Mathematical Modeling Marginalists Economics Institutionalists Approach Analysis
Our section on the marginalists covered some of their contributions as these thinkers emphasized the benefits of increasing the discipline’s reliance on mathematics and abstraction. The institutionalists focused on empirical evidence derived from the influence or formal (Commons) and informal (Veblen) institutions on the economy. Utilize the writers from these sections and dis- cuss three pros and at least two cons of each approach. Then use your dis- cussion of the pros and cons of each approach to argue for what approach you believe should receive a greater focus in the discipline. Feel free to discuss the nuances of each and potentially argue for mix of the two.
Outline your assignment in this manner and abide by the requirements:
Outline
- Discuss pros and cons of the Marginalist approach
- Discuss pros and cons of Institutionalist approach
- Argue for a greater emphasis on one approach or a mix from your discussion above
