Essay plans

Question 1

What should you write for an essay on cumulative causation?

Answer 1

1. Introduce cumulative causation and what it implies
2. Proponents and the Matthew effect
3. Assumptions needed and the implications of increasing RTS
4. Regional effects (backwash and spread effects)
5. Neoclassical v Keynesian view of directions of labour and capital
6. International effect -> Prebisch-Singer thesis
7. Centre-periphery effects and underdevelopment (protectionism)

Question 2

What should you write for an essay on instrumental rationality?

Answer 2

1. Define instrumental rationality and outline essay
2. Orthodox view (instrumental rationality and perfect utility functions)
3. Limits of orthodox view including Institutionalist and Austrian view
4. Heterodox perspective (rationality of ends, wellbeing, true preferences)

Question 3

What should you write for an essay on the state’s role in the economy?

Answer 3

1. Explain that the state represents general collective with legal powers of taxation and enforcement (large modern state)
2. Neoclassical view leaves little room for the state, mf
3. New right view, instrumentally rational interest groups
4. Chang (2002) non-selfish, traditional ethos of civil service
5. Institutionalist school, multiplicity of goals constraints
6. Marxian view > interest of capital, legitimisation and accumulation role
   6a. Instrumentalist strand, Structuralist strand, capital logic framework

Question 4

What should you write for an essay on methodology?

Answer 4

1. Outline posititve scientific empirical induction and deduction, value free
2. Limitations of the empirical approach, duhem-quine thesis, theory requires some level of acceptance before can be tested, breaks Hume’s gilloutine
3. Heterodox believe pluralist approach, better equips policy makers as accepted by B of E and ECB

Question 5

What should you write for an essay on Kondratieff cycles?

Answer 5

1. Outline Kondratieff cycles with historical perspective
2. Explanations through technology: Mensch, Freeman
3. Limitations of technological explanations
4. Rostow, orthodox, natural resources, Prebisch-Singer
5. Marxian, Mandel, worker struggles
6. Perez and institutions

Question 6

What should you write for an essay on competition?

Answer 6

1. Orthodox view (perfect competition)
2. Limits of perfect competition (surplus competed away)
3. Marxian/ Classical view
4. Austrian view and limits (Entrepreneur emphasised)
5. Monopoly capitalism (Creation of oligopolies, concentration and centralisation, surplus increases as competition falls) and it’s limits

Question 7

What should you write about for an essay on the money supply?

Answer 7

1. Orthodox view (exogenous Ms set by CB, failure of monetarism)
2. Endogeneity of money (demand determined, two-types new consensus)
3. Accommodationist view (No constraints, limited)
4. Structuralist view (some constraints, empirically valid Pollin 91
5. Implications of structuralist and financial instability
6. Policy recommendations