L3 Supply & Demand

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.

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.