Recall our discussion of Scientific Paradigms and Research programs. What core beliefs of the Classical model did Keynes challenge? Why are classical (and New Classical) Economists so resistant to Keynes’ theories?
What role (if any) did the Mont Pelerin Society (MPS) and its offshoots play in the paradigm shift that occurred in the late 20th Century, in both political and economic thinking?
Describe the notion of a “bubble” as given in the film Mind over Money. What did Vernon Smith’s experiment demonstrate?