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Answer the question using the theories and models available within orthodox econ
Answer the question using the theories and models available within orthodox economics (i.e. economics based in and developing the neo-classical tradition). Write a critique of the approach taken by orthodox economics (as defined above) to the question. Your critique should be written from the standpoint of ONE of the major traditions within heterodox economics.
Research Question:
Is it economically justifiable to argue that the USA, UK, and other European countries should pay reparations for slavery and colonial exploitation that took place in the past? If so, how should such reparations be organized?
When answering the question from both an orthodox and a heterodox perspective you should make sure you cover the following themes
➢ The main theoretical differences between the ways in which orthodox and heterodox writers would approach the question
➢ Any significant differences in the policy recommendations that orthodox and heterodox writers would propose either for governments or for businesses as a result of the issues raised by the question
➢ Any significant differences in the evidence that orthodox and heterodox writers might see as relevant to the question
Assessment criteria
The assessment criteria for the assignment are as follows (all given equal weight)
Understanding of the central features of orthodox economics, in particular, core assumptions and modelling strategies
Ability to apply these features to the analysis of an important contemporary issue
Quality of the critique provided of this application from a chosen heterodox standpoint
Structure and coherence of the assignment (including choice of relevant source material)
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