Mystery of the Invisible Hand Midterm Test

UNIVERSITÉ PANTHÉON-ASSAS PARIS 2
2020-21
L3 ENGLISH FOR ECONOMICS
First Semester
The Mystery of the Invisible Hand

By Marshall Jevons
MIDTERM TEST: Week of November 23rd (in class)

PRESENCE IS COMPULSORY
TUTORS: V. BUHL, C. HEUILLARD, L. SOLAZ, I. MEYER
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MID-TERM TEST DATE: Week of November 23rd (in class)
GENERAL OBJECTIVES
COE B2 level of the Common European Framework for Languages (Council of Europe)
I can understand extended speech and lectures and follow even complex lines of argument
Listening provided the topic is reasonably familiar. I can understand most TV news and current affairs
programmes. I can understand the majority of films in standard dialect.
I can read articles and reports concerned with contemporary problems in which the writers
Reading
adopt particular attitudes or viewpoints. I can understand contemporary literary prose.
I can interact with a degree of fluency and spontaneity that makes regular interaction with
Spoken
native speakers quite possible. I can take an active part in discussion in familiar contexts,
interaction
accounting for and sustaining my views.
I can present clear, detailed descriptions on a wide range of subjects related to my field of
Spoken
interest. I can explain a viewpoint on a topical issue giving the advantages and disadvantages
production
of various options.
I can write clear, detailed text on a wide range of subjects related to my interests. I can write
an essay or report, passing on information or giving reasons in support of or against a
Writing
particular point of view. I can write letters highlighting the personal significance of events
and experiences.
THE MYSTERY OF THE INVISIBLE HAND

The course is entirely based on a book that you MUST BUY AND READ:
The Mystery of the Invisible Hand by Marshall Jevons, published by Princeton
University Press.
You can purchase either the physical book (roughly 15€) or the eBook (roughly 11€). (You
do not need a special device to read the eBook; it can be read on any device.) They can both
be ordered online.
You are expected to have read the following chapters by the date indicated:
Week Chapter(s) up to page by week starting
2 1-5 36 5th October online grammar practice
th
3 6-9 72 12 October
4 10 - 13 131 19th October ONLINE QUIZ
th
5 14 - 15 159 26 October
6 16 - 17 200 2nd November online vocabulary practice
7 18 - 19 229 9th November* ONLINE QUIZ
th
8 20 - 21 257 16 November
9 MIDTERM 23rd November
10 22 - 24 280 30th November
11 25 - 27 316 7th December
12 28 339 14th December ONLINE QUIZ
* Wednesday groups will not have class on November 11th but must still read to the end of Chapter 21 by
November 16th
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Course work:
Before class: read the relevant chapters and prepare the questions in the brochure. Do some
research to enrich your contribution in class. In addition, a number of personal assignments
may be handed out each week.
Agorassas online:
Online quizzes: You must complete a quiz online using the university’s moodle
platform during Weeks 4, 7 and 12. The questions are based on the material in the
brochure from the previous weeks (comprehension, vocabulary, grammar, videos…)
These quizzes should be completed outside the classroom. In other words, they are to be
done independently, during your study time. These quizzes are compulsory and will be
integrated into your continual assessment grade. You have only a limited time to
complete the quiz and you may only take the quiz once. Each quiz lasts roughly 10-12
minutes. It is essential that you log on to the university website immediately in order to
activate your account. Details of how to do this can be found on the last page of this
brochure. It is essential to respect the calendar for doing this. Anyone failing to
complete the quizzes during the designated week will receive a zero for the activity.
Online practice: On the platform, you will also find a grammar practice activity and a
vocabulary practice activity. These activities will remain open until the end of the
semester in December. You can do the activities as many times as you like. Your best
grade will be included in your continual assessment grade
Your scores on the 3 tests plus your best score on the 2 practice activites will count for a
total of 10% of your continual assessment grade.
Reading quizzes may also be administered in class, both orally and in writing.
During class: each week we will investigate various aspects of the book and you will be
expected to contribute to the debate. The quality of participation in class is an integral part
of your grade for the semester. It will be evaluated using the following criteria:
Superior Attends class and arrives on time. Does all the homework and preparation assigned for class. Listens
attentively when others speak. Speaks only in English. Asks questions in English. Participates in all activities
with patience and a willingness to learn. Demonstrates very active involvement. Helps others do all the
above too.
Average Attends class and arrives on time. Doesn’t always pay attention when others speak. Speaks mostly English,
but uses French on occasion. Participates in all activities, sometimes reluctantly. Overall shows a willingness
to learn. Does not make participating in class difficult for other students. Homework or preparation is
incomplete.
Unsatisfactory Arrives late for class. Uses more French in class than English. Doesn’t listen when others speak. Does not
participate effectively in class activities. Distracts other students or is disruptive in class. Doesn’t prepare
homework.
No grade Was absent or very late to class.

(Adapted from http://spanitalport.virginia.edu/spanish-ugrad)
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ATTENDANCE is mandatory for every class.
Rules concerning attendance:
If a student is absent twice in the semester without justification, it is tolerated.
If a student is absent 3 times without justification, it will have an impact on his/her
participation mark.
If a student is absent 4 times, he/she will lose one point from his/her general average mark.
If a student is absent 5 times, 2 points will be deducted from the general average mark.
PUNCTUALITY is also required. You may not be admitted to class if you are late. More
importantly, HOMEWORK must be prepared for each class so that you can participate
actively in each lesson.
The grade breakdown is as follows:
Continuous Assessment (50%) Final exam (50%)

40% 10% 50%
10-minute oral exam.
Preparation of the Online quizzes Written midterm. You will be asked a
homework; participation Online grammar and vocabulary This exam will take question about the
in class practice place in class during novel and the
Week 9 economic concepts
Any other work your Your presence at this explored in it.
teacher chooses to assign exam is compulsory.
Any failure to attend You will have 10
will result in a 0/20 minutes to prepare.
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VERY EXPENSIVE GRAMMAR MISTAKES
The most elementary grammar rules:
Each year you should aim to enrich your English vocabulary and complexify your mastery of
grammar. Having said that, some elementary rules should always be remembered. The
grammar and vocabulary points listed below must be rigorously respected in all your written
work. If any of these mistakes appear in your work, your grade will suffer. On your midterm
or final exam, for every occurrence of the following mistakes, 1 point will be deducted from
your grade. (For example, if you forget the ‘s’ 5 times, you automatically lose 5 points.):
1. absence of the ‘s’
- on the 3rd person singular in the present simple: The correct conjugation of the present
simple is:
1st person: I give We give
2nd person: You give You give
3rd person: He/she/it gives They give
Also remember:
I don’t give to charity.
She doesn’t give to charity.
And:
I have a new phone.
He has a new phone.
- on plurals: Regular plural nouns are formed by placing an s at the end of the word.
Few countries are actively trying to battle climate change.
I have spoken with my professors many times this year.
2. Modals are words like ‘would’, ‘can’, ‘may’, ‘might’, ‘should’, ‘must’. Modals are always
followed by the infinitive without ‘to’ (also known as the base form).
He can be annoying sometimes.
You should complain about your low grade.
The students must think these rules are stupid.
3. Improper ‘s’ on adjectives: Adjectives in English never have an ‘s’ at the end of the word.
Smart people
The other cats
The different countries
4. Relative pronouns: ‘Who’ can only be used to refer to a human being. If you refer to
anything else, including countries, institutions or animals, you must use the relative
pronouns ‘which’ or ‘that’.
The country that borders France to the north is Belgium.
The NGO that Francis works for is headquartered in Geneva.
People who complete a university degree can hope to earn high salaries.
I bought the book, which was recommended by the teacher.
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5. The words ‘every’ and ‘each’ are always followed by a singular.
Every song written by the Beatles is famous.
Each student is expected to write final exams.
Every time I go to English class I forget my homework.
Each year brings a new cohort of students.
6. Confusion between its and it’s. Its is the possessive pronoun of it. It’s is the contraction
of it is.
The ECB is based in Frankfurt. Its mandate is to define European monetary policy.
(Its mandate; the mandate of the ECB).
It’s very hot out today so I won’t be going to the gym. (It is very hot out.)
7. False friends. (Words that sound the same in English and French, but mean something
different):
Actually = in fact
Currently = “actuellement”
8. Spelling: Please note the correct spelling of the following words:

which environment developed (1 p)
government responsibilities another (1 word)
This is by no means an exhaustive list of the grammar points that you need to master. These
errors are simply so basic that their presence in your written work will have a huge impact on
your grade. If you have already mastered these points and you would like to work on more
complex structures, at the end of the brochure, you will find a more detailed list of grammar
points to remember (page 56).
Please bear in mid that in this Economic English course, you are graded both on your
knowledge of the economic themes covered and your mastery of the English language. The
aim is to ensure that your English skills are sufficiently robust to allow you to function
efficiently in your future career. For this reason, if you hope to attain a high grade (between 7
and 10) your written production must be top quality. Attaining that high level demands
regular practice. Make sure you prepare your written homework every week. You should
also complete the grammar exercises given to you by your teacher. It would also be an
excellent idea to practice regularly outside the classroom. Many websites offer online
quizzes, for instance:
https://www.educationquizzes.com/esl/
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WEEK 1:
An economist by training thinks of himself as the guardian of rationality, the ascriber of

rationality to others, and the prescriber of rationality to the social world.
- Kenneth Arrow
Video 1: Interview of Kenneth Elzinga

https://www.youtube.com/watch?v=GiXbD5XtS44&
(0’00’’ à 4’10’’)
Kenneth Elzinga (Robert C. Taylor Professor of Economics

at the University of Virginia)
William Breit (1933–2011)
Watch the video and answer the following questions:

1. What facts and figures does the interviewer give to introduce
Professor Kenneth Elzinga?
He has taught over 40 000 students at UVA, he is the author of
more than 110 academic. He is a member of the “Mystery
Writes of America”.
2. What is said about the first three mystery novels written by
Kenneth Elzinga?
He always authored them with William Breit (a friend and also
a professor at UVA).
3. How did Kenneth Elzinga start writing mystery novels?

William Breit was ready to start a mystery novel using economic
analysis on the condition Kenneth Elzinga accompanied him in
the project.
4. In mystery fiction, women’s intuition (Agatha Christie’s Miss Marple novels) or Talmudic
logic (Harry Kemelman’s Rabbi Small novels) can be used to solve crimes; how are they
solved in Marshall Jevons’s novels?
Thanks to economic analysis.
5. What was the title of the first novel published under the pen name Marshall Jevons?
“A murder at the Margin”
6. How did Kenneth Elzinga first meet William Breit?

Breit was a member of the UVA faculty and Elzinga came in 1967
as a young PHD, Breit encouraged him to start teaching.
7. What do we learn about William Breit’s personality and tastes?

Breit had wanted to become a professional comedian, a comic and
8. What kind of writing did Breit and Elzinga originally author?

First, they co-authored a scholastic manuscript (the Anti-Trust Penalties for
Yale University).
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9. Clarify the phrases Kenneth Elzinga uses during the interview:
a shaggy dog story: an extremely long winded anecdote
I’ll try not to turn it into a lecture
to take a stab at (doing) something
Below, you will find the prologue from the novel entitled “Flash-forward”.
The text of the chapter is preceded by a quote from Raymond Chandler. Who was Chandler?
What mood is the quote attempting to create?
Read the text and answer the following questions in the space provided below.
Flash-forward
The streets were dark with something more than night.

- Raymond Chandler
The house was finally quiet. Outside, the black cloak of darkness was just beginning to lift.
The change could be seen coming through the crossbars of the skylight. Dawn wasn’t far off.
But there was still enough time to be sure of things. “More haste, less speed,” wasn’t that the
way it went?
It hadn’t been as hard as expected. After clearing the room they’d been able to move
the body and chair into the bathroom with nary a trace left for the police. It had been a good
idea to arrange for the extra help, even if it took some arm-twisting. Of course, now there
was a witness… no question about that. Well – all in good time.
The toughest part had been the hoisting. He’d actually awakened enough to struggle.
But together they’d got him just high enough to avoid the kicking and flailing, and the
spasmodic legs were connecting with nothing but air.
The gurgling and the jerking soon slowed, like a wind up toy beginning to run down.
The eyes had bulged, the arms fell and hung limply. And still the murderer had waited, well
after the breathing had stopped, well after the furtive accomplice had slipped out into the
night. Nothing was going to go wrong this time.
A chiming clock from somewhere within the house broke the spell. Five times the
lonely sound echoed in the darkness. Time to go. Careful fingers pulled out a note and held
it up to a pocket LED. Its signature passing inspection, the piece of paper was accordingly
placed on the vanity, propped up against a glass and toothbrush that would never be used
again.
On the way out the dead man’s body was bumped. It began to swing slowly, freely…
Freely! From some nether region a dry chuckle emerged. Swinging freely – an apt
epitaph. Too bad it couldn’t be shared with anyone. The chuckle turned into a laugh which
ended only as the front doorknob turned, and the figure melted into the outer shadows.
It had been a productive night.
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1. Describe the passage above.
2. Where is the scene set? In a house
3. What is the time? In the night, it’s 5 am (“Five times the lonely sound echoed in
the darkness”), just before sunrise but it is still quite dark.
4. Who are the characters?
The bailler, the dead person and the extra help that leaves before the end of the
passage.
5. How are they behaving?

