Econ Review Notes

Econ Review Notes - Econ Review Notes What is Economics...

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Econ Review Notes What is Economics? Neoclassical Economis- believes Market stays at equilibrium and focuses on individual behaviour Institutional focus on structure of economy and how they affect individuals Causal factors – Factors that cause something, economics is concerned with cause and effect. ECONOMICS The study of how societies organize production and distribution activities over time. “The study of mankind in the everyday business of life” - Alfred Marshall (1842-1924) “ The Study of the allocation of scarce resources to alternative ends” -Lionel Robbins (1898-1984) “The study of material provisioning.” - Kenneth Boulding (1910-1993) Adam Smith Scottish philosopher/ economist Wrote An Inquiry into the Nature and Causes of the Wealth of Nations (Wealth of Nations) Published 1776 Political economy is the original name of economics Over time the term political economy has disappeared because economics has become more mathematic/ quantitative Puts economic activity into social context [THE STUDY of HOW HUMAN BEINGS (as individuals or groups) ORGANIZE THE ACTIVITIES of PRODUCTION, CONSUMPTION and DISTRIBUTION OVER TIME]
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ECONOMICS NEOCLASSICAL ECONOMICS Individuals Maximize own welfare o Maximize profit Best done in markets Choice is important aspect o Can’t do everything in world o Allocate times Mainstream/ orthodoxy Markets are equilibrium Marxian Economics Capitalism is criticized Idea of class is very important Keynesian Economics (The General Theory) Macroeconomics o Looking at the market as a whole Writing at the time of the Great Depression o Uncertainty Formation of expectations Role of Government Institutional Economics Thornstein Veblen Only majory school of thought that originated in the United States Culture is a factor Instutuonal a. Any way of which society organizes activity Society/Culture a. Change way economics is done Economy is imbedded in certain societies Evolution a. How economy changes over time Capitalism Capital Accumulation a. Marx’s definition of Proift Commodity Production Private Property
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Epistemology Branch of philosophy which study the theories of knowledge o Where does knowledge come from? o How is knowledge created? Feminist Economics Gender makes a lot of difference Men/women have different social functions Sexual division of labor Postcolonial Critique Based on an argument that major approaches of economics are of assuming market economy with a certain background Understanding impact of culture has on economic activity Economics Every society has to find a way to organize its production and distribution It can be very simple of very complicated Every economy has to answer 3 questions 1. How do we provide/produce?
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