Microeconomics Samuelson
Microeconomics Samuelson and Nordhaus Chapter 1,2,3,4,5
Some Questions for Discussion
Chapter 1
1. Question 1 .- Explain how the cool head might provide the essential positive economic analysis to implement the normative value judgments of the warm heart. Do you agree with Marshall’s view of the role of the teacher? Do you accept his challenge?
In order to achieve the ultimate goal of economic science which is to “improve the living conditions of people in their everyday lives” (*) a cool head attitude has the knowledge and wisdom acquired through a lifetime relation to the economic momentum. Balancing this with a warm heart compassion vision, and a willingness to improve society, is the most appropriate way to use certain economic models in order to acquire economic sustainability with social improvement.
We agree with Marshall’s view which was conceived through a social corporate responsibility. We, as leaders, accept his challenge through developing projects which should be not only profitable but also socially accepted and with respect to the environment. Also, we should use our cool heads to objectively take challenges and make difficult decisions that will lead us to a prosperous society with a sustainable economic growth.
(*) Economics – Samuelson Nordhaus 18th edition, pg.6
2. Question 7 .- Some scientists believe that we are rapidly depleting our natural resources. Assume that there have only two inputs (labor and natural resources) producing two goods (concerts and gasoline) with no improvements in society’s technology over time.
A. Show what would happen to the PPF over time as natural resources are exhausted. B. How would invention and technological improvement modify your answer? On the basis of this example, explain why it is said that “economic growth is a race between depletion and invention.”
It is said that economic growth is a race between depletion and invention because the continuous
Some Questions for Discussion
Chapter 1
1. Question 1 .- Explain how the cool head might provide the essential positive economic analysis to implement the normative value judgments of the warm heart. Do you agree with Marshall’s view of the role of the teacher? Do you accept his challenge?
In order to achieve the ultimate goal of economic science which is to “improve the living conditions of people in their everyday lives” (*) a cool head attitude has the knowledge and wisdom acquired through a lifetime relation to the economic momentum. Balancing this with a warm heart compassion vision, and a willingness to improve society, is the most appropriate way to use certain economic models in order to acquire economic sustainability with social improvement.
We agree with Marshall’s view which was conceived through a social corporate responsibility. We, as leaders, accept his challenge through developing projects which should be not only profitable but also socially accepted and with respect to the environment. Also, we should use our cool heads to objectively take challenges and make difficult decisions that will lead us to a prosperous society with a sustainable economic growth.
(*) Economics – Samuelson Nordhaus 18th edition, pg.6
2. Question 7 .- Some scientists believe that we are rapidly depleting our natural resources. Assume that there have only two inputs (labor and natural resources) producing two goods (concerts and gasoline) with no improvements in society’s technology over time.
A. Show what would happen to the PPF over time as natural resources are exhausted. B. How would invention and technological improvement modify your answer? On the basis of this example, explain why it is said that “economic growth is a race between depletion and invention.”
It is said that economic growth is a race between depletion and invention because the continuous