They behaving strangely. The extra help leave silently, the murderer is patient
and calm and doesn’t regret anything (“the chuckle turned into a laugh”).
6. What do you think has happened?

The murderer killed someone and is transforming the scene to make the police
think it’s a suicide (the note put on the vanity table).
7. What are the characters doing?

The murderer and the accomplice moved the body from the room to the
bathroom. The body is left hanging. The accomplice leaves, then the killer
leaves through the front door.
8. What does the title “Flash-forward” suggest?
That people might want to go further in time to see what happens.
Vocabulary
A co-author / to co-authorto write with someones else To be set (a scene is set somewhere) to take place
The hoisting / to hoist to lift To solve (a crime) to discover the culprit
A jerking (movement)/ to jerk to move suddenly To struggle to fight
A lecture / to lecture an educational speech To swing (swing/swung/swung) to go back and forth
Limp / to be limp / to hang limply not rigid To take a stab at doing something to try, to attempt
A novel a fictional story (take/took/taken)
A pen name not your real name
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WEEK 2:
Chapter 1: Spearman Meets the King
1. Who is the main character? Where is he? Why is he there?

The main character is Henry Spearman.
He is in the Bla Hallen (Blue Room) of Stockholm City hall, in
order to receive the Nobel Prize in economics.
2. The picture to the right shows a man in morning dress. In Chapter 1, the
narrator describes Spearman by saying: “The tails of his morning coat hung
just a few inches off the ground.” What does this suggest about Spearman’s
physical appearance?
He’s very short and so the tails are trailing on the ground.
3. Describe Spearman.
He’s in his 50s. He attended Columbia as an undergraduate. This is where his
professors first recognized how brilliant he was.
In graduate school, he was already seen as a rising star.
He wad later hired as a professor at Harvard.
(page 3) His parents had been impecunious Jewish immigrants who came to the
US before WW2. His father had been tailor in Brooklyn.
4. Who accompanied Henry to Stockholm?
His wife Pidge and his daughter Patricia (a vet) accompanied him to Stockholm.
Check online:
a. What is an “Ivy League” university?

An “Ivy League” is a groupe of colleges and universities in the northeastern US, consisting of Yale, Harvard,
Princeton, Columbia, Dartmouth, Cornell, the University of Pennsylvania and Brown, having a reputation for
high scholastic achievement and social prestige.
b. The narrator lists several Nobel Prize winners in economics. Which names do you
recognize? What did they contribute to the field of economics? (You should choose at least 3
names from the list.)
Ø Start a list of characters and places mentioned and what you know about them.
Ø Start a list of real economists and economic theories mentioned.
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Vocabulary/grammar:
i. What do you call someone who has received the Nobel Prize:
______________________
a Nobel laureate
ii. Complete the sentence: Spearman ________________________
was awarded (award) the Nobel Prize
for Economics.
an undergraduate
iii. A student studying for their bachelor’s degree is called: _________________________
iv. When you finish your bachelor’s degree, you _____________________
graduate from university.
Ø See also Grammar Review 1
Pronunciation: Word stress and vowel reduction

From: English Pronunciation in Use, Elementary, Cambridge
The word London has two vowel sounds that are written the same – London – but pronounced
differently. The first o has a clear, strong sound, but the second o has a weak sound: London.
The word banana has three vowel sounds that are written the same – banana. The second a
has a clear, strong sound but the first and the third a have a weak sound: banana
Stressed syllables have strong vowel sounds but unstressed syllables often have weak sounds.
The weak sound in London and banana is /əә/ (the schwa sound).
1. In the words below, * represent the weak vowel /əә/. Write the words with their full
spelling.
Lett* *gain
T*day Ag*ncy
*meric* C*mmission
*noth* Spearm*n
2. These words are often mispronounced. Try to find where the stress is and identify the
reduced vowel sounds:
accept common
important development
difficult crisis
interested quality
however taken
characteristic wanted
determine finish
particular bicycle
purpose meeting
phenomenon salad
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Chapter 2: A Nobel Invitation
1. Chapter summary:
> Where does the action take place?

The action take place at Monte Vista University (San Antonio, Texas), meeting of the Board
of Trustees (for a non-profit organisation, the members of te board are appointed - not
elected - to set this policies of the organisation).
> Who are the main characters? What information do we find out about them?
Charlotte Quinn : president of Monte Vista University
Annelle Cubbage : wealthy Texas rancher (multi-millionaire/billionaire). Patron of the arts. Likes
guns.
Herbert Abraham : a faculty member on the board, professor of economics, early 60s, always
well-dressed, always sits up straight, always knows the details of the meeting’s agenda
> What happens?
They discuss whether the university should invite a Nobel laureate in order to enhance the
institution’s prestige
2. According to the board members, why might a Nobel laureate not want to teach at Monte
Vista? How might a Nobel Prize winner be attracted to the campus?
Nobel Prize winners have done outstanding research. Monte Vista focuses on
undergraduates. Teaching must be the priority, not research.
The best way to attract prestigious economist would be to offer a high salary. Let the visiting
professor choose the subject matter of the course they choose to teach.
3. How much were they willing to pay for the visiting professor? Do you think this is a
reasonable sum?
$200,000-250,000
4. What have you learnt about the way an American university operates?
Board of trustees, private funding, promotion, high salaries for pretigious
professors…
They are not subsidized by the states.
Online:
a. Cubbage says she has already paid for “an artist-in-residence”. What does this mean?
A programme that invites artists to reside within the premises of institution for a set time.
(Also writer-in-residence)
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Chapter 3: No Coase for Concern
1. Chapter summary:
> Where does the action take place?
Harvard Hall, Harvard.
> Who are the main characters? What information do we find out about them? Physical
appearance?
Texte
> Are there any other characters? What do we find out about them?
Texte
This is a photo of two famous economists, Milton Friedman and

Kenneth Galbraith. Which of these men does Henry Spearman
resemble? Justify your answer.
> What happens?
1. Comment on the chapter’s title.
2. Explain the details of the news story Henry reads about in

his office.
3. How does Spearman file the newspaper clipping?
Work on vocabulary: find a synonym for the following words

A physician: a doctor
A patron of the arts: a sponsor, a supporter (un mécène)
A reward: a prize
A theft a burglary, a robbery (un vol / un voleur : a thief)
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Chapter 4: Investigation of a Theft
1. Chapter summary: > Where? > Who? > What?

Where : San Antonio, at police station.
Who :
-Detective Fritz Siegfried
-Rosie Segura : small, latino origin, sends money to family members in Mexico, has worked as
a housemaid for Dr.Ramos for 7 years.
-Ramos : divorced, 2 adult children (who live in other cities), “think he’s the smartest guy in the
room” (page 23), a surgeon working at San Antonio’s hospital.
2. Summarize Mrs. Segura’s deposition.
Woken by noises, not clair whether she heard anyone upstairs or not because she went upstairs
with scissors at 2:30 AM. and didn’t see anyone.
Looked in the living room, she knew that someone hab been there because the paintings were
gone. She immediately called her boss, Dr.Ramos (he was in bed during that time) and the police.
The doors were locked and no sign of break-in.
3. Why did the detective postpone questioning Dr. Ramos?
The detective postpone [remettre à plus tard] questioning Dr.Ramos because he had to go to the
hospital first thing in a morning [expression] to perform surgery.
4. Summarize Dr. Ramos’ interview with the detective.
During the evening, he had been hosting a fund-raiser [party or event designed to raise money for a cause or an
organization] for the Travis Museum of Art.
Lewis Martin, the curator [le conservateur], was invited to speak.
The doctor often invites people to his home fort at events. He had a group of 20 guets. Rosie was there to help.
3 caterers from “The Red Carpet” : Alfredo, Suzanne and Ruthie.
Everyone had left the party by 10 PM because Ramos has to wake up early and be in good shape to perform his
operations. Guest used the front door. The caterers would have used the kitchen door. There is also a back door.
5. Why weren’t the paintings insured?
Ramos did not except the paintings to become so valuable and wanted to save on the expense of an
insurance.
Because of the paintings are so precious to him he is now ready to offer 1 million dollars as a reward.
6. According to the detective, is Mrs. Segura likely to be the thief? Why or why not?
-She might be an accomplice in the theft because she could have contacts or been contacted by someone who could help
sell the paintings. She might have special needs for money (like health problems or other).
-She wouldn’t know where to fence expensive paintings, Siegfried thinks that the housekeeper doeas not have the right
connections to sell back the paintings. Also, Ramos trust her
See Grammar Review 2: Modal verbs
Work on vocabulary: Explain the two expression below:

- to get something straight = get clear answer, clarify something
- to rely on someone = to count on someone, to trust
Who was the host of the party?

Who were some of the guests at the party?
Grammar: Narrative tenses. Fill in the blanks with the correct past tense.
When she _____________

spoke (speak) with the police, Rosie Segura _____________
said (say) that
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[past perfect bc it happen before
she went to the police station]
she _____________________
had not seen (not see) anyone the night of the crime. She
[verbe irregulier]
________________________
was awaken (awake) by a noise. She ________________
herad (hear) a noise,
__________________
looked (look) at her alarm clock then ___________________
went (go) upstairs to
investigate. There _______________

was (be) no one in the kitchen, but when she
_______________
reached (reach) the living room she ____________________
realized (realize) that the
[past perfect, on a une
paintings ______________________
had been stolen (steal). séquence d’événements]
See Grammar Review 1
Discussion:
Consider the following questions:
“What would you buy if you had $100 million dollars? A palazzo in Venice, a fleet of private
jets or a personal submarine. Or would you plough it all into a single painting? Some of the
richest people in the world have done just that. What makes the super rich splash out so
much money on art? Is it love, rivalry or just big business?”
(Text taken from BBC documentary: The World’s Most Expensive Paintings
https://www.youtube.com/watch?v=XuMAhEOggac)
What factors help to establish the value of a work of art?
Chapter 5: Visiting Professor
Where : at the art department of Monte Vista University.

Who :
-Tristan Wheeler : the artist in residence of Monte Vista
-Jennifer Kim : a junior professor of economics at the university
What : they have a quarrel (verbal fight)
2. Describe the relationship between Kim and Wheeler.

A toxic one-way relationship in which Jennifer Kim is always “on call” and ready to
help whereas Tristan Wheeler is not giving much back.
Tristan clearly dominates the relationship. Jennifer is probably in love with him, she
needs him.
3. Who are Wheeler’s “two truest friends”?
Wheeler is a painter, his “two truest friends” are two African grey parrots called
Canvas [toile] and Frame [cadre], names related to his art.
As an artist, he inspired by the friendly presence of the birds. Jennifer is less
important to him han these birds.
His art project also matter a lot for him (quest 4).
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4. Give as many details as possible about the project Wheeler is currently working on.
The Free art project aims at bringing art to everyone for no money. He thinks it will
revolutionize the art world.
Wheeler has several conferences scheduled in the weeks and months to come to
promote his new art movement.
He seems to think this is a kind of mission that is “bigger than him”.
5. What news does he receive from the phone call at the end of the chapter?
Someone (a campus cop) found the birds that had escaped/flown away.
They were found near the university dining hall.
6. What does he give Kim at the end of the chapter?

Wheeler gave her a thank-you note.
7. How does Kim react?

She was very upset. The note is actually [en fait] a way of ending the vocabulary point :
relationship; it shows Wheeler does not care about Kim : he’s getting rid of her. “memory” (in your mind)
Her first impulse is to throw the note away but she finally decides to keep it. vs “souvenir” (=object
She keeps the note as a valuable souvenir from Wheeler. also called “keepsake”)
Video 2: The Value of Art: Episode 4: Provenance – Sotheby’s Financial Services

https://www.youtube.com/watch?v=K56EhgfCDjs
1. Who produced this video?
2. What is ‘provenance’? List the different questions the dealers ask.
3. In China, what impact can provenance have on price?
4. What is the perfect example of provenance? Give as many details as possible.
5. What is said about the Ferrari Enzo?
6. The longer that something has been off the market
______________________.
7. What element of provenance is mentioned during the

last part of the video?
Figure 1: David Rockefeller and his R othko

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Discussion
Frances Christie says, “Sometimes the story of its ownership can be just as interesting if not
more interesting than the artist”. Do you agree? Do you agree that a work’s provenance
should add to its value? Can you think of any examples of provenance adding to the value of
something you personally appreciate?
Vocabulary:
To assess A graduate student

An asset To graduate
To auction The Ivy League
An award Market share
To be awarded (a prize) Ownership
To be blunt Penniless
A board of trustees To postpone
A dealer (an art dealer) A priceless painting
To disappoint To recruit
To distinguish To steal (steal/stole/stolen)
The evidence A theft
The faculty An undergraduate
A faculty member A witness
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WEEK 3
Chapter 6: West to Texas
1. Summarize the chapter.

