-2 Different explanatory frameworks in Economics

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Neoclassical definition of Economics

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16 Terms

1

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

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2

Core models of contemporary neoclassical economics

rational, autonomous, self-interested agents; make decisions in order to maximize utility or profit

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3

Neoclassical economics deals with

scarcity (choice), opportunity cost (trade offs), marginal thinking, incentives

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4

Positive statements

Claims that attempt to understand the world as it is

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5

Neoclassical economics

Based on a particular theory of science, logical positivism, accepts other approaches

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6

Neoclassical economics and making sense or reality

Empirical evidence and critical interrogation, uses difference theoretical lenses, focuses on the questions the researcher asksE

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7

Epistemology

study of knowledge and justified beliefMe

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8

methodology

everything about methods, hypothesis, etc.A

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9

Axiology

heuristics - solving problems by your experiences

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10

Socioeconomics

deals with the analytical, political and moral questions arising at the intersection between economy and society

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11

Socioeconomics features

Multi-disciplinary, multi-perspectives

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12

Socioeconomics and ethics

economic decisions have political and moral implications, economy is not a level playing field

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13

Socioeconomics and independent study of economics

does not believe that economy is an independent entity and so cannot be studied in isolation

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14

Socioeconomics and power

Different actors can skew political decisions in their avor

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15

Socioeconomics and individual preferences

they are shaped by the environment, and cannot be reduced to the level of the individual

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16

Methodological reductionism

Behaviour of entities being explained in terms of the behaviour of other kind of entities

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