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What is market fundamentalism under the neoclassical counterrevolution?
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- What is meant by the term neoclassical counterrevolution? What are its principal arguments, and how valid do you think they are? Explain your answer.Given that the Mundell-Fleming model is one of the innovations of neoclassical economics, do the policy recommendations remain timely and relevant?What are 4 basic assumptions of neoclassical economics
- Review the fundamental microeconomic assumptions on the consumers’ behaviour within the neoclassical model. What are the main strengths and the main limitations of those assumptions? Discuss with theoretical and applied evidence.Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.Does neoclassical economics focus on the long term or the short term? Explain your answer.
- Show and explain graphically the AD/AS model in neoclassical economic and macroeconomic.In what way is neoclassical economics different from old and new institutional economics? Which school of thought is founded on principles that are closer to reality?What does potential GDP mean and what does it mean in terms of neoclassical analysis? Please be sure to utilise examples.