Capitalism: Competition, Conflict, Crisis

Professor Anwar Shaikh discusses his book, which challenges traditional economic models by focusing on empirical data and real-world behavior. He critiques the idealized models of economics and emphasizes the role of profitability in capitalism. Shaikh explores the theory of the firm, historical shifts in economic thought, and the challenges of heterodox economics. He advocates for a balanced approach between empirical evidence and theoretical foundations, aiming to create an alternate curriculum that includes diverse perspectives.

What is the main critique Professor Shaikh has about traditional economic models?

• They are too focused on empirical data.

• They are based on idealized and fictitious assumptions.

• They are too simple and lack complexity.

• They are too focused on political aspects.

According to Professor Shaikh, what drives capitalism?

• Government regulations

• Consumer demand

• Technological advancements

• Profitability

What does Professor Shaikh suggest about the theory of the firm?

• Firms are primarily price takers.

• Firms do not consider demand in their pricing.

• Firms are price setters and engage in competition.

• Firms operate in a perfectly competitive market.

How does Professor Shaikh view the historical development of economic thought?

• As a linear progression towards perfection

• As a constant improvement of existing models

• As a series of oscillations influenced by political and historical contexts

• As a decline from original economic principles

What is Professor Shaikh's goal for an alternative economic curriculum?

• To create a foundation that includes culture, gender, and race

• To eliminate all theoretical aspects

• To modify existing frameworks slightly

• To focus solely on macroeconomic principles