ECONOMICS
380
HISTORY OF
ECONOMIC THOUGHT
FROM 1870
Final Examination
180 minutes
Answer any two of the following six questions @ 50%
each.
1.
The history of economic thought involves use of a number of historical and
philosophical concepts including:
Absolutism
vs. Relativism
Falsifiability
Historical
vs. Rational Reconstruction
Paradigm
Define
each, associate it with specific economists or schools of thought and briefly
explain.
2.
What was the nature and causes of the Marginalist Revolution?
3.
Those who opposed the Marginalist Revolution did not use assumptions of
scarcity and hedonism. Alternative
concepts included:
Empiricism
Teleology
Transcendence
Define
each, associate it with specific economists or schools of thought and briefly
explain.
4.
What was the nature and causes of the Keynesian Revolution?
5. In some cases those who opposed the Keynesian
Revolution used the same analytic components as Keynes himself but with different
assumptions. These include:
Expectations
Money
& the Interest Rate
Wages
Define
each, associate it with specific economists or schools of thought and briefly
explain.
6.
Arguably, economics is in a ‘post-paradigm’ period with a proliferation of new
sub-disciplines. These include:
Behavioural
Economics
Cultural
Economics
Experimental
Economics
The
‘New’ Geographic, Growth, Historical, Institutional & 'Science' Economics
Define
each, associate it with specific economists and briefly explain.