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Introduction to Alternative Perspectives in Economics (ECON1011)

Final assessment

Answer ONE question

1)   Focussing on methodological approaches and underlying assumptions, describe and      explain the main differences between mainstream economic theory and alternative       approaches. Give examples from any heterodox school with which you are familiar.  To what extent do the conditions which pertained at the time such theories were                 developed, explain the differences between them?

2)   Read:

Reinert, E, 2013, Civilizing capitalism: “good” and “bad” greed from the enlightenment to Thorstein Veblen (1857- 1929), Real- World Economics Review 63: 57-72 [posted on

Moodle]

a)   What are “good” and “bad” greed? What is the relevance of these ethical concepts?

b)   What common points are there between this article, Mazzucato’s book (used as a textbook for this course) and Hudson’s article (used as Tutorial material)?

c)   How does what these three economists say differ from neoclassical economic theory?

Instructions

•    This is not a standard essay!

•    Rather, you should think of it as a briefing note in which you concisely present what you think are the most important points of your argument.

•    The briefing note expects you to address the question from start to finish. Therefore, you do not need to elaborate a long introduction, describe how you are going to answer the question or      summarise conclusions.

•    There is a word limit of 1,200 words for this briefing note.

•    To avoid plagiarism issues, you are recommended to use your own words. If you use somebody else’s words, put them in quotation marks and give the source.

•    Full bibliographic details should be given in a bibliography placed on a new page at the end of the briefing note. This bibliography should only include the details of in-text references (the   latter report only the author’s surname and the year of publication). Using lecture notes as a reference is not a good idea: use the original authors instead.

•    For Question 2, the answer can be shorter than 1,200 words and students are not required to search for additional reading.