In what ways is market theory considered to be a revolution in economic thinking? What challenges did history and competing philosophies bring against market theory? How were these challenges sought to be resolved? Using the readings in the course up until Week 7 (Theory of Groups), address in particular the evolution in the role of government including the application of market theory to politics and government actions to resolve market failures and collective action problems.
An A paper will compare and contrast the readings as well as the theories. I want to see clear explanation of market theory, its challenges, and the role of government backed up with evidence, both empirical evidence and the opinions of the authors you read as part of the course. Outside research is NOT needed. It is important to cite the authors you have read in class from the start of the semester to Week 7: Theory of Groups
Answers need to be 10 pages (excluding cover page, question page etc), double-spaced, 1-inch margins all-around, using 12-point Times New Roman font. Please use subheads and paragraphs to break up your answer. I will be checking for plagiarism. Answers must be submitted on Blackboard before or on March 21. Please copy and paste your answer in the window AND attach a file.
I will look at completed drafts if submitted by March 14. I will not look at incomplete drafts or those submitted after March 14.