Compare the claims of the standard microeconomic theory of rational choice with the claims of behaviourists

Compare the claims of the standard microeconomic theory of rational choice with the claims of behaviourists. Which is more convincing? What do you think your answer implies for the idea of ‘laws’ of economics?

Outline, Joseph Schumpeter’s theory of Creative Destruction. Also…
Explain how it fits in with his wider theory of capitalism.
Explain how this differs from mainstream (neoclassical) textbook approaches to competition, capitalism, the logic of markets, and technological change.

What is Oligopoly? Also, explain the following.
Why it exists, and why it is so common.
How Oligopoly differs from Monopolistic competition.
What the kinked demand curve theory is and what it purports to explain (draw a diagram to help make your answer clear).
What it means to say Oligopoly is strategic and how the prisoner’s dilemma seems to capture the situation of oligopolistic firms.

Why does asymmetric information cause market failure? Explore the examples of Akerlof’s ‘market for lemons’ and of health insurance, used by economists to explain this phenomenon. Why hasn’t it resulted in the collapse of markets in either of these cases?

Explain how free-market conservatives differ from Keynesians in their views of the following:
The spontaneous tendencies of markets regarding full employment.
Fiscal policy and recessions
Government deficits, debt and inflation and how they relate to stimulus policy
The interaction of aggregate demand and aggregate supply and operation of the price mechanism.

Explain:
The difference between cyclical, frictional, and structural unemployment.
Why different policies are appropriate to tackle structural as opposed to cyclical unemployment.
What are the relevant policies in each case (structural and cyclical)?
How these policies are supposed to work.