Question

Argue the pros and cons of the statement that Alfred Marshall is the progenitor of the standard neoclassical paradigm.

Answer 1

Pros:

In reality enables individuals to seek after their here and now and long haul interests, monetary and something else, without being responsible to the measurements and directs of civil servants. Encourages personal responsibility. Promotes the expectation of simple decency, such as paying back one’s debts. Is by all accounts in charge of most financial development in the recent hundreds of years, however this is the subject of an intriguing experimental question

Cons:

No false sense of hope for being rescued by the magic of government. It is too easy to be tempted away from principle, so when people start losing as a result of fair competition, natural accident, or unrelated malfeasance, they start to blame the system.