Answer one of the following 3 questions in a short legibly-written or
preferably typed essay of maximum 500 words:
1. Do you think that all students who major in economics should be required to take a
course in the history of economic thought? Why or why not? Explain.
2. Do you think that knowledge of the history of economic thought is useful to
students who don’t major in economics? Why or why not? Explain.
3. “Ideas are inherently conservative. They yield not to the attack of other ideas but to
the massive onslaught of circumstance with which that cannot contend.” (J.K.
Galbraith). Discuss with respect to either Classical economics, Marxian economics,
Neoclassical economics, Keynesian economics, or the Neoclassical Synthesis.

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