ECON 105 Lecture Notes - Lecture 7: Macroeconomics, Paul Samuelson, Skilled Worker
Document Summary
Marxism- believed that the operation of such a basic political economy generates pervasive economic inequality, social conflict, and periodic crisis. Keynes- focus on what gov can do- given political will- to eradicate unemployment, redistribute incomes more equitably, and promote more balanced economic and social development. Veblen- critical of capitalism, emphasized social manifestations of business behavior and economic inequalities rather than the forces for change generated by class conflict. Cultural/political context (different in separate countries/parts of the world) Exploitation- income gap you are more exploited when compared to your supervisor. Historical political though- over the past 350 years. Theory- reality is so complex (empirical work) so you must simplify it using abstraction. You abstract many less important things, empirical facts, to arrive at a theory. There is a mainstream paradigm in economic thinking. Paul samuelson- economics professor at mit, second nobel econ prize winner in the world after milton friedman at univ of chicago.
