Contending Perspectives in Econmics - Exam 1 Study Guide

8/18/2019 Contending Perspectives in Econmics - Exam 1 Study Guide

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7. Although the aim of the book is to introduce people to different schools of thought in

economics, that doesn’t mean they can believe that every one is correct. This is so

because they contain what? [ words!

Mutually exclusive propositions

". #hat are we taught in primary and secondary school about science? [$7 words!That it is methodical, experimental, and objective and that the world it studies has particular

innate characteristic.

%. &arvey argues that bias is inevitable in our attempts to understand the world. #hat

e'ample does he give in support of this in terms of setting up a chemistry e'periment?

[( words!

If you suspect that a chemical process may generate heat, then you setup a thermometer to measure it; if you do not expect it, then you may notuse a thermometer at all.

$). #hat is something that scientists can really accomplish *given the fact that theycan’t actually discover unbiased +truths-? [ words!

Practical sense of the world

$$. /any factors affect the acceptance of a theory or model, some reasonable and some

not, some outside of science and some within it. Those most associated with Behavioral

Standards. 0riefly e'plain what these are, what happens if violated, and what the result

of conspicuous adherence may be *including the especially-. [1) words!

While no school of thought has complete homogeneity, behavioralstandards are certain core values, practices and beliefs which eachmember must follow to remain in good standings. If they are violated, themember bears the risk of loss of status or expulsion. If there isconspicuous adherence, the member enjoys increased prestige orpromotion.

$2. #hat, in terms of sub3ect matter, is the central focus of undergraduate economics

*and what does this mean-? [ words!

“how to think like an economist. What this means is learning to evaluatealternatives in a formali!ed cost" bene#t framework and to consider theincentives facing individuals and how these might create unanticipatedconse$uences.

$. #hat is the concern of those who are not as enthusiastic regarding the manner in

which we teach undergraduate economics and what does their view imply? [$)) words4

you can leave out the bit about multiple5choice e'ams but include the stages of learning

stuff!

%ortraying our discipline as completely objective and free of controversy isnot only false, but it leaves students at “the stage of dualism, where all$uestions are viewed in black and white with decidedly right and wronganswers as opposed to moving them to “higher stages of cognitivedevelopment &multiplicity, contextual relativism, and contextuallyappropriate decisions'. (his view implies that while the average

economics major graduates with excellent problem" solving skills, whetheror not she is e$uipped to understand where to apply them, what


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limitations they may have, and when other approaches might be moreappropriate is an open $uestion.

$(. The change in the mi' and content of courses in economics graduate school is a

function of what heavy shift? [ words!

Toward developing advanced mathematical skills

$. The basic training of most economists includes the idea that 6ualitative data are

inherently suspect and that they should therefore rely on abstract reasoning and

intuition. 0ut how, in their view, does this not result in uncontrolled speculation? [2

words!

)conomists use mathematics. (his provides the rigor necessary to applybasic economic principles to complex problems while at the same timemaintaining objectivity.

$1. Although the vast ma3ority of published articles have very little impact, it is as least

true that those who publish regularly are more likely to do what? [7 words!

Keep up with developments in their field

$7. #hat is the most challenging part of an assistant professor’s portfolio5building

process? [$ word!

esearch

$". #hat percentage of papers received a re3ection or a revise and resubmit at 3ournals?

[range of percentages!

!"#$%&

$%. #here do economic schools of thought really e'ist and evolve? [7 words!

Pages of books and especially journals

2). #hat are the key primary standards of behavior in economics? [($ words!

(he subject matter, the belief that the world can be understood via thesystematic study of its observed characteristics, and that skepticism,objectivity, and respect for logic and reason are the values most likely tolead to useful and reliable explanations.

2$. After Table 2.$, there is a summary of the foci of the secondary standards of

behavior during the undergraduate, graduate, and apprenticeship periods. ummari8eeach in no more than a sentence. [2 words!

'ndergraduate( defining the discipline( what is economics) *conomic behavior is described

as law#like and tending toward e+uilibrium.

raduate( method. -eduction over induction, lack of concern for historical and institutional

considerations in model assumption, more mathematics.

pprenticeship( journal research with a strict hierarchy of journals.

22. &arvey says that the imperfect nature of scientific in6uiry should lead us to what

conclusion? 9nstead, what do the incentives and structure of our discipline actually

encourage and how is this created by the undergraduate and graduate education and

apprenticeship *give at least a sentence on the first two stages and a couple on the thirdone-? #hy is it liable to continue even after the last stage is complete? [2( words!


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*ebate among a plurality of perspectives &assuming that each is faithfulto the values of skepticism, objectivity, and respect for logic and evidencein the development of systematic studies' is the process most likely togenerate useful and reliable explanations of economic phenomena.Instead, the incentives that exist in our discipline encourage monism

when we need pluralism, consent when real progress is more likely withdissent.

