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Week 6. Economics Over the Ages

Week 6 Economics Over the Ages

How has Economics Changed over Time? (Miliada, n.d.)

Economics has been around for more than 250 years. During this period, many influential Economists and thinkers with their different theories have come and gone. This is the concept of Refutation. We must remember that Economics, like any other Social Science, is seeking to describe and explain reality, often with an over-simplification in the use of Economic models. But reality and contexts do change, which warrants a re-thinking of Economic theory.

This week, we will be exploring a timeline/collage together to see how Economics have changed over time and how Refutation is an imporant part of keeping Economics relevant in our world.


Lesson Objective -
1. Explain the concept of Refutation

2. Define key terms: models, assumptions, refutation, critical thinking

3. Reflect: Identify an economic policy that has impacted you personally and trace its economic underpinnings. (Personal Update 6 - 150 to 200 words)

4. Comment on 2 Peers' Updates (75 words using terms and ideas learned)

Pre-Session Material
Look at the timeline of Economics on padlet https://dulwichcollegebeijing1.padlet.org/catherineho3/history-of-economic-thought-h4g6x88ofkn87sh3

What are your observations regarding -

a. How is Economic theory developed?

b. How has the world's context shaped Economics and Economists ?

c. How has Economics and Economists shape the world?

Here are some significant challenges and changes to Economic thought that might guide you as you look at the timeline- 

Before Adam Smith 14 – 16th Century

Mercantalism: Government intervention; build up reserves of gold through trade; limit imports; thrift.

Ricardo’s theory of Comparative Advantage vs. Mercantalism

During the Great Depression:

Keynesian Economics (Government Interventions) overturning Neoclassical Economics (or Keynes versus Hayek, also known as the Austrian School) - music video of their "fight" - https://www.youtube.com/watch?v=d0nERTFo-Sk

Ostrom’s Collective Governance challenges Hardin’s Tragedy of the Commons

21st Century: Advancement in data collection and psychology:

Smith and Neoclassical Rational Economic Man versus Thaler’s Behavioral Economics (that shows people are not rational at all!)

The use of Random Control Trials (RCT):  Yunnus’ Micro-credit and Duflio’s Conditional Cash Transfers

References

Millada, G. (n.d.). Paris, Clock, Time image. [Photo]. Pixaby. Retrieved August 1, 2023, from https://pixabay.com/photos/paris-clock-time-people-262564/

https://dulwichcollegebeijing1.padlet.org/catherineho3/history-of-economic-thought-h4g6x88ofkn87sh3

Comment: What is one observation and one wondering that you have as a result of studying this Economic timeline?

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