Description
answer 3 questions
3 sentences for each question
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Q1:Describe Ricardo’s theory of rent.
Q2: Describe the difference between Chrematistics and Economics in Aristotle’s thought. How does Aristotle’s disdain for Chrematistics relate to the notion of evil we discussed with respect to the Garden of Eden Story?
Q3: Describe Ricardo’s Labor Theory of Value (LTV). How is he able to describe all costs of production in terms of labor? How is he able to state the value of a day’s labor in terms of food?
Q4: Describe the at least two examples of the Hebrew social “safety net” and how they helped reduce poverty.
Explanation & Answer
Attached.
Question1: Describe Ricardo’s theory of rent
Ricardo’s theory of rent defined rent as nothing but the differential gain or the surplus of a
producer which can only be found land. The Ricardian theory applies a number of assumptions.
Some of these assumptions are land rent applies due differences in situation or fertility of land
plots, examines land supply of land society as a whole stan...
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