FINAL HONOURS.

POLITICAL AND ECONOMIC SCIENCE.

Economic Theory; The Government of England.

(Candidates will write upon five questions, at least two in each

Section).

A.

1. (a) State clearly, and estimate the value of, John Stuart Mill's theory of international trade.

(b) Discuss J. S. Mill's theory of governmental interference.

(c) To what extent may a policy of economic paternalism be justified? Illustrate by references to recent experiments in the United Kingdom.

2. (a) What is the value of the historical method as a means of economic investigation? To what extent is this method made use of by the classical and modern schools, respectively?

(b) Explain carefully what is claimed for marginal utility as a means of accounting for and determining value. Criticize this doctrine.

(c) What are the conditions under which value emerges, and what is the value-causal sequence?

3. (a) Examine Mill's arguments justifying the institution of private property.

(b) Contrast with that the theory by which J. B. Clark justifies private property in The Distribution of Wealth. (c) Criticize the socialistic indictment of private property.

4. (a) Outline briefly either Clark's or Carver's theory of distribution.

(b) What are the defects in the marginal-productivity theory.

(c) What specific contributions have been made to economic thought by Jevons, Menger, Wieser, BoehmBawerk, Roscher, Knies, Schmoller.

B.

5. "To English-speaking people, whether lawyers or not, law means a body of rules enforced by the courts. For this purpose it is unimportant whether the function of the courts be regarded as making or declaring law, because the question is not about the source or origin, but simply about the criterion of law. The essential point is that what the courts recognize and enforce is law, and what they refusee to recognize is not law. Such a definition of law is commonly assumed as an axiom, and yet it is neither universally accepted in all countries, nor has it always been applicable even in England.”

Comment.

6. (a) Give a brief statement of the policies and relative strength of the political parties in England.

(b) Explain in detail the changes effected by the Parliament Act.

(c) What is the value of the House of Lords as a second chamber, under existing conditions?

7. (a) "The actual relation of the United Kingdom to her self-governing colonies may not be easy to classify in the terms ordinarily used by publicists. But whether those colonies are dependencies or members of a confederation, whether sovereignty is really lodged in Parliament or divided, there is no doubt that as regards foreign nations the British Empire is treated as a single power, and that power is England."

Comment. What are the recent tendencies in this respect?

(b) Outline the relationship between the United Kingdom and its great dependency, India. How has this rela

tionship been modified in recent years?

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8. (a) What are the relations between the Cabinet and the House of Commons?

(b) Outline the functions of the permanent civil service and its relationship to the ministers.

(c) What is the relationship between the cabinet and the country?

FINAL HONOURS.

ECON

POLITICAL AND ECONOMIC SCIENCE.

Money and Banking: Corporation Finance.

(Six questions, at least two from each section, will constitute a full paper). A.

1. (a) "Concerning transactions begun and ended at a given time and place, the question of a standard is simple; but division of labor, the complexity of modern industries, and the existence of contracts running over a period of time, have introduced into monetary operations the time element in a way which produces special problems of right and justice."-Laughlin. What is the nature of these problems?

(b) Ho wdoes a change in the value of gol daffect the creditor class?

(c) Discuss the value of the following standards: the tabular standard, the corn standard, a silver along with a gold standard.

2. (a) What is the nature and meaning of credit? Is a sound credit transaction always based upon goods?

(b) What part does credit play in the modern business world?

(c) Explain what is involved in the statement that the essential function of a bank is that of insurance.

3. (a) What is involved in the quantity theory of prices? In your judgment, is it the true explanation of prices? Explain fully.