Economics

Attempt both Parts A and B, each part is of equal weight in the final grade.
Part A: Answer one of the following 3 questions in a short legibly-written or
preferably typed essay, of maximum 500 words:
1. Do you think that economic thinking has progressed, in the sense of the evolution
of a science, in that economic ideas have progressively become better and are
hence better today than they were in the past? Why or why not? Explain, giving some
examples.
2. Who, of the economic thinkers you have studied in this course, do you think
provides the most accurate description of the workings of the economy and of
economic behaviour, both with respect to his or her times, and ours? Explain.
3. Which, of the major schools of economics you have studied in this course (e.g.
Classical, Neoclassical, Marxian, Keynesian, Austrian, Institutional, Schumpeterian,
etc.), do you feel provides the most accurate description of the workings of the
economy and of economic behaviour, both with respect to the school’s times, and
ours? Explain.
Part B: Answer one of the following 3 questions in a short legibly-written or
preferably typed essay of maximum 500 words:
1. Do you think that all students who major in economics should be required to take a
course in the history of economic thought? Why or why not? Explain.
2. Do you think that knowledge of the history of economic thought is useful to
students who don’t major in economics? Why or why not? Explain.
3. “Ideas are inherently conservative. They yield not to the attack of other ideas but to
the massive onslaught of circumstance with which that cannot contend.” (J.K.
Galbraith). Discuss with respect to either Classical economics, Marxian economics,
Neoclassical economics, Keynesian economics, or the Neoclassical Synthesis.