Final Econ Summary (1) PDF

Chapter 7 -- Institutionalism **1. Describe the reasons why Institutionalism enjoyed prestige in the early 20th century?** - - - - **2. Institutionalism often divides cultural phenomena into two "values." What are these two Values?** - - - - - - **3. What is the purp...

Chapter 7 -- Institutionalism **1. Describe the reasons why Institutionalism enjoyed prestige in the early 20th century?** - - - - **2. Institutionalism often divides cultural phenomena into two "values." What are these two Values?** - - - - - - **3. What is the purpose of distinguishing between the two values in institutionalism?** - - **4. What are the three intellectual developments that influenced institutionalism?** - - - **5. What is Veblen's "conspicuous consumption?"** - **6. What innovation in neoclassical economics (discussed in class) caused it to take over institutionalism for dominance in the field?** - - - - **7. What is the building block of behavior in the institutionalist paradigm?** - - **8. Provide one example of a ceremonial value and one example of an instrumental value.** - - - Chapter 9 -- Feminist Economics 1. - - Criticism: First, he is engaging in circular logic: women are better at housework because they specialize in it. They specialize in it because they are better at it. Second, the premise that all agents have an equal say in how household\'s resources are managed or that everyone is truly free to choose. If they chose that, it must be optimal. Third, Becker discounts the possibility that house work is marketable. There are already market equivalents of cooking, cleaning, etc. 2. Feminist economists criticize GDP for excluding: - - - - 3. Genuine Progress Indicator - Can include features of the United States such as: - - - - The GPI adjusts GDP by incorporating: Positive factors: Value of unpaid labor, volunteer work, and ecosystem services. Negative factors: Costs of pollution, resource depletion, and social inequality. It aims to measure sustainable well-being rather than just market activity. 4. OECD Better Life Index Ranks countries in categories that are closely related to quality of life (housing, health, satisfaction, safety, etc), empowering individuals to prioritize what matters for them. Data is more difficult to acquire credibly, but perhaps more important for considering well-being No time component. → worse than measuring these things. - - GPI focuses on the sustainability of economic activity and deducts negative factors like pollution. The Better Life Index emphasizes subjective well-being, including dimensions like housing, work-life balance, and civic engagement. 5. NCE - - - Marxism: - - - - Institutionalism: - - - - 6. - - ==\> They embrace a pluralistic approach as consistent with the broader philosophy. 7. The feminist think the purpose is to make normative policy recommendations to improve life, Traditional Econ purpose is to understand people's behavior, 8. Feminist economists argue it's necessary because: traditional economic theory is often built on assumptions that neglect the experiences and contributions of women, particularly regarding unpaid labor and the division of domestic work, leading to a biased understanding of the economy that fails to accurately represent the realities of gender inequality - - - Chapter 10 -- Ecological Economics **1. What are the two limitations of environmental economics according to ecological econ?** - - - **2. What is the unique ecological econ critique of the new environmental pragmatism** **movement?** - - - - 3\. **What are the differences in the fundamental economic models used by mainstream** **economists and those used by ecological economists? (diagram would be useful)** - - 4\. **What is the critique of ecological econ from the mainstream paradigm? How do they** **Respond?** - - - - Respond: - - - - - - 5\. **What are the two laws of thermodynamics and how do they influence ecological** **economists?** - - - - These laws imply that **economic systems cannot escape physical limits**. Highlight the critique of **perpetual growth models**: Ecological Economics stresses that continued growth will inevitably lead to resource depletion and waste accumulation. **6. What does "degrowth" describe?** - - **7. How do environmental economists tend to model and analyze environmental** **degradation?** - - - **8. What is the view of human justice in the ecological econ paradigm?** - - - Econ paradigm: they don't have any model at all.