The scene opens at San Antonio airport, Texas, then moves to a restaurant and
finally to Monte Vista University.
Henry and Pidge Spearman
Herbert Abraham, prof of economics at Monte Vista (he initiated the invitation of
Henry Spearman at Monte Vista)
2. Has winning the Nobel Prize affected Henry’s life?

His views get a lot more press coverage; he is now world-famous. His opinion
about everything and anything seem to matter a lot to people.
He had to hire an agent to negotiate his deals (book, deals, conferences etc.).
3. What event is scheduled for Friday?

A formal dinner at Charlotte Quinn’s house [the president of the university] to
welcome the Spearmans.
the 4. What is the law of diminishing marginal utility? Why is it mentionned?
example of Marginal utility -> how much extra utility you get from consuming an additional unit of a good/service
buffet -continuous use : The units of the commodity should be used continuously. If there is interval
restaurant
between the consumption of the same two units then the law will not operate.
(“eat all you
can
-rare collection : If there are two diamonds in the world, the possession of the 2nd diamond will psh
restaurant”) up the marginal utility of the collector.
5. What will be the topic of Henry’s undergraduate course at Monte Vista?
Is about is installation in Texas, art and economics, a new course slaughter.
Check online:
Henry jokes about “the Alamo”. What is this? Why is it a sensitive topic to bring up with
Texans?
Chapter 7: An All-nighter
Chapter summary:
Spearman is busy preparing his first class on art and economics. This class is for his new undergraduate
students at Monte Vista. He is in the study [bureau] of his house at Oakmont Court and feels a little nervous.
1. How long does it take Henry to prepare a lecture?
25 years (of experience) and 3 hours (last-minute of preparation).
2. Henry considers several formats for how his new course will be taught. What are the
formats? Explain what each term means.
-a lecture (=conference, academic talk) : cours magistral
-a Socratic dialogue : a discussion on intellectual topics, approach which consists in asking people questions and
letting them find the answers because they have knowledge.
-break-out groups : the professor makes teams/groups of students and let them work independently to interact with
each other and with the professor.
3. Describe Henry’s behavior while he works.
He alternates between sitting at his desk and standing up to wall around the room. “He is
consumed by his work” = he works a lot and he has a passion for economics; he is very focused.
Economics is all his life.
18 (quest 2)“Laissez-faire” economics implies very little or no intervention in economics
activity. It is the same as Adam Smith’s invisible hand theory : economic agents
should be left free to interact and do business, pursue their self-interest.
Chapter 8: The Artist Has a Visitor
Chapter Summary:
Sean Daniel’s past and relationship with his boss, Tristan Wheeler.
Sean cycles to Tristan’s house and discovers his lifeless body in the bathroom.
1. Describe Sean’s early experience of university.

As a student, he worked to pay his tuition fees [frais de scolarité], he was a waiter then he was hired as an assistant in the art
department : Wheeler’s personal assistant.
He’s from a low-income family, his mother was a single mother who could not afford his education; she wanted him to become
an accountant or an engineer so that he earned money - not a painter. He graduated in art from Monte Vista university.
2. What are Sean’s duties as assistant?
Sean has many menial tasks [tâches peu qualifiées] : sweeping the studio [atelier d’artiste], shopping for supplies,
preparing canvases, running errands for Wheeler, cleaning the parrot’s birdcage.
These tasks below Sean’s qualifications. Also, Tristan was moody [d’humeur changeante] and impatient.
3. Why did Cubbage choose Tristan Wheeler as the university’s artist-in-residence?
She strongly believes in his talent and potential. She believes he has the inspiring charisma needed to
make a strong impression on Monte Vista art students. he teaches undergraduates but also inspires them.
4. Was Wheeler content with his popular success?
His early success as a painter left him unsatisfied : he wished to become popular like Picasso and Pollock were.
He wished to move away from classical representational art and closer to abstract contemporary art.
He also wanted to spread [diffuser] is art mort widely and reach everyone.
5. What brand of pen does Wheeler use?
A Mont blanc 149 fountain pain, an expensive pen.
6. Which famous artist eventually became Wheeler’s inspiration?

Jackson Pollock. An US painter who died in 1956 ans used gravity to drizzle or splash paint on the canvass (an
abstract impressionist). Wheeler started painting abstract works of art.
7. What was the “second stage” in Wheeler’s artistic development?
Second stage : consists in bringing art closer to the public bypassing galleries. He used computers and printers
to enable the public to reproduce his art for free . This is the free art movement, it turns art into something more
democratic that is accessible to all.
8. What happened to the birds? What was Wheeler’s reaction?
Wheeler learnt that the birds had been killed and disfigured : he is a sensitive artist, he was furious and sad.
9. How does Sean find Wheeler?

He finds him dead with a rope [une corde] tied around the neck. We are supposed to believe that he killed himself.
10. What does he do when he finds the body?

Sean calls 911 and put one chair back up. He did not touch the body.
The chair is a piece of evidence [une preuve] and the bathroom is a crime scene which should be left untouched.
He left his fingerprints on the chair and could be a suspect if the death is not a suicide.
He was shocked, frightened.
19
11. “Flashforward”, the first chapter in the novel, is not placed in its correct chronological
order. Between which two chapters would you place the action in “Flashforward”?
The first chapter should be place between the chapter 7 and 8.
Work on vocabulary: Explain the following expressions

Sean needed steady work: a stable, regular job
Wheeler wanted to bypass the middleman: Tristan wanted to get rid of those people who made money on his back
and made his paintings more expensive.
bypass = avoid [contourner] middleman : intermediary -> in art :
gallery-owners, museums, agent …
CHAPTER 9: The scene of the Crime
1. Who is the homicide officer in charge of investigating Tristan Wheeler’s death? What do
we learn about that character and her career?
Detective Sherry Fuller. She does not look like a cop but rather like a librarian (she wears glasses and her hair in a bun). Around 10
years in homicide squad; she also has experience in tracking missing people. A stonic in front of dead body, unimpressed by except
if it os a suicide or dead child
2. How does she react to suicides? Why?
She finds suicides stupid and useless : why do people kill themselves instead of getting some help ?
When there is a suspicious death, she finds herself wanting to prove that it is faked, that it is a murder. A murder gives her an
objective : finding the culprit. It also confirms her in the idea that a person did not kill himself/herself.
3. List the advantages of living at Oakmont Court.
“Oakmont Count consisted of one long block of homes that dead-ended at the Monte Vista campus” (p60). Upper-class .
-for academics : it’s close to the campus of the university
-within walking distance of cultural and athletic events
-safe neighborhood : there is city police + university security personnel around
4. What do you remember about Dr Raul Ramos and Rosie Segura? What is their connection
to Wheeler?
Ramos : a surgeon, lives in Oakmont Court with Rosie who has worked for him fro 7 years. A patron of the arts who
likes to organize parties to raise funds and used to own 5 Wheeler painters. Rosie is a loyal housekeeper from
Mexico.
5. What is Rosie’s opinion about artists? Clarify the Spanish sentence on page 61.
She does not see the point of knowing the artist personally even if you appreciate his art.
“In her experience, it was always the artist who caused the most “work” at a party”.
No le importa a ella para nada = it does not matter at all to her. Unlike her boss, she has no interest in them as individuals
6. What interesting information does Rosie share with the detective concerning Wheeler?
The night before his death, Wheeler was sick after turning up uninvited at Ramos’s house during fund raiser (party),
he was drunk. Rosie remembers that her boss took care of hime and took him back home.
7. Is the day’s questioning of the residents of Oakmont Court conclusive?
The day was not conclusive : there is no clue that enables Sherry Fuller to conclude the death was not a suicide.
8. Why would Sean Daniels be a plausible suspect?

Because he knew Wheeler but he was not very close to him.
His fingerprints are on the chair.
Moreover, he knew he could inherit a lot of money or paintings from his boss, that could be a motive;
Also, he had access to Wheeler’s house and he was the first to discover the body.
He threw away the detective’s card.
9. What is Dr Ramos’s account of the incident involving Wheeler that happened in his home?
Ramos tells the police he gave Wheeler a mild sedative before putting him to bed. he said that Wheeler is
just a neighbour, an artist he appreciates but not a friend.
20
10. What peculiar habit did Wheeler have in relation to his birds?
He liked to “ask” his birds which colours he should use to paint. He made Canvas and Frame repeat the names of
the colours he said because they were parrots. A game that may have inspired him on the choice of the colours.
Vocabulary: find a synonym or

a short definition for the
following words
to snap
Figure 2: an African grey parrot
a stoic
a will
to give someone the creeps
to be jinxed at
a canvas
a frame
On-line:
Who was Jackson Pollock? Describe some of his work.
Discussion: Free software, free operating systems, free art
Wheeler was fascinated about the differing approaches of Bill Gates and Linus Torvalds.
What do you know about these two entrepreneurs? How did their approach to business
differ? How does Wheeler intend to apply Torvalds’ approach to art?
(Check on-line: What is open source software or an open source operating system?)
21
Do you think it’s possible to market art in the same way Torvalds promoted his operating
system?
Vocabulary:
To afford To major in (economics)
To allude to something A mood (a bad mood, a good mood…)
A brand A perk
To bus tables A schedule / to be scheduled
To bypass Software
Classmates The syllabus
A forecast / to forecast Upbeat / to be upbeat
Incentivize / (to be incentivized):
22
WEEK 4
CHAPTER 10: Spearman gets the news
1. How does the news of Wheeler’s death reach Henry Spearman? Go back to the end of
Chapter 3 and clarify what the ‘barking dog folder’ (p.75) is.
2. Why does the investigator pay a visit to the Spearmans even though they are new to this
neighborhood?
3. How does Van Gogh go against rational cost-and-benefit analysis of human behavior?
4. Why should Matt Battles wear expensive ties according to Spearman? Relate incentive to
the concept of homo economicus as a rational economic agent.
5. What connection is there between Herbert Abraham and Tristan Wheeler?
6. Explain the following sentence, relating it to the concept of opportunity cost: ‘The cost of
the paintings was not what Abraham paid, but the opportunity foregone of possessing the
paintings’ (p. 80)
7. Research George Akerlof (p. 81) and his main contributions to economics.
8. Use page 87 to clarify Spearman’s assertion: ‘I don’t think the skill set of being a good
dean varies across different kinds of schools. What you’ve spotted is really a matter of
supply, not demand’.
9. What was the opportunity cost of building the Spurs stadium in San Antonio, according to
Spearman?
10. Clarify Henry Spearman’s conception of marriage as interdependent utility functions.

How is it different from a model of marriage using the theory of bilateral monopoly?
23
Vocabulary: find a synonym or a short definition for the following words
despondent
deadly gravitas
impish
an incentive
to cast a pall over
a dean
assistant professors (p. 80) ≠
associate professors (p. 86)
a spur (object)
Discussion:
As students in economics, would you like to
have more interdisciplinary courses such as
economics and art, economics and sports or
economics and politics? Or do you agree
with Marco Salvatore to say that
‘interdisciplinary classes violate Adam
Smith’s principle of specialization and
division of labor – and that is why they don’t
work very well’ (p. 88)?
24
CHAPTER 11: The Academical Village
1. Who is Jennifer Kim and what is the purpose of her visit to Henry?
2. What distinction may apply to art and to economics, according to J. Kim?
3. Research The Life and Opinions of Tristram Shandy, Gentleman (or Tristram Shandy)
by Laurence Sterne.
4. Explain why Spearman thinks having J. Kim in his class would be “Pareto-optimal”
(p.102).
5. Find a definition of information economics. Then relate it to the following sentence

(p.103): ‘Campus grapevines are legendary for having low information costs, even before
the digital era.’
6. Why is Prof. Abraham upset about the detective’s visit to his office? How does he explain
that a good motive is not enough to turn someone into a murderer?
Discussion:
Do criminals always act rationally, assessing the costs and benefits of their crimes before
breaking the law?
25
an epiphany
a rope
a kibitzer
to do a perp walk
to make a beeline for…
to hear something through the grapevine
CHAPTER 12: Dining Protocol in the Academy
1. Briefly define demand, supply and quantitative measure as economic notions. How do they
apply to university presidents and football coaches, according to Henry Spearman?
2. Give a brief description of each new character invited at the President’s cocktail and
dinner.
3. What is Cavanaugh’s opinion about Wheeler’s death? Why doesn’t he provide an

explanation to Pidge?
4. What is a student emissary’s role at Monte Vista University? Why is Anjali Vitali well-
suited for that role?
5. How can customer satisfaction be measured at university, according to Spearman? Is

