Micro and Macroeconomics Principles: the Neoclassical versus the Political Economy Paradigm
This program will study in some depth and critically the
assumptions, logic, conclusions, public policy and social
implications of mainstream or neoclassical economics. We will
analyze principles of microeconomics: key concepts such as
scarcity, efficiency and opportunity cost; and how labor and goods
markets function, the determination of prices and output, and wages
and profits; the determination of poverty, nationally and the
role of money, government spending and taxes. This program will
compare and contrast neoclassical economics to what is usually
called, political economy, with respect to methodology, concepts
and their analyses of key economic issues. Both the neoclassical
and political economy paradigms will be studied in the context of
the globalization of the U.S. economy and growing global economic
integration.
No background in economics is assumed, knowledge of basic high
school algebra is highly recommended.