Discussion Class with STudents -- Summing up materials on S&D from previous lectures.
2 Jan 18; Summarizes major flaws of S&D Models, in discussion with students -- (1) Perfect Competition is assumed, but not valid (2) Sraffa Critique -- IRTS, DRTS, CRTS all incompatible with S&D. (3) Prices are Endogenous, but assumed Exogenous for S & D curves.
Sample Question for Final:
Explain the THREE flaws in neoclassical S&D three listed above.
AM26: Three Major Flaws in S&D Models (Discussion) - 2 Jan 18; Summarizes major flaws of S&D Models, in discussion with students -- (1) Perfect Competition is assumed, but not valid (2) Sraffa Critique -- IRTS, DRTS, CRTS all incompatible with S&D. (3) Prices are Endogenous, but assumed Exogenous for S & D curves.