Annelle Cubbage satisfied with the Nobel Visiting Professor who benefits from her
money?
26
a no-brainer
a freshman / a sophomore
a junior / a senior student
a lecture
CHAPTER 13: A Doctor’s House Call
2. Why is economics called a ‘dismal science’? What does it mean? Research Thomas Carlyle
and his writings on slavery to answer this question.
3. Raul Ramos studied economics but he forgot that Keynesians are opposed to___________.
Briefly clarify the difference. Why would Spearman’s economics class topic be more
appealing to Ramos?
4. From p. 127 to the end of the chapter, Spearman proves Raul Ramos wrong on three points,
summarize his explanations:
> First point: “Some things are priceless in the world of art” (p. 127);
> Second point: “[My] house is not for sale” (p. 128);
> Third point: “Because the Wheeler paintings are priceless, the insurance company would
want a lot of money to insure them at full value.”(p. 130).
27
(to make) a bid
the highest bidder
to clue someone in
to have something (straight) from the horse’s mouth
a basket case
to have a long shelf life
human capital
moral hazard
Texas Motto, Name, Nicknames & Slogan

Texas State Motto: “Friendship”
Texas, Origin Of Name. The word texas (tejas,
tayshas, texias, thecas?, techan, teysas, techas?) had
wide usage among the Indians of East Texas even
before the coming of the Spanish, whose various
transcriptions and interpretations gave rise to many
theories about the meaning. The usual meaning was
“friends”, or “allies”. The Hasinais probably did not
apply the name to themselves as a local group name;
they did use the term, however, as a form of greeting:
“Hello, friend”1.
Texas is also known as
> the Lone Star State
> Alaska’s little sister
Texas famous slogan:
“Don’t mess with Texas”

1 Source : https://tshaonline.org/handbook/online/articles/pft04
28
WEEK 5
CHAPTER 14: A Conference of Detectives

2. Summarize the two detectives’ disagreements about Wheeler’s death.
3. Analyze the language they use: which register is it? Why do you think they use it?
4. Why does Sherry Fuller think that Tristan Wheeler did not kill himself?
5. Online: Research the movie characters mentioned in the chapter: the Joker and Mr. Chips.
Why does Dr. Abraham remind Detective Fuller of Mr. Chips? Is there anything to support
her intuition?

a police station a coroner
a villain a philanderer
a clue (in a investigation) solid evidence
a lead (in a investigation)
Discussion:
“Sometimes theories are good […]. Especially when you don’t have all the facts”. (p.140)
à How does that statement apply to police investigations? Is it relevant when applied to
economics? Discuss.
29
CHAPTER 15: Art and Economics
2. Why does Henry Spearman start his lecture with a quote by Keats?
3. What is the purpose of his lecture? Quote from the book.
4. Use pages 145-148 to list the 7 factors that impact the demand for art and do a quick
research on Thorstein Veblen.
5. How do you understand the Thomas Carlyle quote at the bottom of page 148?
6. Why could the study of facts about a painting be very time-consuming? What other
approach does Spearman favour (Page 150)?
7. What is Coase Conjecture?
8. Check out Joseph Duveen on the Internet and complete the

biographical note below:
Joseph Duveen, Baron Duveen of Millbank, (1869 - 1939)
British international art dealer who ____ enormous influence on art

tastes in his time, especially in the US.
The son of Sir Joseph Joel Duveen, of Dutch-Jewish descent, who
____________ the family art business in London in 1877, Duveen
began as a young man to ______ and sell art on an unprecedented scale. Before 1914 he had
__________ a virtual monopoly of Old Masters on both ________ of the Atlantic.
30
His main headquarters were in New York City, where he built up the collections of such
American _________________ as Henry Clay Frick, John D. Rockefeller, and Andrew
Mellon. Largely as a result of Duveen’s efforts, the great Italian, Dutch, French, and English
__________ became widely represented in _____________
museums.
For his services to British art, for the Duveen Wing at the Tate
Gallery in London, and for funding the addition of a
______________ to the British Museum to house the Elgin
Marbles, he was ______________ in 1919, made a baronet in
1926, and ___________ to the peerage in 1933.
Source: Encyclopedia Britannica
Exploring Ideas: The role of art dealers

Video 3: The formula for selling a million-dollar work of art – Vox
https://www.youtube.com/watch?v=rCT-UL2M8Gc
1. What happened in September 2008?
2. What was the total value of the sale?
3. What is unusual about Hirst’s artwork?
4. What is needed to sell a million-dollar work of art?
5. How is the artist’s success linked to the dealer?
6. How was Hirst’s career influenced by his dealer?
7. How do dealers boost the price of artwork?
8. How do the basic laws of economics apply to the price of art?
9. What does the final chart illustrate?
31
See Grammar Review 3: Each / Every
Discussion: Why do you think dealers are so intent on avoiding disclosure of the price of
artwork?

a syllabus a hindrance
a lectern a middleman
a graduate student supply and demand
32
WEEK 6
CHAPTER 16: It All Began With Adam

2. Describe the atmosphere during Spearman’s lecture. Is there tension? Hostility?

Nervousness?
3. Has a book brought you to an inflection point in your life? (Spearman mentions the Bible,
Dickens’s A Tale of Two Cities, Darwin’s The Descent of Man, etc.). What was the book
and what did it change in you?
4. Spearman tells his audience a childhood story about his father being a different person in
his shop and with his family. Do you think a (not insane) person can have completely
different personalities in different contexts? Give examples.
5. Explain Incentives affect behavior.
6. How would you classify Spearman as an economist?
7. Online: Look up Jack Benny, Bob Hope, Hardy Boys books, Jakob Bernoulli.
Research questions :
A / To illustrate what Adam Smith called ‘specialization and division’, Spearman mentions
smartphones and cars that cannot really be said to be made in any specific place. How much
of an iPhone is made in China ? How much of a Mercedes Benz is German-made ?
33
B / Spearman quotes the Bible in one of his answers: For the love of money is the root of all
evil (King James Version, 1 Timothy 6:10). This is the Christian view of money and wealth.
What do other religions think of these?

townspeople
stature
pivotal
to skirt questions
enlightenment
a metric
a sunk cost
a smattering of applause
Figure 3: A treadmill
Video 4: The “hedonic treadmill” and the “no name cola” test
Two Australian scholars define the hedonic treadmill and status.
https://www.youtube.com/watch?v=Mc5oj1_asc8
1. How does Ross Gitting define the hedonic treadmill? What examples does he give?
2. According to him, how can we get off this treadmill?
3. What role do neighbors play in this phenomenon?
4. In his opinion, what keeps a lot of people on this treadmill?
5. What does he think is the greatest freedom?
34
6. According to Richard Denniss, why does choice not always equal freedom?
7. What example does he give?
8. What does he suggest to test?
9. Describe the test.
10. He says “My point is…” Finish his sentence.
11. According to him, can one easily escape the pressure of status?
12. What 3 steps does he mention?
CHAPTER 17: Office Hours : In Three Acts
2. Judging from the book, how accessible are French professors compared to their American
counterparts as decribed in this chapter?
3. In the American legal system, what is a person of interest?
4. Explain Economics is a study of causation, not coincidences.
5. Sean Daniels tells Spearman that Wheeler’s idea of Open Art amounted to killing the
golden goose. Explain.
6. How does Henry illustrate ‘gains from trade’?
7. What is the paradox in Frank Knight’s quote on page 194? And what is the message?
35
wrily
sheepishly
a geek
creative crucible
a will
the (student) grapevine
Video 5: Pricing Art, How Jeff Koons Makes Million-Dollar Art - Bloomberg
https://www.youtube.com/watch?v=nNb4Z-yzzCo&t=4s
1. How long does it take Jeff Koons to complete a work of art?
2. Does his organisation (his studio) fit the traditional definition of the creative process?
3. How does he describe himself ? How would you describe him?
4. What does he say you have to take into account when pricing a work of art?
5. Why does he like to create pieces with a smooth, reflective surface?
6. Do you think there really is interaction between the viewer and his work ?
Plasticine, by Jeff Koons, Station F, Paris.
36
Grammar Review 4: Relative pronouns
Fill the blanks in the definitions below with the appropriate relative pronoun (who - which –
that - whose).
a. An artist is somebody ______ produces things ______ people don't need to have.
- Andy Warhol
b. An artist is someone ________ can hold two opposing viewpoints and still remain fully
functional.
- F. Scott Fitzgerald
c. I think an artist is someone ______ creative work connects with people in some way.
Artists create something ______ turns on a light bulb within people. It can be in a good
or bad way.
- Ricardo Cavolo, Canadian artist
d. An artist is someone ______ life's work — or passionate hobby — focuses on some

creative enterprise. If you love to paint portraits of your dog, you are an artist.
- vocabulary.com
e. What strikes me is the fact that in our society, art has become something _______ is
related only to objects and not to individuals, or to life. That art is something ______ is
specialized or ______is done by experts ______ are artists. But couldn't everyone's life
become a work of art? Why should the lamp or the house be an art object, but not our life?
- Michel Foucault
f. Do not imagine that Art is something ______ is designed to give gentle uplift and self-
confidence. Art is not a brassiere. At least, not in the English sense. But do not forget that
brassiere is the French word for life-jacket.
- Julian Barnes
g. Art is something ______ opens up and enhances your emotions and that's what I like to
think I'm doing.
- Nile Rodgers
37
WEEK 7
CHAPTER 18: The Hiring Squad
2. Hannah Talsma is described as the porridge that was neither too hot nor too cold. Do you
recognize the reference / the metaphor? Explore and explain.
3. According to Spearman, what makes it more difficult to hire an academic than an athlete?
4. What does being anti-market mean?
5. What is the Marxist labor theory of value?
6. Why does Cavanaugh resent the existence of Spearman’s course on the economics of art?
7. What do Spearman and Cavanaugh say about Wheeler’s death? About Sean Daniels?
About Raul Ramos?
A/ The book mentions the labor market for newly minted Ph.D.s in the field of economics.
Describe this market in the US and in France. What are the employment prospects for
someone with a Ph.D. in economics in these countries?
B/ “The money wasted on sports and the military in this country is almost obscene,” says
Cavanaugh. How much is spent on sports and on the military in the US? Is the comparison
with arts funding relevant?
38
C/ As Spearman and Cavanaugh pass the Andrew Crampton Library, Spearman observes that
all it takes to have a university building named after you is to write a check. How true is this?
How many top-tier American universities bear a person’s name? Who was this person in most
cases?
make the grade

self-serving
poobah
CHAPTER 19: Surprise at Sotheby’s
2. What is an auction? How are items sold? Who pays what?
3. How can one bid? Does one have to be physically present in the saleroom?
3. What is auction theory?
4. In the 1990s, Sotheby’s and Christie’s engaged in price-fixing. What exactly did they do?
Why? What were the legal consequences?
5. Explain Spearman was like a puppy with a soup bone.
6. What is being auctioned in the chapter? Which bidder wins? What is the final bid?
39
Sotheby’s: Read the text below and answer the questions on the next page:
http://www.sothebys.com/en/news-video/blogs/all-blogs/sothebys/2017/02/about-us.html
Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s
became the first international auction house when it expanded from London to New York
(1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and
the first international fine art auction house in China (2012). Today, Sotheby’s presents
auctions in ten different salesrooms, including New York, London, Hong Kong and Paris, and
Sotheby’s BidNow programme allows visitors to view all auctions live online and place bids
from anywhere in the world. Sotheby’s offers collectors the resources of Sotheby’s Financial
Services, the world’s only full-service art financing company, as well as the collection
advisory services of its subsidiary, Art Agency, Partners. Sotheby’s presents private
sale opportunities in more than 70 categories, including its Global Fine Art Division, and two
retail businesses, Sotheby’s Diamonds and Sotheby’s Wine. In February 2015, RM Auctions
formed a strategic partnership with Sotheby’s to become RM Sotheby’s, the world’s largest
auction house for investment-quality automobiles. Sotheby’s has a global network of 80
offices in 40 countries and is the oldest company listed on the New York Stock Exchange.
Founded in 1744 by Samuel Baker, an entrepreneur, occasional publisher and successful

bookseller, Sotheby’s is the oldest and largest internationally recognized firm of fine art
auctioneers in the world.
Sotheby’s conducts some 250 auctions a year. Providing a full range of services for our
clients, our global offices are both flourishing business centers that attract remarkable
consignments, as well as spaces for special events, charity auctions and more.
40
A/ What is Sotheby’s?
B/ What are Sotheby’s main competitors? What did Sotheby’s do with some of them?
Check online: http://most-expensive.com/auction-items

What have been the most expensive painting – sculpture – book – car – house – watch ever
sold by auction? What were the prices? How many of these were sold by Sotheby’s?
separating wheat from chaff
net worth
rugged (pronounced ruggéd)
hawk
rig
tit for tat
take something in stride
savvy
rationale
41
Video 6: The auction scene in North By Northwest (A. Hitchcock, 1959)
https://www.youtube.com/watch?v=YEv7cVW8hBA
1. What does Roger Thornhill (Cary Grant) do wrong?
2. Why does he act as he does?
3. He says the painting being auctioned off might be a fake. What is the opposite of fake?
4. What does he say about his money?
5. What does he tell the police officers at the end of the scene?
42
WEEK 8
CHAPTER 20: Trip to the Travis
2. What is a field trip? What is the focus of the field trip in this chapter?
3. What value does Spearman’s presence add to the trip?
4. Who were Davy Crockett and Jim Bowie? Why are their names associated with the Alamo?
5. According to the narrator of the book, “most of the supermuseums [have] one superstar
painting anchoring their identity. For the Louvre, it was the Mona Lisa. For the
Rijksmuseum, it was The Night Watch.” What are the MoMA’s, the Metropolitan’s, the
Getty’s superstar paintings?

