Studied by 17 people
Neoclassical definition of Economics
the study of how society makes choices in managing its scarce resources and the consequences of this decision-making, based on math to abstract from the complexity of the real world
Core models of contemporary neoclassical economics
rational, autonomous, self-interested agents; make decisions in order to maximize utility or profit
Neoclassical economics deals with
scarcity (choice), opportunity cost (trade offs), marginal thinking, incentives
Positive statements
Claims that attempt to understand the world as it is
Neoclassical economics
Based on a particular theory of science, logical positivism, accepts other approaches
Neoclassical economics and making sense or reality
Empirical evidence and critical interrogation, uses difference theoretical lenses, focuses on the questions the researcher asksE
Epistemology
study of knowledge and justified beliefMe
methodology
everything about methods, hypothesis, etc.A
Axiology
heuristics - solving problems by your experiences
Socioeconomics
deals with the analytical, political and moral questions arising at the intersection between economy and society
Socioeconomics features
Multi-disciplinary, multi-perspectives
Socioeconomics and ethics
economic decisions have political and moral implications, economy is not a level playing field
Socioeconomics and independent study of economics
does not believe that economy is an independent entity and so cannot be studied in isolation
Socioeconomics and power
Different actors can skew political decisions in their avor
Socioeconomics and individual preferences
they are shaped by the environment, and cannot be reduced to the level of the individual
Methodological reductionism
Behaviour of entities being explained in terms of the behaviour of other kind of entities
Note
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