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Econ 3-31 - 1 4th Test a Praxis Test i Applies when theory...

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3/31/2008 1. 4 th  Test a. Praxis Test i. Applies when theory is put into practice 1. 1 st  stage a. Transform theory into policy i. Public ii. Private 2. 2 nd  stage a. Discussions about implementation 3. 3 rd  stage a. Evaluation regarding policy effectiveness 2. When do economists disagree? a. Some economists believe that non-economic factors affect economic events b. Joan Robinson i. Wrote freedom and necessity – Said we do economic and social sciences  in different ways c. Competing paradigms in Economics d. Orthodox i. Dominate paradigm in economics 1. “Neo-Classical” or “Neo-Liberal” perspective
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ii. Acceptance the existing institutional structure and they then build their  theories around those institutional structures. 1. In General, Private ownership of means of production insure both  political and economic freedom.
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