. Briefly explain the concept of beneficence, and how it relates to free markets?

History of Economic Thought and Globalization
Homework #2 – Please submit to Drop Box marked Homework #2 by Monday, Jan. 5 at midnight.
From Economics Evolving – A History of Economic Thought and the notes on the board in class.
1. In your own words, briefly explain Adam Smith’s concept known as division of labor? What benefits does it provide?
2. In your own words, briefly explain Adam Smith’s thoughts on the following:
a. relationship between rich and poor
b. The proper role of government
c. How mercantilism affects the domestic poor.
3. In the Reason TV interview of Russ Roberts on Adam Smith and the Theory of Moral Sentiments, in your own words:
a. Briefly explain the concept of beneficence, and how it relates to free markets?
b. Which is more compatible with free markets, a government solution to local problems or voluntary collective action and why?
c. Define confirmation bias and the “cherry-picking” of data. How are they related, feel free to use an example.

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