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In spite of its scientific method, neoclassical economics had strong ideological  implication. The theoretical model assumed the existence of a structure of economic  institutions based on individuals functioning in an environment of self-adjusting  markets. It pictured a private-enterprise economy that produced what consumers  wanted and, therefore, maximized welfare, distributed products justly, and normally  operated at full employment levels. Economic growth through saving and capital  accumulation was the source of progress. The model was essentially the same as  Adam Smith’s, modernized to eliminate the labor theory of value and to bring it into conformity with the philosophy of individualism and newer ideas about scientific method. Unlike the social Darwinism of Spencer, Summer, Field, and Carnegie, however,  neoclassical economies was not a rigorous laissez-faire theory. One major exception was in the area of monetary policy, where responsibility for maintaining economic stability through proper management of the money supply was assigned to government acting through the central bank. But even in this area, policy discretion was to be limited: the criterion for monetary policy was that it limits expansion of credit to the legitimate needs of business-that is, to the needs of production and distribution. Both of those aspects of the economy were to be governed by the free play of market forces unhampered by government intervention. In the last analysis, what little monetary intervention was allowed, was to be largely indicated by the free market. Other types of intervention were approved by most neoclassical economists. One  was the effort to preserve competition by what, in this country, came to be called “antitrust” laws. Since their theories were based on the assumption of perfect  competition in all markets, these economists were at least consistent when they argued for regulation of “natural” monopolies and for laws to prevent restraint of trade. Their commitment to competition and their support of antimonopoly legislation were not complete, however. Some economists argued that private monopolies, unsustained by government restrictions on competition, would inevitably fall from their positions of power because of efforts of other business firms to get a share of the excessive profits.   Others wanted to move slowly for fear that antitrust action might reduce the  advantages to be obtained from mass production. In spite of these relatively mild  dissents, however, a fairly consistent emphasis on the advantages of competition was developed and had been sustained to this day   The source of progress in neoclassical economics was: 1) a rigorous laissez-faire theory 2) economic growth through saving capital accumulation 3) government intervention in the economy 4) was to limit the expansion of credit to the legitimate needs of business   The effort to preserve competition was through … 1) “antitrust” laws 2) “distributed products justly” 3) maximizing welfare 4) operating at full employment level   One major exception between neoclassical economics and the social Darwinism of   Spencers, Summer, Field, and Carnegie was: 1) The discovery of cheaper method of production 2) Scientific method producing goods and services 3) Refined by mathematical logic 4) In the area of monetary policy   The model was essentially modernized to: 1) the needs of production and distribution 2) get a share of the excessive profit 3) eliminate the labor theory of value 4) analysis of an economy in constant flux and disequilibrium   The neoclassical economists commitment to competition and their support of  antimonopoly … . 1) were not complete 2) were to be governed by the free play of market forces 3) were to be obtained from mass production 4) assumed the existence of a structure of economic institutions based on individual functioning    Some economists argue that private monopolies … 1) was to be largely indicated by the free market 2) was developed and has been sustained to this day 3) would inevitably fall from their positions of power 4) wanted to move slowly    In spite of some dissents ... . 1) a fairly consistent emphasis on the advantages of competition was developed 2) it pictured a private-enterprise economy that produced what consumers wanted 3) neoclassical economics had strong ideological implications 4) the model was essentially the same as Adam Smith’s    Since their theories were based on the assumption of perfect competition in all  markets: 1) Other kind of intervention was approved by most neoclassical economist 2) These economists argued for laws to prevent restraint of trade 3) They argued for the restrictions on competition 4) They argued for natural monopolies    The proper management of money supply: 1) was based on individual functioning of self-adjusting markets 2) was exactly the same as Adam Smith’s 3) was assigned to government acting through the central bank 4) was based on the labor theory of value    The criterion for monetary policy was that: 1) was not a rigorous laissez-faire theory 2) the most neoclassical economists approved all types of intervention 3) no intervention by government was allowed 4) it limit expansion of credit to the needs of production and distribution

عباس عبدالرزاقی · Accepted Answer

Answers:     The source of progress in neoclassical economics was:  2) economic growth through saving capital accumulation     The effort to preserve competition was through:  1) “antitrust” laws      ...

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