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Each questions is worth 3 points. In order to receive credit, must complete both for 6 possible points total. Extra credit points will be applied to the final Exam 1 grade.
Please answer the following two questions (should not be more than 1/2 – 3/4 page each)
1. Veblen – Conspicuous Consumption (Ch. 4): You are responsible for reading only pp. 33-47/Ch.4. I posted Ch. 1-4 from The Theory of the Leisure Class, in case any of you might be interested to look at the preceding sections.
What does Veblen mean by “conspicuous consumption”? Please cite at least one relevant quote from the text.
2. McCormick – An Essay on the Origin of the Rational Utility Maximization Hypothesis
Summarize some of the views on what was meant by rational economic behavior or a rational economic agent throughout the development of economic theory (i.e. classical/marginalist/neoclassical)?
