Read Raworth's recommendation that the field of economics abandons the idea that markets function through mechanical equilibrium
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Question:
Read Raworth's recommendation that the field of economics abandons the idea that markets function through mechanical equilibrium and replace it with the idea markets are complex adaptive systems.
- In the first part of your response, please explain why she makes this recommendation. Or, in other words, what is wrong with the model of market as machine, and how has it harmed the world?
- In the second part of your response, please preform an analysis of your economy ( MY ECONOMY IS CAPE TOWN SOUTH AFRICA) to determine the degree to which it has adopted her recommendation. For example, can you find evidence that your economy: values resilience over efficiency, deals the accumulation of environmental pollution from economic activity, experiments with economic policies like a gardener experiments with plants, or makes their ethical goals explicit?
- You can draw on multiple sources of data, such as newspaper articles, government documents, research papers, and your own observations. This analysis will require you to make numerous judgement calls and use your own interpretation. This is acceptable and you should just explain your reasoning. After presenting your evidence, use the following scale to provide a numerical "doughnut score":
1=My economy is heavily committed to doing things the old way (neoclassical economics)
2=My economy is lightly committed to doing things the old way (neoclassical economics)
3=My economy is neither committed to doing things the old way nor the old way (in the middle)
4=My economy is lightly committed to doing things the new way (doughnut economics)
5=My economy is heavily committed to doing things the new way (doughnut economics)
Related Book For
Managing Information Technology
ISBN: 978-0132146326
7th Edition
Authors: Carol Brown, Daniel DeHayes, Jeffrey Hoffer, Wainright Marti
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