You will be required to answer 3 questions in 3 hours

1. Marx's method is the only important difference between his work and that of the neoclassical economists.

2. For some, Sraffa perfected value theory based on dated labour for others he destroyed it. Discuss in relation to Marx's labour theory of value.

2. The source of crisis is the conflict over the share of wages and profits in national income. Discuss.

3. A cost reducing innovation always raises the rate of profit for a given wage. Discuss.

4. The existence of the reserve army of labour contradicts the assumption of competitive markets on which the Marxian theory is founded. Discuss.

Or

Control over labour is the most important driving force in capitalist development. Discuss

5. Marxist theories of the state are purely "functionalist" and of little value. Discuss.

6. Is there a coherent body of Post-Keynesian thought which constitutes an alternative paradigm to the neoclassical system? Answer with reference to closed economy models.

7. Economics represents a truly modernist body of thought. Discuss

8. Institutionalist economics adds little to orthodox economics. Discuss