Each answer should be approximately two double-spaced pages in length. Use no outside references. Question 1 In the late nineteenth century, mainstream economic doctrine switched from the classical school to the neoclassical school. What distinguishes these two schools of thought? What parts of the classical school are still important to our understanding of economic processes? In answering these questions, make sure that you refer to specific theorists and their theories. Question 2 Thorstein Veblen admired Karl Marx’s theory, but rejected his framework of analysis. What distinguishes Veblen’s institutionalism from Marx’s school of thought? Which theorist do you think made more valuable contributions to our understanding of contemporary economic life? Make sure that your answer discusses specific theories of Marx and Veblen. Question 3 Feminist economists often highlight the importance of non-market labor and some question the assumption of rationalistic self-interest. List two ways in which feminist economics would change our understanding of economics. Be sure to refer to our December readings.
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