Figure 4: The Night Watchman by Rembrandt , 1642
6. Why was Baumol’s cost disease (or Baumol effect) or Baumol’s disease called a disease?
43
7. Besides the performing arts, what economic activities can be affected by Baumol’s disease?
Why?
8. When Spearman mentions discrimination, Martin thinks he means ethnic discrimination

against Latinos. Why?
9. Explain Arbitrage is the economic death of discrimination.
10. What do the students say about Wheeler’s project during their ride back to campus?
clipped
artist wannabes
deaccession
in the hole
scrape by
strapped
discrimination
debase
ripple effects
CHAPTER 21: Class Action
1. What is class action? (the legal term, not action in a classroom)
2. Below is a ratchet mechanism. What is a price ratchet? How does this apply to art?
44
3. What are the positive externalities generated by art?
4. Explain the unfettered market mechanism.
5. What is a free rider? Why can free riding lead to market failure?
A/ What are the consequences of subsidizing art?
B/ According to Cookie, no living French artist would rank in the top twenty contemporary
artists. Why?
C/ Is Cookie’s statement true? Who are the most influential living French artists?
class agenda
off the hook
lingo
the best read student in the class
45
Mid-term test: Held in class
You must be present for this test
NO ABSENCE WILL BE TOLERATED
November 23rd to 27th
46
WEEK 10
The class will be divided into two groups: All students must READ all the material and
prepare the answers for Chapter 22.
GROUP 1 will also have to prepare the questions related to Chapters 23. GROUP 2 will have
to prepare the questions related to Chapter 24.
Chapter 22: An artist’s eulogy
1. What do you understand by Dick Francis’ sentence?
2. What was the chapel used for apart from the usual services?
3. What was Henry’s real motive for attending the funeral service?
4. What was the topic of Martin’s speech?
5. What do you know about Jackson Pollock? Why is he quoted in this chapter?
6. What was Spearman’s feeling after the funeral?
47
7.Why is detective Fuller also present?
8. What is the economic theory Spearman is referring to, when it comes to taking one’s own
life?
9. What is the role of a curator in the contemporary art world?
Chapter 23 : Lost & Found
1. Discuss Karl Marx’s quote. What do you understand by it?
2. What did the note from the Art thief require from Doctor Ramos?
3.Ramos compares the piece of canvas to a kid’s ear. Why is that?
4. What does Detective Fuller tell Spearman at the end of the chapter?
Chapter 24: An arresting development
1. What happens in this chapter? Who is arrested and released?
2. Explain NCAA - sanctioned Sport
48
Vocabulary
Arraignment Muffled
Bail Nonplussed
The cadence To overshadow
A casquet To pull in behind
To chuckle To saddle up
A curt announcement A scam
To dab Speechless
Down to earth Unbridled
Enamored Unfeigned
To gawk Vapid
To give the head’s up To whirl through your mind
To hold out
To knock the stuffing out of
49
WEEK 11
The class will be divided into two groups: All students must READ all the material and
prepare the answers for Chapter 25.
GROUP 1 will also have to prepare the questions related to Chapters 26. GROUP 2 will have
to prepare the questions related to Chapter 27.
Chapter 25: The death effect
1. What is the correlation between the month of April and cruelty?
2. How is Spearman’s theory comparable to Fuller’s instinct?
3. What does the OCCAM’s razor represent ?
4. Spearman found teaching physically demanding. How do we know this?
5. What is Adam Smith’s division of labor and pedagogical specialization?
6. Why do museums not sell off their assets despite being in financial difficulties?
7. Explain the revenue model of Art museums.
8. According to Dan, what is the relation between the death of an artist and the market value
of his/her works?
50
Give examples :
Figure 5: Campbell's Soup, Andy Warhol Figure 6: Street Art, Jean Michel Basquiat (1960-1988)
(Aug 6, 1928- Feb. 22, 1987)
9. What does Spearman experience when he leaves the classroom? How does he come to a
conclusion about who the killer is ?
Chapter 26 : The bell curve
1. Spearman writes THEFT, VALUABLE, NO INSURANCE AND SUICIDE. Explain how

economic analysis addresses suicide.
2. Why would it be irrational for Wheeler to have committed suicide because of his pets?
3. What is the “Cost benefit equation”?
51
4. “People derive utility from seeing the originals”. Explain.
5. What does Spearman mean when he says: “At first I thought I’d witnessed a modern-day
Duveen Strategy”?
Discussion: Discuss the price of Art and Death
Chapter 27 : A late night visit
1. What perks did Monte Vista University give Professor Spearman?
2. What was the dot-com bubble? When did this occur? When did it burst?
3. What pushed Ramos to desperation?
52
4. What were the different stages Ramos went through to commit the murder?
How to Eliminate the artist and make it look like a suicide method
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
5. What is Spearman’s comparative advantage ?
Vocabulary
To be on the blink To hang on every word

To be pulled into To have the jitters
To bid To holler
To chuckle A nod
To cock your head Not to say a peep
Deaccessioning Off the record
Dire To poke around
Embedded To string someone up
Fishy A tell tale sign
To flip shut To trick
A flock To trigger
To flush A whim
Foul play To work up a sweat
To fret about something Wrought-iron
To glance
Handcuffs
53
WEEK 12
Chapter 28 : Doing good by doing well
DISCUSSION: A student once said that this novel’s ending was “underwhelming”. Do you
agree or disagree? Why or why not?
1. Why is the marginal revenue of the second lecture 0?
2. Who showed up to Spearman’s second lecture?
3. Explain the obvious and simple system of natural liberty by Adam Smith.
4. Why does he mention Rockerfeller?
5. Explain Spearman’s economic views on NGO’s and private organisations.
54
6. Why should economists end up pessimists when looking forward and optimists when
looking backwards? What do they see when they look at the past and at the future?
PAST FUTURE
7. Why does Pidge say “A penny for your thoughts” to Spearman?
9. What are his thoughts?
10. Go back to earlier chapters to find when and how all the clues were given to identify the
culprit.
11. How has economics allowed Spearman to solve the case?
Vocabulary
Antithetical To interject
A packed house A lectern
To deter To single-out
Eyebrow-raising To wiggle
To be humbled
55
EXPENSIVE ERRORS

-‐Simple present: I like economics, he enjoys studying economics.
I don’t like this subject, she doesn’t like this subject. This
government has/doesn’t have to find solutions to the crisis.
-‐ Present continuous: Nowadays, many countries are becoming more and more
protectionist.
-‐ Simple past: Theresa May tried / didn’t try her best to reach a deal with Europe.The
referendum on Brexit took place three years ago.
-‐ Present prefect: France has had a high unemployment rate for years/for a long time.
Europe’s economy has been shaky since the Great Recession
-‐ Modal verbs: Great Britain must find a way to solve the Brexit issue. It may have to
leave Europe without a deal.
-‐ Passive form: The whole world was impacted / was hit by the Great Recession of
2008.

BAD ENGLISH GOOD ENGLISH
Every years Every year
Every people Everyone, everybody
people is happy when... people are happy when...

it’s / he’s / that’s why, etc. it is / he is / that is why, etc. → formal English vs.
colloquial English

according to me in my view, in my opinion
in the one hand / in the other on the one hand / on the other hand
hand
firstable first of all
Futhermore Furthermore

I'm agree / I'm not agreed I agree / I don't agree – I disagree. He agrees/he doesn’t
agree

an other society Another company / another firm

mentionned mentioned
developped developed

The globalisation affects most Globalisation affects most countries
countries
in the chapter 3 in chapter 3
United States, United Kingdom the United States, the United Kingdom, the US/the UK
The USA are the first economy The USA is the first economy in the world
in the world
56
China has stopped its one-‐child China has stopped its one-‐child policy because it needs a
policy because she needs a younger workforce
younger workforce

a diner a dinner (= a meal) vs. (in the US) a diner (= a casual style
restaurant)

assymmetric asymmetric
fundation/fondation foundation
gouvernement government
the environnement the environment

the most important is... the most important point/aspect is....
a classic economist a classical economist

to product, a producter to produce, a producer

informations information
I need many informations to I need much information to finish my report
finish my report
Researches research
Many researches Much research
Few money Little money
An advice A piece of advice
Advices advice
Social medias social media
many country many countries

performant efficient

for help / for to help to help (in order to help)

others country other countries
differents issues different issues
the french economy is The French economy is recovering.
recovering.

3 billions of dollars 3 billion dollars
3 $ $3

wich which (vs. witch (une sorcière))
there is a company which This company works for Apple.
works for Apple.
Countries who export oil suffer Countries that/which export oil suffer from price
from price variations. variations.

to realize your objective to reach your objective, achieve your goal
to work in a society to work in a company, firm, corporation
57
responsabilities responsibilities

to favorize growth/business to boost growth, to favour economic activity
activity
Europe knows a recession Europe is going through a recession
Greece was touched by the Greece was hit / was impacted / was affected by the
crisis crisis
Prices are raising very slowly Prices are rising very slowly
Employers usually rise salaries Employers usually raise salaries when their profits
when their profits increase. increase/rise.

the concurrence à Ø competition à competitors
concurrents

the company grew up fastly the company grew fast, went from strength to
the economy fell down by 3% strength, expanded rapidly
last year the economy fell / shrank by 3%

to consommate, a costumer, a to consume, a customer, a consumer society
consuming society

their losts reached £ 20 billions their losses reached £ 20 billionØ2
the last recession started in the latest/ most recent recession started in 2008
2008

This article talks about This article deals with, analyzes
this term/ word designs an this term/word refers to an employee
employee

the economical crisis the economic crisis
this value pack is more this value pack is more economical (=cheaper)
economic

the actual crisis started in 2008 the current/ present crisis started in 2008
the eventual change in company the possible /potential change in company structure
structure

to ameliorate to improve

It’s maybe a problem. It might be a problem.

58
Gagner: to win (gagner par chance)/ to gain (tirer avantage de)/ to earn (gagner par
son travail, ses efforts)/ to save (gagner du temps, de l’argent, économiser sa peine, ses
efforts)
Manquer: to miss (rater par manque de temps)/ to fail (rater)/ to lack something
(manquer de quelque chose).
Important: a significant contribution/ a leading economic analyst / a major change /
big losses.
Permettre: to allow, to permit (autoriser)/ to enable … to …, to make it possible for…
to… (donner la possibilité à)/ to give… an opportunity (donner la possibilité/
l’occasion de).

