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problem1

a. What was the Neolithic Revolution?  Give explanation carefully what essential changes caused this "Revolution" and what essential changes in property rights accompanied it. In what fundamental manner did society change? Why was it a compulsory condition for the emergence of complex societies and civilization?  Why is it called the "Great Divide?"

b. What was the role of learning in Neolithic Revolution?  How did this raise specialization and division of labor? Why did it cause the emergence of bondage in various places? What would the alternative to bondage be under conditions that prevailed following Neolithic Revolution?

problem2. What is meant by the "scattering of strips" in the medieval agriculture? Elucidate how this was a response to conditions existing in Europe throughout the middle Ages and what its advantages were under these conditions. (Please give two definitely dissimilar advantages.) What factors would cause this practice to disappear?

problem3. Firms have two sources of economic profit.  First they can be protected from competition, and in return, bureaucrats and politicians are likely to anticipate favors and political support. Second they can innovate introduce latest products, open new markets, and or make quality improvements or cost diminutions, thereby gaining an advantage over rivals. Without protection, the resulting excess profits are likely to be temporary till rivals catch up or leapfrog, but can be renewed via new innovation.

Assume a firm introduces a profitable innovation that lessens production costs. As a result, rival firms suffer wealth losses, and some will finally go out of business, though historically, the old production techniques usually survive for a time before disappearing completely.

Show that society gets a net gain from this innovation, in the sense that the benefits to society of innovation are greater than its costs, even if we don't count the innovator's profits and even if the innovator is capable to exercise some market power after innovating.  Then elucidate why a government might still try to suppress the innovation.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91656

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