Econ 12 – 5th Assignment – due by email on February 17, 2015

Prepare, individually, short written answers to the following questions, and submit them to me by e-mail (oroncesval@gmail.com) on or before February 17, 2015. Most of the answers can be found in Chapters 8, 11, 12 and 13 of the Backhouse textbook. You should also do some independent research using other sources.

Please bring hard copies for your classmates and me when we discuss the answers in class on February 18.

1.Summarize the ideas of Austrian economics. Who are the main figures of Austrian economics? Is Austrian economics more or less useful for the Philippine economy?
2.Where is Hayek in the context of Austrian economics? What did he propound? In his debate in the 1930s with Keynes, what diametrically opposed conclusions did Hayek and Keynes have? Explain why they disagreed with each other.
3.What are the main theories of economic growth in ‘development economics’? What is the ‘Washington Consensus’? Would the Washington Consensus be applicable or relevant to the Philippines? Why or why not?
4.Where would you locate Schumpeter’s work in the history of economic thought? Is it a better alternative to Keynesian economics?
5.[extra credit only] What is game theory? Is it a good alternative to general equilibrium theory? Why or why not?

USEFUL REFERENCES (apart from Backhouse):

http://118.97.161.124/perpus-fkip/Perpustakaan/Austrian%20School/Kirzner-Driving.pdf

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