Also watch out for -‐
actually = in fact
currently (actuellement) politics = the activities of government or the study
of the way countries are governed
to assist = to help (aider) a politician
to attend = to be present at (assister à) political (adjective) = relating to politics
to expect = to anticipate (s'attendre à) policy = an agreed set of ideas or plan

to expose = to uncover/reveal (a principal (adjective) = main, most important
secret) a principal (noun) = a head teacher of a school
to exhibit = to show publicly/display a principle (noun) = a rule, a convention, a
(a painting, a sculpture) conviction, a fundamental belief, etc
an exhibition (une exposition)
a surname = family/last name
economics (les sciences économiques) a nickname (un surnom)
the economy (l'économie)
economic (adjective) = related to supply (l'offre) vs. an offer (une offre)
economics, trade, industry, money
economical (adjective) = affordable,
cheap and efficient
59
Grammar Review 1 - Past tenses in English
1. THE SIMPLE PAST (THE PRETERIT) –

Form →
a) Regular verbs: add “ED” ou “D” - e.g. arrive = arrived, play = played, die = died.
(N.B. the past participle is identical.)
b) Irregular verbs: the simple past (and the past participle) have to be learnt – e.g. tell =
told (told), put = put (put), go = went (gone).
c) Negative and interrogative forms: the auxiliary verb DID (simple past of DO) is used
with the bare infinitive of the main verb – e.g. I didn’t go to London last year. Did
you go to London last year?
Use →
Used to narrate past actions or events - they are finished: they cannot be changed and will
not evolve in the future. There is often a precise time reference in the sentence – e.g.
last year, a year ago, in 2003, etc.
The simple past is generally translated by le passé composé or le passé simple in French.
The progressive form (V-ing) is usually translated by l'imparfait, and carries the sense
être en train de faire quelque chose.
2. THE PRESENT PERFECT

Form →
HAVE (always in the present tense) + the past participle (invariable in English) – e.g.
Ø I have been to England three times.
(Note: have been indique l'aller et le retour, have gone indique l'aller seulement - le
sujet est toujours là-bas.)
Use →
Used when referring to or summarising past experiences, actions or events today. The
statement is valid today but the situation can change or evolve in the future. This is
particularly true when the action started in the past and is not yet finished (very often
expressed using the progressive form - I've been sitting here for hours (you still are).
There is rarely a precise past time reference – e.g. Have you eaten breakfast? Have you
found your watch?
Note that if you give a precise reply to these questions, indicating that the action is
finished and cannot change, you will use the simple past– e.g.
Ø Have you eaten breakfast?
Yes, I ate breakfast an hour ago. vs. Yes, I have. / No, I haven't.
Ø Have you found your watch?
Yes, I found it in my bag last night. vs. Yes, I have. / No, I haven't.
When referring to past actions, experiences or events, the present perfect is generally
translated by le passé composé or le passé simple in French.
The progressive form, used when the action started in the past and is not yet finished, is
usually translated by the présent.
60
Note also the French expression venir de, which, used in the present tense, refers to the
immediate past and translates the expression have just + past participle in English.
The present perfect occurs frequently with certain adverbs – ever, already, never,
not…yet, and always with since when used to indicate the start date of the action; with
these adverbs, you are referring to or summarising past experiences, actions or events
today, but the situation can change or evolve in the future – e.g.
Ø I have never been to London. (Jamais - mais cela peut changer si j’y vais dans
l’avenir)
Ø I haven’t been to London yet. (Pas encore - mais cela peut changer si j’y vais
dans l’avenir)
Ø I have been at Paris 2 for three years. (J’y suis toujours; quand j’aurai fini mes
etudes à Paris 2, j’en parlerai au prétérit – I was at Paris 2 for four years.) (for
indicates the length of time.]
Ø I have been at Paris 2 since 2008. (J’y suis toujours; quand j’aurai fini mes etudes
à Paris 2, j’en parlerai au prétérit – I was at Paris 2 from 2008 to 2012.)
3. THE PAST PERFECT

Form →
HAVE (always in the simple past) + the past participle (invariable in English) – e.g.
Ø I was familiar with his work, but I had never met him before.
Use →
Used when referring to events or actions which took place in a time earlier than or before
the simple past/present perfect or to show that something started in the past and continued
up until another action in the past. It enables the chronology of past events to be clearly
established. - e.g.
Ø I was really excited when I visited New York in 2008, as I had never been there
before.
(The simple past for events which occurred in 2008, and the past perfect to refer
to the situation before 2008.)
Ø Many financial commentators had already predicted that the real estate bubble was
going to burst, when the subprime crisis began at the end of 2007.
Reminders - Spelling rules and pronunciation of the simple past and past participle of
regular verbs
Spelling rules: BI (bare infinitive) + "ed", unless the BI ends in ‘e’ = BI + "d" (e.g. race →
raced).
• If the BI ends in ‘vowel -y’ – add "ed": enjoy → enjoyed, play → played;
• If it ends in ‘consonant -y’ – ‘y’ becomes ‘i’, then add "ed", e.g. carry → carried, spy
→ spied.
• If the BI is just one syllable and ends in ‘vowel-consonant’, the consonant is doubled,
then "ed" added, e.g. rap → rapped, chat → chatted; but - walk → walked (one syllable,
but the BI ends in two consonants).
Pronunciation: the "ed" is never pronounced like the word 'red'!

• Pronounce as a /t/ sound when the BI ends in a /p/, /k/, /f/, /s/, /∫/ or /t∫/ sound, e.g.
stopped, walked, laughed, stressed, rushed, watched.
61
• Pronounce as an /Id/ sound when the BI ends in a /t/ or /d/ sound, e.g. protested,
decided.
• Pronounce as an /∂d/ sound for verbs ending with the letter 'r', not doubled, e.g.
meandered = /mI:ænd∂d/, showered = /∫aʊ∂d/, but referred = /rIfɜ:d/.
• Pronounce as a /d/ sound in all the other cases; this is the most common pronunciation.
62
Some work on past tenses
Translate the following sentences into English.
1. Depuis combien de temps étudiez-vous l'anglais?
___________________________________________________________________________
2. J'étudie l'anglais depuis dix ans.
___________________________________________________________________________
3. J'étudie l'anglais depuis 2008. J'ai commencé quand j'avais 11 ans.
___________________________________________________________________________
4. Avez-vous déjà lu un roman en anglais?
___________________________________________________________________________
5. Oui, j'en ai déjà lu plusieurs.
___________________________________________________________________________
6. Non, je n'en ai jamais lu.
___________________________________________________________________________
7. Etes-vous déjà allé(e)s dans un pays anglophone?
___________________________________________________________________________
8. Oui, j'ai visité les Etats-Unis il y a trois ans.
___________________________________________________________________________
9. Oui, je viens de rentrer de l'Australie.
___________________________________________________________________________
10. J'ai adoré Sydney - je n'avais encore jamais vu une ville aussi spectaculaire!
___________________________________________________________________________
11. Non, je ne suis pas encore allé(e) dans un pays anglophone, mais j'irais bien un jour!
___________________________________________________________________________
63
Grammar Review 2: Modal verbs
What are they? A special kind of auxiliary verb which adds nuance or meaning to what you
say.
Modal verbs:
• have only one form;
• are always followed by the bare infinitive of the main verb or of another auxiliary
(have, be);
• cannot be followed by another modal verb;
• do not need the auxiliary DO for negations or questions.
• Apart from COULD, which is used to express ability / inability / possibility /
impossibility in the past, and WOULD, which can be used as the simple past of
WILL, the past tense is formed by using the modal + HAVE + the past participle of
the main verb.
Ø Expressing the future / the conditional + a prediction of which you feel certain:
will, won’t / would, wouldn’t
o I'll call you back later. ('ll = will)
o I won't be at the meeting.
o I said I wouldn’t be at the meeting (simple past of WILL)
o "Wouldn't a statue have done the trick?" (conditional)
o I hear a whistle. That will be the five o'clock train. (prediction)
Ø Expressing ability / inability; possibility / impossibility (present or past):

can, could / can’t (cannot), couldn’t (Non-modal equivalent: be able to)
o Henry can speak English, but he can’t speak Russian. (present)
o We can assume Henry enjoys his work. (present)
o I won’t be able to attend the meeting. (future impossibility - will + can is not
acceptable)
o The students' reaction to the Auto Icon could be considered to be normal. (simple
past)
Ø Making requests:
can, will; could, would
o Can /Could I have a cup of tea, please?
o I’ll have a cup of tea, please. / I'd like a cup of tea, please. ('d = would)
Could and would are more formal and polite than can and will.
Ø Asking for / Refusing permission:

can, could, may, might / can’t (cannot), may not
o Informal : Can I make a suggestion?
o More formal and polite : Could I make a suggestion?
o Formal and very polite : May I make a suggestion?
o Very formal, very polite and more tentative
(you almost expect a refusal) : Might I make a suggestion?
Ø Expressing necessity/obligation: must (Non-modal equivalent: have to, need to - is

quite informal)
o You must do your English homework.
64
o You will have to do your English homework tomorrow. (future obligation - will +
must is not acceptable)
o I need to work more regularly.
Ø Lack of Necessity/obligation: needn’t (Need is not a modal verb, but is used like one in
the negative - i.e. it is followed directly by the bare infinitive of the main verb, without the
use of "to".) (Non-modal equivalent: don't have to)
o You needn’t come if you don’t want to.
o You don’t have to come if you don’t want to.
Ø Prohibition: mustn’t (must not) - You mustn’t confuse self-interest and selfishness.
Ø Expressing hypotheses:
must, could, may, might, can’t (cannot)
o 90% sure - It seems most probable : He must be wrong.
o 70% sure - It seems probable : He could be wrong.
o Neutral - 50/50 : He may be wrong.
o Unsure - It seems improbable : He might be wrong.
o 90% sure it is impossible : He can't be wrong.
To express the past tense -

o 90% sure - It seems most probable : He must have been wrong.
o 70% sure - It seems probable : He could have been wrong.
o Neutral - 50/50 : He may have been wrong.
o Unsure - It seems improbable : He might have been wrong.
o 90% sure it is impossible : He can’t have been wrong.
o Note also the use of the conditional would have / wouldn’t have to express quasi
certainty (99% sure!) in the past tense:
• As an economist, Henry would have known about Utilitarianism.
• Graham Carlton wouldn’t have understood Bentham’s ideas, if Henry
hadn’t explained them to him.
Ø Giving advice / Expressing expectations:

should (Non-modal equivalent: ought to)
o "Maybe somebody should move this old boy over there."
o Henry shouldn’t expect everyone to be interested in economics.
o The Spearmans ought to arrive in Cambridge at around 10 o'clock.
o Bentham shouldn't have assumed the students would be interested in his Auto Icon.
(past tense)
Ø Referring to past customary activities or habits:

would (Non-modal equivalent: used to)
o After work, Steve would walk back to Mrs Saltmarsh's house in Grantchester.
65
Some work on modals
Choose the correct answer for each sentence.
1. Henry Spearman seems to be having trouble solving the mystery. __________________

Pidge be able to help him?
Would Will Shall
2. Tristan Wheeler is going on a tour to promote his project. Perhaps Jennifer

__________________ go with him.
Could Shall May
3. That ice is dangerously thin now. You __________________ go ice-skating today.

might not would mind not to mustn't
4. It's way past my bedtime and I'm really tired. I __________________ go to bed.
should ought could
5. He _______________________ committed the crime. He wasn't even in the city that

night.
can't have shouldn't have might have
6. John is over two hours late already. He __________________________ missed the bus
again.
will have should have must have
7. I'm really quite lost. ___________________________ showing me how to get out of

here?
Can you Would you mind Would you be
8. That bus is usually on time. It __________________ to be here any time now.

ought has might
9. I read about your plane's near disaster. You ___________________________________

terrified!
shall have been might have been must have been
10. Professor Hale, we've finished our work for today. __________________ we leave now,
please?
May Can Must
66
Grammar Review 3 - Every / Each
Every and each are both followed by a singular noun. Each is used to talk about two or more
people. Every is used to talk about three or more people.
Each semester counts equally in the students grade point average.

Every year L3 students read a novel in English.
Most of the time each or every can be used interchangeably. However, if you want to refer to
a person or thing individually (one at a time), it is better to use each.
Each candidate entered the interview room separately.
Each cannot be used with words like practically, almost, nearly…
Nearly every element of the crime was noticed by Henry Spearman.
Complete the sentence with the correct words from the second column.
1. In the middle of ________________________ lies opportunity. (Einstein) a. each other

2. Do one thing _________________ that scare you. (Eleanor Roosevelt) b. every difficulty
3. Leadership and learning are indispensible to _____________________. (J.F. c. every opportunity
Kennedy)
4. A pessimist sees the difficulty in __________________; an optimist sees the d. each of us
opportunity in __________________. (Sir Winston Churchill)
5. There is just one life for ___________________; our own. (Euripides) e. every day
67
Grammar Review 4 - Relative pronouns
Refers to:
Function in the sentence: People Things / concepts Place Time
Subject Who, that which, that
Direct Object Ø, that, whom Ø, that, which
where when
Indirect Object Ø, whom Ø, which
Possessive whose whose
Relative pronouns: Subject or Object

A relative pronoun refers to a noun or a nominal group preceding it (called the antecedent) in
the main clause of the sentence. The relative pronoun acts as the subject or object of the
relative clause.
Examples:
• The chief economist, who commented on the recent Bank of England report, said
uncertainty was written all over it.
► "who" refers back to the nominal group "the chief economist"; "who" also acts as
the subject of the relative clause and the verb "comment".
=> The main clause is: The chief economist said uncertainty was written all over
it
=> The relative clause is: who commented on the recent Bank of England report
• Every reader sometimes encounters words that they don’t understand.

