Reading: Heilbroner V—The Marginalists
Use the following excerpts to answer each question. Responses must be limited to 3-7 sentences.
1. “…the two great forming agencies of the world’s history have been the religious and the economic” [as cited in Heilbroner, 1996, p. 229].
What does Marshall mean by this? Explain by giving the context of this quotation and relate it to the course objectives.
2. Walras introduces a distinction between the pure theory of economics and applied economics ( starting: Heilbroner 1996, p. 224).
Does Walras argue that the “pure theory of economics” is more important than “applied economics”? Use the logic of his argument to explain why or why not.
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