Econ 3-31 - 3/31/2008 1. 4th Test a. Praxis Test i. Applies...

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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. 2.
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Econ 3-31 - 3/31/2008 1. 4th Test a. Praxis Test i. Applies...

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