- PART A: Ten Vocabulary words. As you read the text above select 10 vocabulary words (minimum). You select the words new to you, or words used in a way new to you. List each word and then a definition that fits the usage of the word. Look up the definition in an academic dictionary (such as Oxford or Miriam Websters New Collegiate, but not Google.) Then write the definition IN YOUR OWN WORDS. Select as many vocabulary words as needed to fill up the requirement of 10.
- PART B: Answer the following questions. Do NOT retype the question.
- In your own words briefly explain who Thorstein Veblen was, when and where he came from, and relate his contribution to Economic History. Why should we take his opinion seriously? Link (Links to an external site.)
- What are the social sciences, list them, and explain how they differ from material or biological sciences?
- Explain how Veblen feels concerning the scientific status of Economics. Use your own words. [Hint: the paragraph is highlighted with this color.]
- In your own words, explain the main fault of Economics? Specifically, what is wrong with it? [Hint: the paragraph is highlighted with this color.]
- Explain the problem when a discipline like Economics is founded on doctrines and maxims. Whatis wrong with these?
- Explain the problem when doctrines and maxims are founded on natural rights, utilitarianism, and administrative expediency.
- How do the theories of Charles Darwin make non-evolutionary economics obsolete? [Hint: the passage is highlighted with this color.]
- Veblen frequently mentions the Austrian school of economics. According to Veblen what is the failure of the Austrian school? [Hint 1: the critical paragraph is marked with text in this color. Hint 2: here is a link that might help Link (Links to an external site.).]
- According to Veblen, Science is evolutionary, cumulative, empirical, testable, predictive, and quantitative: whereas the Economic model is founded on dogma and maxims which are not subjected to scientific tests. On what basis can someone insist that economic ideas should guide policy, for a nation or an industry?
- In your own words, summarize Veblens reason for rejecting Economics as a science. [Hint: the paragraph where he does this is colored like this.]