured goods and raw materials that could be produced domestically and export restrictions on raw materials. Emphasis on exports & a reluctance to import has been called the fear of goods.

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ECS3705-Study-unit-7

Chapter 21: The Keynesian 1. Write an essay on the Keynesian economics, in which you pay attention to at least the following aspects:  The major tenets of Keynes’s economics - Macroeconomic emphasis. Keynes and his followers concerned themselves with the determinants of the total or aggregate amounts of consumption, saving, income, output, and employment. They were less interested, for example, in how an individual firm decides on its profit-maximizing level of employment than in th...

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ECS3705-Study-unit-4

Chapter 9 & 10: Chapter 9 1. Types of Socialism – refer to textbook page 162 and study guide page 67 2. The commonalities of socialism (ie what all forms of socialism have in common) – Rejection of classical view about harmony of interest between classes of society – Rejection of classical concept of laissez-faire – Rejection of classical idea of Say’s Law (markets are inherently unstable) – Perfectibility of people given the right social system; with the right system, people ...

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ECS3705-Study-unit-5

Chapter 12, 15 & 18: The Marginalist/neoclassical school 1. Write an essay on the Marginalist/neoclassical institutional schools of economics, in which you pay attention to the following:  Its reaction against the classical school - The early marginalists reacted to the classical position which one-sidedly emphasised the suppliers’ valuation of the good (cost of production) as the main determinant of its price, by embracing the opposite one-sided position that regards demanders’ va...

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ECS3705_Study_unit_6 notes

Chapter 11: German Historical School 1. The meaning of the historical school’s evolutionary approach. Evolutionary approach is a dynamic evolutionary perspective in its study of society. It concentrated on cumulative development and growth. An analogy was sometimes drawn to Darwin’s evolutionism in biology: the social organism is born, develops and grows, and finally decays and dies. Society is constantly changing. Therefore, what is relevant economic doctrine for one country at a part...

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