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V1 In your first essay, you argued to affirm or critique rational choice as a sound approach to economic science and consumer theory. We have
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In your first essay, you argued to affirm or critique rational choice as a sound approach to economic science and consumer theory. We have since developed orthodox production theory that outlines the efficient firm and the perfectly competitive market to understand the orthodox theory of distribution. In the orthodox model, distribution is defined as efficient where consumer and producer surplus is maximized. Building on this understanding, carefully read Raj Patel's Chapter 5, Anti-Economic Man and answer one of the following questions. 1. Is the existence of "artificial people" consistent with the perfectly competitive market model? How does your answer relate to the soundness of orthodox economics as science? 2. The exchange theory of value is essential for maintaining the orthodox claim that price equals value. Is it possible or desirable for the value public goods to emerge through the process of exchange? 3. Is the government or the corporation a Leviathan? If such a monster exists, can a collection of rational agents tame itStep by Step Solution
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