In a centrally-planned economy how might central planners estimate supply or demand? (Austrian)
In the late 19th century, Washington Gladden said, "He who battles for the Christianization of society, will find their strongest foe in the field of economics. Economics is indeed the dismal science because of the selfishness of its maxims and the inhumanity of its conclusions."
Evaluate this statement.
Is there a conflict between the ideology of capitalism and the precepts of Christianity?
Would a society that emphasized a capitalist mode of production benefit by a moral framework that emphasized selflessness rather than selfishness? (Christian)
Economics is often referred to as the study of choice.
Have men and women been equally free to choose the amount of education they receive even within the same family in U.S. history?
What other areas can you see where men and women have not been equally free to choose?
If you agree that men and women have not had equal rights to choose, what implications does that have about the objectivity of economic analysis? (Feminist)
Knowledge is derived from a tautology when something is true because you assume it is true. In this chapter you have learned the conditions under which supply and demand explain outcomes. Yet, as your text author cautions, these conditions may not hold. How can you be sure, ever, they do indeed hold? (Institutionalist)
Do you think consumers make purchasing decisions based general rules of thumb instead of price?
Why would consumers do this?
What implication might this have for the conclusions drawn about markets? (Post-Keynesian)
Some economists believe that imposing international labor standards would cost jobs. In support of this argument, one economist said, "Either you believe labor demand curves are downward sloping, or you don't." Of course, not to believe that demand curves are negatively sloped would be tantamount to declaring yourself an economic illiterate. What else about the nature of labor demand curves might help a policymaker design policies that could counteract the negative effects of labor standards employment? (Radical)
