Discussion:
1.Explain Schumpeter's theory of the business cycle and his prediction that capitalism will eventually be replaced by socialism.
2.Explain the goals and motives behind the Utopian Socialist School. How did their vision differ from Marx's vision of the trajectory of society?
3.Explain North's concepts of "institutions" and "organizations". How does each play a role in economic change?
4.Explain the major departure of the departure of the Marginalist School from the Classical Political Economists. How did it change the focus of economics and leave no room for political economy at the time?
5.Explain Veblen's theory of the leisure class. Explain why the leisure class is not overthrown and how conspicuous consumption plays a role in Veblen's theory.