► "that" refers back to the noun "words"; that" is also the object of the verb
"understand".
=> The main clause is: Every reader sometimes encounters words
=> The relative clause is: that they don’t understand
Notes:
In spoken or informal English, when the relative pronoun is the subject of the relative
clause,
"that" can be used to refer to a person/people:
• Graeme Leach is the chief economist that commented on the recent Bank of England
report.
(In written or formal English: Graeme Leach is the chief economist who commented on
the recent Bank of England report. )
In spoken or informal English, when the relative pronoun is the object of the relative
clause, it is very often left out (represented by the symbol Ø):
• Every reader sometimes encounters words Ø they don’t understand.
• (In written or formal English: Every reader sometimes encounters words that they
don’t understand.)
• Graeme Leach is the chief economist Ø we interviewed.
(In written or formal English: Graeme Leach is the chief economist whom we
interviewed.)
68
A similar difference arises when the relative pronoun is the indirect object of the relative
clause (i.e. when it depends on a preposition):
• The recent Bank of England report is the document Ø he referred to.
(In written or formal English: The recent Bank of England report is the document to which
he referred / which he referred to.)
• Graeme Leach is the chief economist Ø we spoke to.
(In written or formal English: Graeme Leach is the chief economist to whom we spoke /
whom we spoke to.)
• The relative pronoun "that" IS NOT used as an indirect object introducing a

relative clause in written or formal English.
When to use commas:
► Relative pronouns that introduce a restrictive (or defining) relative clause ARE NOT
separated from the main clause by commas. Restrictive relative clauses add essential
information about the antecedent in the main clause. The information is crucial for
understanding the sentence's meaning correctly and cannot be omitted. In other words,
without the restrictive relative clause, the sentence does not make sense.
Note: As a general rule, in restrictive relative clauses, use "who" for people and "that"
for things.
Examples:
• Graeme Leach is the chief economist who commented on the recent Bank of England
report.
• The report that was published last November indicated that the economic outlook
remained uncertain. (Here, the month of publication is essential to understanding which
report is being discussed. = a restrictive relative clause.)
► Non-restrictive (or non-defining) relative clauses provide non-essential information about

the antecedent in the main clause and ARE separated by commas. The information is not
crucial for understanding the sentence's meaning correctly. In other words, non-restrictive
relative clauses are asides that add extra information.
Note: The relative pronoun "that" CANNOT be used in non-restrictive relative clauses,
so use "who" for people and "which" for things.
Examples:
• The chief economist, who commented on the recent Bank of England report, said
uncertainty was written all over it.
• The report, which was published last November, indicated that the economic outlook
remained uncertain. (Here, the month of publication is not considered to be crucial for
understanding which report is being discussed. = a non-restrictive relative clause.) As it
is the object of the relative clause, it can also be omitted in an informal context - The
report, Ø published last November, indicated that...
Relative pronouns: Possessive

The relative pronoun "whose" is used to indicate a possessive relationship or link between the
antecedent and the noun which follows the pronoun. It can be used in restrictive and non-
restrictive relative clauses.
Examples:
69
• He's the man whose grandfather shot his banker after the Wall Street Crash. (i.e. The
grandfather of the man shot his banker.)
• Ireland, whose financial situation is dramatic, will receive a bailout from its European
partners. (i.e. The financial situation of Ireland is dramatic.)
Relative pronouns: Place / Time

"Where" indicates the place in which something happens - the antecedent is a place.
"When" indicates the time at/in/during which something happens - the antecedent is a time
reference. Both "where" and "when" can be used in restrictive and non-restrictive relative
clauses.
Examples:
• Ireland is the country where Oscar Wilde was born; Paris is where he died.
• Ireland, where the team of officials are assessing the scale of the problem, will receive
a bailout from its European partners.
• In 1929, when there was the Wall Street Crash, American investors lost millions of
dollars. It was a period when many Americans lost their jobs.
Some work on relative pronouns

Complete the sentences with the correct relative pronouns.
1. The man __________ is talking to Pidge and Henry is called Sean Daniels.
2. The house __________ they are staying belongs to the university.
3. Wheeler was the university’s artist-in-residence, ___________ was a very prestigious
position.
4. Spearman talks about Kim, _________ was rejected by Wheeler, ____________
reputation on campus is not very good.
5. This story takes place after Henry’s visit to Stockholm, __________ he received the
Nobel Prize.
6. Wheeler, __________ Dr. Ramos bought the paintings, has been murdered.
Make one sentence from each pair of sentences by using a relative pronoun
7. Rosie is speaking on the phone to Dr. Ramos. Dr. Ramos is her employer.
___________________________________________________________________________
9. Ramos likes Wheeler’s painting. It used to hang in the living room.
___________________________________________________________________________
10. Martin is the curator of the local museum. The museum has several examples of
Wheeler’s work.
___________________________________________________________________________
70
Grammar Review 5 - Prepositions
Reminders
• A preposition is always followed by a noun, a nominal group or a pronoun.
• The V-ing form can be used as a noun (often for actions – swimming, running, dancing,
etc.), e.g. "I don't want to be rude by taking the Spearmans away early, but I am
responsible for getting them home for a light dinner this evening."
Some work on prepositions
The French preposition "à" can be translated by several different propositions in English - e.g.
to, at, in, on, with, from, by, like. Sometimes it can be replaced by 's or is omitted in
translation.
Examples:
Ø Ils ont écouté les informations à la radio. → They listened to the news on the radio.
Ø Elle parlait à voix basse de peur qu'on ne l'entende. → She spoke in a low voice for fear
of (to avoid) being overheard.
Note: "de peur que": → for fear of +V-ing = rather formal style of expression
→ to avoid +V-ing = normal style of expression
Notes
à = to:
→ indicates movement in the direction of a location or place. Often occurs with verbs of
movement - e.g. go, travel, run, walk, etc.
The Spearmans travelled to London by plane. Pidge went to university in NYC (implies she
didn't live in NYC previously).
→ as in French, after several verbs, the complement is always preceded by the preposition to
- e.g. speak to, talk to, belong to. Keynes belonged to the Apostles.
à = at:
→ indicates being in a specific place (not geographical).
Pidge was at Columbia University. Pidge waited at the reception desk while Henry filled in
the registration form.
→ as in French, can be used in a literal or in a figurative sense: At the height of his career...
(Au sommet de sa carrière...).
Also: They arrived at their destination on time. (arriver à in French).
à = in:
→ indicates being in a precise geographic location.
They went to University in New York City, but now they live in Cambridge, Mass.
→ indicates loudnesss of voice - e.g. to speak in a deep/loud/quiet/low/soft …etc. voice.
71
Also the expression: out loud (à voix haute) - He was reading out loud (Il lisait à voix
haute). I was thinking out loud (Je pensais à voix haute ).
à = on:
→ indicates a floor in a building: e.g. on the bottom floor, on the top floor, on the first floor,
etc.
Exception: in the basement (au sous-sol).
Also the expressions: on the radio, on the TV/television, to write on the blackboard, on foot
(à pied), on all fours (à quatre pattes), on the contrary (au contraire).
à = with:
→ used to indicate the clothes, accessories, body parts, attributes of someone.
The man with the elegant clothes is Dr. Abraham. The woman with the Korean family is
Jennifer.
à = from:
→ indicates the distance or the time it takes to go from one place to another.
Also, for drinking: He drank water directly from the tap/the bottle. (Il buvait de l'eau
directement au robinet/à la bouteille).
Ø à = by:
→ where à means d’après, grâce à, au moyen de, it is translated using by.
You're tired ; I can see it by your face. She's injured; I can tell by the way she's limping.
Note the expression: to look like (ressembler à).
Ø 's or the possessive pronoun:

→ when referring to possession / ownership of something which has already been identified.
That book is mine. (Ce livre est à moi.) This one is Pidge's. (Celui-ci est à Pidge.)
Ø Omissions (Ø): When indicating distance between or time needed to go from one place
to another.
San Antonio is (Ø) four hours from Boston by plane. (San Antonio est à une heure de Boston
par avion.)
The town is located (Ø) about 40 miles north-east of the capital. (La ville se situe à 40 miles
environ de la capitale.)
Also the expressions: He does just as he pleases / likes. (Il ne fait qu'à sa guise / à sa tête).
72
Some work on prepositions
1. Henry et Pidge ont une grande maison à Cambridge aux Etats-Unis.
___________________________________________________________________________
2. Ils ont pris l'avion à l'aéroport de Dallas FW.
___________________________________________________________________________
3. A Stockholm, ils ont pris le train pour se rendre au centre ville.
___________________________________________________________________________
4. La maison où ils habitent appartient à l’université.
___________________________________________________________________________
5. Pendant 40 ans, elle était mariée à un autre prof.
___________________________________________________________________________
6. San Antonio se trouve à 200 km de Dallas, ou à deux heures environ en voiture.
___________________________________________________________________________
7. Il était déjà ivre et pourtant il continuait à boire du vin à la bouteille.
___________________________________________________________________________
8. L'homme à la veste sans col ressemble à Nehru.
___________________________________________________________________________
9. Voyez-vous la jeune femme aux long cheveux blonds ? C'est Dolores; je l'ai reconnue à
sa démarche.
___________________________________________________________________________
73
Grammar Review 6 - Use of the definite and indefinite articles
1. Count (countable) nouns vs. non-count (uncountable) nouns
• A count noun represents something that can be counted. It can have a singular and a
plural form. E.g.: a book, an idea, a student; two books, three ideas, several students.
• A non-count noun represents something that cannot be counted. As a general rule,

these nouns are singular and do not have a plural form. There are different categories
of non-count nouns:
o concepts like mining, agriculture, capitalism, economics, politics, globalization,
utilitarianism, global warming, etc.
o collective nouns - they can represent concrete objects or abstract concepts, e.g.
furniture, luggage, rubbish; advice, knowledge, news.
o materials and foodstuffs - e.g. steel, wood, cotton; water, bread, coffee.
o nouns formed from verbs or adjectives - e.g. studying, laughter; homelessness.
Another word has to be used to specify a number or a quantity - e.g. a glass of water,
two pieces of luggage, a lot of news, some advice.
• Some nouns are both count and non-count:

o count when they refer to a particular thing or situation,
o non-count when they refer to a concept.
e.g.: demand (la demande), but a demand/demands (une exigence / des exigences);
supply (l'offre), but a supply / supplies (une fourniture / des fournitures).
This is also the case for certain idiomatic expressions - to make a fuss; to be in a hurry;
What a pity! What a relief! It’s such a mess! It’s a terrible waste!
Question - Explain why "asymmetric information" is non-count, whereas "an information

asymmetry" is count.
2. Using the definite and indefinite articles
a) The Articles -
A/an – the indefinite article: Pronunciation - /əә/ before words beginning with a consonant
sound – a university, a book, a hotel, a window; /əәn/ before words beginning with a
vowel sound – an economic situation, an MP, an hour.
74
The – the definite article: Pronunciation - /ðəә/ before words beginning with a consonant
sound – the university, the book, the hotel, the window, on the one hand; /ði:/ before
words beginning with a vowel sound – the economic situation, Henry the Eighth, the MP,
the hour, on the other hand; /ði:/ before any word when we want to stress the article –
Samuelson is the textbook for economics students.
Ø –the zero article: A grammatical convention to indicate cases where no article is used.
b) Uses –
The indefinite article – can only be used with a singular noun – there is only ONE! – and
only with count nouns. The indefinite article is used for a first mention or for a general,
non-specific reference.
e.g.: l.9 - a customer (= any customer), l.10 a property for sale (= any property for sale).
The definite article – can be used with all nouns, singular or plural, for a reference to
something already identified or for a specific reference.
e.g.: l.6 - the internet (= specific, the writer expects the reader to know what this is),
l.40 - the information (= specific, the kind of information the website will make available).
The zero article – A convention to help to explain those cases where no article is used.
The most frequent cases are for a first mention or for a general, non-specific reference to –
• a non-count noun: l.38-39 - "the currency we’re trading is Øinformation on bad
apartments" (= any information).
• a count noun in the plural: l.37-38 - "All we needed was a simple way for Øapartment
dwellers who had met Øexperiences like ours to let the world know." (= any
apartment dwellers, any experiences).
Note also: Proper names -

Obviously, the indefinite article is never used with proper names, which are always
specific. The general rule is that no article us used, but there are exceptions:
• ØHenry Spearman, but the Henry Spearman (= /ði:/ - the famous, well-known).
• street names or names of monuments/institutions – when “the” is part of the official
name - ØOxford Street, ØBroadway, ØBuckingham Palace, ØHarvard Business
School, but The Strand, The White House, The Capitol.
• country names which are compound nouns or indicate a grouping - ØAmerica,
ØBritain, ØFrance, but the USA, the UK, the Netherlands, the Philippines.
• names of mountain ranges, rivers, seas/oceans - the Alps, the Thames, the Dead Sea,
the Atlantic.
Remember that titles on their own are not proper names, so - ØPresident Obama, ØQueen
Elizabeth II, ØMrs. Thatcher, but the President of America, the Queen of England, the
former Prime Minister.
Question - Explain the use of the articles in the following paragraph.
A Deadly Indifference is a detective story written by ØMarshall Jevons, which is the pen name adopted by
ØWilliam Breit and ØKenneth G. Elzinga. The detective-hero is called ØHenry Spearman. In fact, he is a
famous economist, who teaches at ØHarvard in the USA, and who applies Øeconomics to everyday life and
uses Øeconomic theories to solve Ømurders.
75
Grammar Review 7 - Possessive 'S
To show that something belongs to somebody or something, we usually add 's to a singular
noun (including a singular noun ending in s) and an apostrophe ' to a plural noun, for
example:
• the boy's dog (one boy)
• the boys' dog (two or more boys)
The number of dogs does not matter; the structure is influenced by the possessor and not the
possessed.
one dog more than one dog
one boy  

the boy's dog the boy's dogs
more than one boy  

the boys' dog the boys' dogs
The structure can be used with a compound noun:

