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. 

Summary of Lecture, with  links to related reading, and to YouTube Video, on WEA Pedagogy Blog.

  1. 1hr 28m Video Lecture: Failure of Supply and Demand in the Labor Market
  2. SUMMARY (2500 Words) of Lecture
  3. Classical Theory of Supply and Demand
  4. Empirical Evidence Against Classical Theory
  5. Reasons why Classical Theory continues to dominate, despite strong empirical evidence against it. 



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How Supply & Demand is sacred ideology in economics.  Feb 26, 2017, 5:36 AM Asad Zaman
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Replacement of Cardinal Utility by Ordinal Utility and of Material Welfare by Scarcity does not represent scientific progress  Feb 26, 2017, 4:41 PM Asad Zaman
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Read FIRST FOUR links, which explain the methological problem with modern economic theory  Feb 26, 2017, 3:51 PM Asad Zaman
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Syed Kanwar Abbas & Asad Zaman -- Winter 2005  Feb 26, 2017, 8:17 AM Asad Zaman
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Krugman says Robert Lucas turned Great Depression into Great Vacation.  Feb 26, 2017, 5:48 PM Asad Zaman
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Explains how macro is based on ideology instead of science, and how this leads to increasing inequalities  Feb 26, 2017, 5:44 PM Asad Zaman
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  347k v. 1 Apr 2, 2017, 7:35 PM Asad Zaman
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expanded outline  Apr 2, 2017, 6:14 AM Asad Zaman
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Read Lessons 7,8,9 which deal with material discussed in this lecture.  Feb 26, 2017, 3:53 PM Asad Zaman
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  70k v. 1 Jul 25, 2017, 4:09 AM Sidra Ishfaq
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Temin article on Great Depression - refutation of Friedman's monetarist explanations  128k v. 1 Apr 2, 2017, 6:16 AM Asad Zaman
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Real world impact of Keynesian Theories  Feb 26, 2017, 5:51 PM Asad Zaman
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