Briefly explain the philosophy of 'pure theory' "science based" and 'methodological individualism' that were advocated by the marginal revolution economists like Leon Walras and Carl Menger. What are some of the critiques of this approach (can use Einstien's article, perspectives from Keynes, Veblen, Marx...)?
Briefly explain the philosophy of 'pure theory' "science based" and 'methodological individualism' that were advocated by the marginal revolution economists like Leon Walras and Carl Menger. What are some of the critiques of this approach (can use Einstien's article, perspectives from Keynes, Veblen, Marx...)?
Chapter15: Macroeconomic Viewpoints: New Keynesian, Monetarist, And New Classical
Section: Chapter Questions
Problem 8E
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Transcribed Image Text:Briefly explain the philosophy of 'pure theory'
"science based" and 'methodological
individualism' that were advocated by the
marginal revolution economists like Leon
Walras and Carl Menger. What are some of
the critiques of this approach (can use
Einstien's article, perspectives from Keynes,
Veblen, Marx...)?
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