We will explore why the supply and demand model fails.
Lecture 3 of Advanced Microeconomics II at PIDE on 27th Feb 2017 -- Explains the failure of Supply and Demand in the Labor Market, as originally discovered by Keynes. See same lecture on new website:
L3: S&D - Micro: Islamic Approach
1hr 28m Video Lecture: Failure of Supply and Demand in the Labor Market
The Impact of Keynes - Real world impact of Keynesian Theories
Re-Reading Keynes - Read Lessons 7,8,9 which deal with material discussed in this lecture.
Outline of Lecture: Fundamental Flaws in S&D model of Labor Market - expanded outline
Ideological Macroeconomics and Increasing Inequality - Explains how macro is based on ideology instead of science, and how this leads to increasing inequalities
How Did Economists Get it So Wrong? - Krugman says Robert Lucas turned Great Depression into Great Vacation.
Efficiency Wage Hypothesis: The Case of Pakistan - Syed Kanwar Abbas & Asad Zaman -- Winter 2005
Deification of Science - Read FIRST FOUR links, which explain the methological problem with modern economic theory
Cooter Rappoport - Replacement of Cardinal Utility by Ordinal Utility and of Material Welfare by Scarcity does not represent scientific progress
Card Interview & Relevant Materials - How Supply & Demand is sacred ideology in economics.