Outline How Modern Microeconomics Developed Through a Series Omissions and Commissions

by | May 26, 2022 | Uncategorized

Literature:

Fine, B. (2016) Microeconomics: a critical companion. London: Pluto Press.

The relevant ‘text’ is the first chapter ‘Locating Microeconomics’

Rationale:

Formalized and consolidated through the marginalist and formalist (or neoclassical) revolutions, the development of modern (micro)economics produced a sharp divergence from the original interests, principles and methods of classical political economy. What was lost (omission) along the way in this development, and what methodological or conceptualinnovations did the discipline develop (commissions) to get to the way it is now?

A note on the text:

The text is relatively short but advanced. It is quite possible that you need to do further research to fully understand the significance of the arguments since the text assumes some background knowledge (which you have if you followed the class closely) and not everything is explained in detail. 

The text is highly critical of what modern microeconomics has become, argues that many of its assumptions are methodologically untenable, and that (micro)economics has become a force that colonizes every aspect of social research with its problematic assumptions. As such, the text covers a range of problems of (micro)economics that were discussed in class, in particular with respect to its historical development, difference to the preoccupations of classical political economy, the problematic assumptions underpinning it (we discussed this in the context of neoclassical economics), overreliance on unrealistic models and its inability or unwillingness to change (e.g. in the context of the GFC 2008).

Expectations:
1. Engage the prompt concretely and immediately!

2. Every claim or factual information needs to be backed up with (page) reference to the text. As a rule of thumb, every paragraph should have at least one reference (or more if you refer to different pages of the text). 
3. Your main text is Fine and the paper can be written by relying only on Fine.More sources are not necessarily but I do welcome additional research. 
4. When you are citing the same source again, use ibid. or ibid., p. xx when the page differs. Ibid. comes from the Latin word ibidem meaning “from the same place”.

 

Format: take the instructions below seriously as not doing so will result in a lower grade. 

1. No print-outs needed. 
2. Cover-information: Name, student-ID, course name, date of submission, word count (there is a function in word document that counts all words – but exclude ‘works cited’ and cover information). No extra page needed, just put information on top of your paper. 
3. The title of the paper is the prompt question.
4. Style: Times New Roman, Size 12, double-spaced, justified paragraph, paged.
5. I require in-text citation for paraphrased material and direct quotations (Name, year, p.). Use the APA Style. If in doubt, please ask. See here for a guide ​​https://www.mendeley.com/guides/apa-citation-guide/
6. Bibliography in correct format. See above link. 
7. Submit as a word document, saved as LastNameFirstNameFirstResponse.
8. Quotations and paraphrased passages from the texts should be appropriately referenced. Use direct quotations sparingly, they should not exceed more than 25% of your written response. 

Non-compliance with the above will lead to point reduction. You will have by now written many papers, but I particularly appreciate ones that have a clearly distinguished introduction that reformulates the question and provides a thesis statement, and a clearly distinguished conclusion that summarizes your arguments. At this stage of your studies,

 

 

 

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