Question 1

Whats defention of terms:
-neoclassical economics

Accepted Answer

asserts a basic policy conclusion that free-market capitalism works well as long as government does not intervene in the economy

Question 2

Whats defention of terms:
-progressive political economists

Accepted Answer

a scholar who does not believe that the existing market system is perfect; one who analyzes the economic system in order to see how to change it so as to improve it in the interest of better social outcomes

Question 3

Explain the key differences between neoclassical economics and progressive political economy.
-What are the two key assumptions that neoclassical economists make about individuals? What are those assumptions used for?

Accepted Answer

Neoclassical economics assumes that individuals make rational decisions or choices and that these choices are made in the individual's own best self-interest These two assumptions are used to deduce how individuals as members of households or owners of businesses made decisions about consumption and production

Question 4

Explain the key differences between neoclassical economics and progressive political economy.
-What do progressive political economists claim is a key factor for individuals making decisions? Give an example.

Accepted Answer

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Question 5

Explain the key differences between neoclassical economics and progressive political economy.
-Neoclassical economists talk about how individuals are free to spend their dollars in the market. What does this mean? What problems do progressive political economists see with this "freedom"?

Accepted Answer

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Question 6

Explain the key differences between neoclassical economics and progressive political economy.
-What role should the government play according to neoclassical economists? According to progressive political economists?

Accepted Answer

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Question 7

Describe how the different models or views of neoclassical economists and progressive political economy lead to different policies in dealing with social issues.
-Should the government do much spending in the economy according to neoclassical economists? Why or why not?

Accepted Answer

The answer of Describe how the different models or views...

Question 8

Describe how the different models or views of neoclassical economists and progressive political economy lead to different policies in dealing with social issues.
-What types of spending does each group think the government should do in the economy?

Accepted Answer

The answer of Describe how the different models or views...

Question 9

Describe how the different models or views of neoclassical economists and progressive political economy lead to different policies in dealing with social issues.
-What do the neoclassical economists have to say about taxes? How do taxes interfere with the individual?

Accepted Answer

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Question 10

Compare and contrast the two views in the case of a hypothetical "Robinson Crusoe" economy.
-Briefly describe the Robinson Crusoe metaphor underpinning the traditional economics perspective.

Accepted Answer