Prepare, individually, short written answers to the following questions, and submit them to me by e-mail (firstname.lastname@example.org) on or before February 10, 2015. Most of the answers can be found in Chs. 8, 9, 10, and part of Ch. 13 of the Backhouse textbook. You should also do some independent research using other sources.
1.Summarize the ideas and theories in institutional economics. Include the economic thought of Veblen, Commons, Wesley Mitchell, and Galbraith.
2.What is the Tragedy of the Commons? Explain. (Here, you may consult: http://www.sciencemag.org/site/feature/misc/webfeat/sotp/pdfs/162-3859-1243.pdf.)
3.What is Keynesian economics? What is the role of ‘animal spirits’ in Keynesian economics?
4.What is the so-called neoclassical synthesis between neoclassical economics and Keynesian economics?
5.What is the main difference between the ideas in Keynesian economics and the so-called New Classical Macroeconomics?
6.What is general equilibrium theory, and what’s wrong with it?
Please bring hard copies of your submissions for giving out to me and your classmates when we meet again on February 11.