Excerpt from Roblems and Exercises: To Accompany Clay's Economic for the General Reader and Ely's Outlines of Economics
1. 1. "Some study of Economics is at once a practical necessity and a moral obligation." Explain and illustrate each of these two points.
2. 2. "We are seeking principles in our study of economic problems." Why?
3. 3. "This is all right in theory but it won't work in practice." Explain what is meant. Show that this is an unfortunate statement.
4. 4. "Explanation is not justification." Illustrate.
B. The Nature and Scope of Economics
Ely, Ch. 1
5. 1. What is the objective point of the science of economics? Is it to teach individuals how to get rich? Discuss.
6. 2. Did the rise in wages from 1915 to 1920 indicate social improvement or the reverse? Did this wage increase mean a hardship to any one class? Explain.
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