Economic

Answers for each question should be at least 100 words.

1. Exam Questions:

Topic #3 – Economic Actors

1. Explain Myrdal’s concept of cumulative and circular causation and compare and contrast it to Veblen’s concept of cumulative causation.

2. Explain Robert Montgomery’s theory of how institutional practices come about and come to be thought of and practiced over time.

3. What is Montgomery’s theorized relationship between technological change and cultural change and give (articulate) an example outside of the Montgomery reading.

Reading:

1. Montgomery: Historical Fact

2. Myrdal: Institutional Economics

4. Exam Questions:

Topic #9 – Money

1. How does the standard story of the invention of money differ from the Institutionalist/Post Keynesian theory?

2. What does the Institutionalist/Post Keynesian theory of money says about the financial constraints on an economy to provisioning for the elderly?

Reading:

Wray: An irreverent overview of the history of money from the beginning of the beginning through to the present.