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Several of the readings we’ve done this semester have suggested that the valorization of certain approaches to social “science” can mean the exclusion of alternative theoretical perspectives. In the “real world” this tension plays out in the policy sphere, in which these different theoretical perspectives offer different policy recommendations. a. Roughly splitting the content of this semester into neoclassical theory and heterodox theory, how do these approaches differ in terms of: i. Normative content and criteria ii. Ethics iii. And the ways that they define or interpret or theorize: 1. Inequality 2. Development b. What is at stake in this debate? According to Polanyi, why is this debate important? i. Do you agree? Why/why not?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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