• the President’s house (= the house of the president)
Although we can use of to show possession, it is more usual to use 's. The following phrases
have the same meaning, but the 's is more usual and natural:
• The long blond hair of the actress / The actress's long blond hair
The possessive form is used in a prepositional phrase beginning with the preposition of :
• That boy is a schoolmate of my son's. (= one of my son's schoolmates)
• Graham Carlton, a friend of Ardis Horne's, was visiting the Bentham exhibit at the
same time as Pidge and Henry. (= one of Ardis Horne's friends)
Possessive 's can used with acronyms and numbers used as nouns:
• Harvard’s reputation is excellent.
• The Beatles were a famous 1960s' pop group.
Note that the plural of a number used as a noun should not be formed with an
apostrophe: The action takes place in Cambridge in the 1960s / the 60s.
Possessive 's can used where the noun that should follow (the possessed) is implied or does
not need to be repeated:
• Yesterday I had to go to the doctor's. (= the doctor's surgery)
• This jacket is his father's, not his.
Gerunds (V-ing)
Possessive 's is used normally with a simple gerund (V-ing):
• Tristan’s drinking made him very unpredictable.
With a gerund phrase there are two possibilities:

Correct, formal usage:
• Henry really appreciated Kim’s helping him. (Also: Henry really appreciated her
help.)
76
Informal, everyday usage:
• Henry really appreciated Kim helping. (Also: Henry really appreciated her
help/helping.)
Proper Nouns (Names)

Possessive 's is very often used with names:
• This is Tristan’s painting. / Where is Abraham’s wife? / Who is selling Wheeler’s
paintings?
When a name ends in s, we usually treat it like any other singular noun, and add 's:
• Steve likes Jennifer’s hair.
However, it is possible (especially with older, more classical names or the names of famous
people) to just add the apostrophe ':
• Where is Charles' dog? or: Where is Charles's dog?
• Who was Keynes' teacher? or: Who was Keynes's teacher?
Also, to avoid making a hissing noise, when an added 's would lead to three closely bunched s
or z sounds, it is better just to add the apostrophe ':
• The legend of Ulysses' odyssey.
To show joint ownership, we give the possessive form to the final name only:
• Shepherd and Hart's shared passion for first editions.
Irregular Plurals
Some nouns have irregular plural forms without s (e.g.: man > men). To show possession,
we usually add 's to the plural form of these nouns:
singular noun plural noun

my child's dog my children's dog
the woman's work the women's work
the mouse's cage the mice's cage
a person's clothes people's clothes
Notes:
• Never use 's with possessive pronouns, i.e.: mine, yours, his, hers, its, theirs, ours,
yours, or the possessive relative pronoun, whose. They already show possession so
they do not require an apostrophe or 's.
o The house in Grantchester is hers, not theirs.
Reminder: Personal pronouns

Subject Object Possessive Possessive
pronoun pronoun adjective pronoun
I me my mine
you you your yours
he / she / it him / her / it his / her / its his / hers / its
we us our ours
you you your yours
they them their theirs
77
• The only time 's is used with the pronoun it is when forming a contraction of it is or it
has.
o It's a nice day.
o It's been great meeting you.
• Let's is a contraction of Let us.

o Let's go punting on the cam!
78
Some work on 's: Choose the correct answer for each sentence.
1. This exercise will help you use _____________ correctly.
o apostrophe's o apostrophes
2. These __________ dog is really cute.
o boys' o boys
3. The __________ names are Duncan and Nigel.
o mens' o men's
4. __________ that person? __________ not Ajit.
o Whose o Who's o It's o Its
5. The corpse was sitting in __________ mahogany case.
o it's o its
6. There were a lot of good bands in the __________.
o 80s o 80's
7. Both of my __________ were born in Germany.
o parents' o parents
8. I borrowed my __________ car yesterday.
o parents' o parents
9. We heard __________ voices from the other room.
o their o there o they're
10. He __________ his children play in the street.
o let's o lets
11. I really appreciate __________ helping me with this. (informal)
o Henry o Henry's
12. I am most unhappy about __________ coming to work late. (formal)
o your o you
79
Grammar Review 8 - AS and LIKE
Ø AS is both a conjunction and a preposition.

→ The conjunction AS is used:
• to express equality/inequality in a comparison (aussi … que);
(See also Reminder below) e.g.
Morris isn’t as clever as Henry.
• to introduce a proposition (noun/pronoun+verb) (comme); e.g.
As we know, Henry is a brilliant economist.
You should do as I say, not as I do.
In informal English, like is sometimes used in the same way, particularly in
American English. You should avoid this usage in your written work.
Reminder - As and Than in comparisons:

AS: We use the conjunction AS when we want to say two things are identical or similar;
e.g.
Cubbage is as rich as her father. (Olivia est aussi riche que son père.)
Pidge shares the same interests as her husband. (Pidge partage les mêmes centres
d'intérêts que son mari).
THAN: We use THAN to compare two things that are different; e.g.
Cubbage is more intelligent than her husband. (Cubbage est plus intélligente que son
mari.)
Pidge is taller than her husband. (Pidge est plus grande que son mari.)
Houses in San Antonio are less expensive than in Dallas. (Une maison coûte moins cher
à San Antonio qu'à Dallas.)
→ The preposition AS is used:
• to refer to appearance or function (en tant que);
e.g. I went to a fancy-dress party disguised as Jeremy Bentham.
As a pupil in this class, I consider we get too much homework.
As a girl I hated maths tests.
Steve needs to earn money, so he works as a punt chauffeur.
Ø LIKE is a preposition. It is used:

• to indicate similarity (comme); e.g.
Jeremy Bentham looked like Benjamin Franklin.
Why don’t you visit San Antonio, like Pidge and Henry?
I’ve been working like a dog (= working very hard).
• in several idiomatic expressions; e.g.
What’s the weather like? Today it is cold and cloudy.
What’s your brother like? My brother is clever and very sociable.
I don’t feel like speaking English today.
80
Some work on AS and LIKE
Complete the sentences.
1. Abraham worked in the Economics Department _______ Spearman, and he presented
_______ a member of the Board of Trustees.
2. ________ he stood on the bridge, Henry’s thoughts became clearer.
3. Jeremy Bentham is not _______ well known _______ an economist _______ David
Ricardo.
4. Many students would like to be an economist, just ________ Henry.
5. Pidge n'est pas aussi bavarde que Henry. Elle est plus patiente qu’Annelle.
___________________________________________________________________________
6. La théorie des avantages comparatifs est plus pertinente que la théorie des avantages
absolus.
___________________________________________________________________________
81
Grammar Review 9 - THIS and THAT
THIS and THAT are determinants and can be used both as adjectives and as pronouns.
As a general rule, THIS goes with “here” and “now”, THAT goes with “there” and
“then”.
a. Adjectives: Exceptionally, the adjectives have a plural form
Singular - THIS THAT

Plural - THESE THOSE
reflecting - → proximity → distance

in time or in space
e.g.:
I'm talking about this car (the one next to or near to me), not that one (the car over there or
further away). [often accompanied by gestures.]
Shall we go to London this Friday? (the Friday of this week).
Do you remember that Friday when we went to London? (a particular Friday in the past).
These days (= nowadays) we never go anywhere.
In those days (= back then, at a certain period in the past) we were always travelling.
Also: idiomatic usage of THAT:
→ to refer to someone or something in a pejorative manner; e.g.:
"Oh no! It’s that man again!" (C'est encore ce type là !)
b. Pronouns:
THIS (plural - THESE) THAT (plural - THOSE)

→ Announces what follows → Refers back to what has gone before
e.g.:
These are difficult times for unskilled workers because of company offshoring to low-cost
countries.
Those were the days! (nostalgic - a past time which the speaker now misses)
Compare:
“This is what happened. We went to the cinema on Saturday night, but the film finished
so late that we missed the last bus home and had to walk all the way to San Antonio.”
(This is saying: “Let me tell you”);
and:
“We went to the cinema on Saturday night, but the film finished so late that we missed the
last bus home and had to walk all the way to San Antonio. That’s what happened.”
(That is saying: “Now you know”).
Note: "that" can also be used as a compound conjunction (so that, in order that, provided
that), and as a relative pronoun (see Grammar Review 4); e.g.:
• We can understand why Henry suspects Dolores provided that we know about asymmetric
information.
• His explanation is so simple that everyone can understand.
• Jared is worried about the letter that he sent to the police four years' ago.
82
Some work on THIS and THAT
Complete the sentences using this, that, these, or those.
1. Can you see ________ building across the street, next to the bank?
2. I would like to taste ________ cookies you made this morning. Did you leave them in
the kitchen?
3. Look at my Diesel sunglasses! ________ brand is very expensive.
4. I'm wearing my grandmother's engagement ring. ________ diamonds are a hundred years
old.
5. John: Could you please give me ________ CD on the table over there?
Mike: Do you mean ____________ CD here?
John: Yes, ________ one.
Mike: Here you are. Oh, and could you pass me ________ books on the desk over there?
John: _________ ? Sure, here you are.
83
Procédure d'inscription aux interrogations Moodle en ligne:
Votre contrôle continu d’anglais comprend trois interrogations en ligne que vous devrez
compléter en autonomie (en dehors de la salle de cours).
La procédure d’accès aux interrogations s’effectue en deux temps : celui de l’authentification

sur la plateforme Agorassas, puis celui de l’inscription propre au cours.
1er temps : S’authentifier sur à la plateforme, vous devez vous rendre ici :
https://agorassas.u-paris2.fr/
Il ne vous reste plus qu'à vous authentifier avec votre identifiant /mot de
passe: prenom.nom@etudiants.u-paris2.fr
(Votre mot de passe se trouve sur la partie « messagerie étudiante » du premier coupon de vos
certificats de scolarité (ces derniers vous ont été remis au moins par mail). Les étudiants déjà
inscrits les années précédentes peuvent utiliser le même mot de passe.)
2e temps : l’inscription au cours lui-même :
ttps://agorassas.u-‐paris2.fr/course/view.php?id=29795

clef d’accès: l3s1EG2021 (en veillant à respecter la casse: L minuscule 3, s
minuscule ‘un’, EG2021)
- END -
84

Mystery of the Invisible Hand Midterm Test

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UNIVERSITÉ PANTHÉON-ASSAS PARIS 2

L3 ENGLISH FOR ECONOMICS

The Mystery of the Invisible Hand

MIDTERM TEST: Week of November 23rd (in class)

TUTORS: V. BUHL, C. HEUILLARD, L. SOLAZ, I. MEYER

THE MYSTERY OF THE INVISIBLE HAND

No grade Was absent or very late to class.

The grade breakdown is as follows:

Continuous Assessment (50%) Final exam (50%)

8. Spelling: Please note the correct spelling of the following words:

An economist by training thinks of himself as the guardian of rationality, the ascriber of

Video 1: Interview of Kenneth Elzinga

Kenneth Elzinga (Robert C. Taylor Professor of Economics

William Breit (1933–2011)

Watch the video and answer the following questions:

3. How did Kenneth Elzinga start writing mystery novels?

6. How did Kenneth Elzinga first meet William Breit?

7. What do we learn about William Breit’s personality and tastes?

8. What kind of writing did Breit and Elzinga originally author?

The streets were dark with something more than night.

2. Where is the scene set? In a house

5. How are they behaving?

6. What do you think has happened?

7. What are the characters doing?

Chapter 1: Spearman Meets the King

1. Who is the main character? Where is he? Why is he there?

a. What is an “Ivy League” university?

Ø See also Grammar Review 1

Pronunciation: Word stress and vowel reduction

> Where does the action take place?

This is a photo of two famous economists, Milton Friedman and

> What happens?

1. Comment on the chapter’s title.

2. Explain the details of the news story Henry reads about in

3. How does Spearman file the newspaper clipping?

Work on vocabulary: find a synonym for the following words

1. Chapter summary: > Where? > Who? > What?

Work on vocabulary: Explain the two expression below:

Who was the host of the party?

When she _____________

investigate. There _______________

See Grammar Review 1

What factors help to establish the value of a work of art?

Chapter 5: Visiting Professor

1. Chapter summary: > Where? > Who? > What?

Where : at the art department of Monte Vista University.

2. Describe the relationship between Kim and Wheeler.

6. What does he give Kim at the end of the chapter?

7. How does Kim react?

Video 2: The Value of Art: Episode 4: Provenance – Sotheby’s Financial Services

1. Who produced this video?

2. What is ‘provenance’? List the different questions the dealers ask.

3. In China, what impact can provenance have on price?

4. What is the perfect example of provenance? Give as many details as possible.

5. What is said about the Ferrari Enzo?

6. The longer that something has been off the market

7. What element of provenance is mentioned during the

Figure 1: David Rockefeller and his R othko

To assess A graduate student

Chapter 6: West to Texas

1. Summarize the chapter.

2. Has winning the Nobel Prize affected Henry’s life?

3. What event is scheduled for Friday?