Undergraduate level+ the textbook culture, combined with eoclassicism-stendency to portray economics as completely objective, teaches thestudent that there is one and only one school of thought.Graduate level+ teaching a methodological approach most consistent withthat one approach. Apprenticeship+ when the neophyte invests atremendous amount of intellectual capital while trying to earn tenure.uilding the most critical component of the assistant professor-s portfolio,that related to research, is time consuming, intellectually challenging, anduncertain. (his is not the stage of one-s career to be taking a lot ofchances, particularly since it is also a time when one is so busy with newteaching and service responsibilities. /trict adherence to primary andsecondary standards is the rule for those who wish to survive. 0ater, onecan take on the economics establishment and accepted theory1right now,you just need to get tenure2 ut, after six years of following these rulesand abiding by all primary and secondary standards, including, inparticular, any journal rankings your department employs, the tenuredeconomist is unlikely to stray.

International Student Initiative for Pluralism in Economics: http://www.isipe.net/ 2. :heck out the web page of the 9nternational tudent 9nitiative for ;luralism in

etter *main address listed above-. 9n three or four

sentences, what do they mean by theoretical pluralism? [(7 words!

Theoretical pluralism emphasi/es the need to broaden the range of schools of thought

represented in the curricula. 0t is not the particulars of any economic tradition we object to.

Pluralism is not about choosing sides, but about encouraging intellectually rich debate and

learning to critically contrast ideas. 1here other disciplines embrace diversity and teach

competing theories even when they are mutually incompatible, economics is often presented

as a unified body of knowledge.

Richard McIntyre, Revolutionizin !rench Economics, "hallene Maazinehttp://www.econ.tcu.edu/harvey/#$%/Revolutionizin!renchEconomics.pdf

2(. #hat did the une 2))) @rench economics students’ protest argue? [( words!

*conomics teaching was flawed in that it pursued mathematics as an end in itself, that the

dominance of the neoclassical doctrine, that the dominance of the neoclassical tradition was

repressive and unjustified, and that the dogmatic teaching style of most economists left no

room for critical or reflective thought.

Professor 'ohn (in)s (eith *ancoc+ ecture %$-% from aout 0:$$ to -#:$$1

http://youtu.e/%i2345a"6o

2. #hat statement does ohn ing make regarding the character of the economics

discipline *starting around %B(- that he then supports with three pieces of evidence? [2

words!


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*conomics is uni+ue among the social sciences in having single monolithic mainstream

which is either unaware of or actively hostile to alternative approaches.

21. #hat are ohn ing’s three pieces of evidence in support of his claim regarding the

character of the economics discipline? =ther than the reference to the ;olitics

department at ='ford, don’t worry about the specific names or numbers he mentions.[1 words!

0nterview with Kurt othschild 23eterodox *conomics4-issenting *conomics on oogle vs

3eterodox 5ociology4Psychology6

Post#war history of social sciences( chapter on economics edited by economists of a single,

unified mainstream.

5tephen 1hitefield, 7xford Politics department, described his department as pluralist. 3e

reported this to the 3eterodox 8ews 9etter, asked whether any economics department could

claim the same thing, and received no reply.

27. #hat T:C professor does ohn ing mention in his speech? [name!

ob arnett

Professor 'ames 3alraith on the Economics Profession

http://youtu.e/7#z*289%3$

2". ;rofessor Dalbraith believes that the politics and sociology of the economics

profession are such that they discourage innovation, creativity, and debate. #hat is the

very first thing he blames for this problem? [ words!

3ierarchy of :ournals

&e goes on to say that in most high5level departments, economists are preoccupied with

what and not interested in what and what? [7 words!

Their own pu//les

Macroeconomics, *conomic policies

&ow does their preoccupation fit into uhn’s description of science? [ words!

0n accord with the paradigm;s established theory

T&< EA9:A> /A9ETF


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occurring during the war *although related to immediate pre5##99 period- and one

after.


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a worker or a capitalist1but clearly they are not2 >apitalism must thereforebe exploitative. (hat workers have no option but to submit to the will of those who ownthe means of production is suHcient to show that they are at a signi#cantdisadvantage, regardless of what theory of justice one might employ. In all

these instances, class mobility only changes which individuals areexploited, not the fact that capitalism is exploitative.

). =ne common criticism focuses on /ar'ists’ allegation that workers are defacto

slaves of the capitalists and are thereby e'ploited and alienated. Eeoclassicals and

Austrians see the relationship between worker and employer as obviously mutually

beneficial or the former would not choose to be associated with the latter. #hat analogy

is used to show the /ar'ist response to this? [2 words!

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Contending Perspectives in Econmics - Exam 1 Study Guide