Case study: THP in History of Economic Thought

 

 

Author: Daniela Tavasci (QMUL)

 

Analytical Assessment Brief

Assessment task

Choose ONE of the following questions.

Your answer must place the research question and the economic problem under close analytical examination by showing how different traditions in the history of economic thought define them differently, what assumptions they adopt, what kinds of evidence they privilege, what forms of explanation become possible within each framework, and how these choices shape economic interpretation and policy thinking.

The objective is not to decide which theory is “correct”, nor to present theories as interchangeable perspectives. The task is to understand how economic theories are shaped by:

• the formulation of the research question itself and the construction of the economic problem;
• the methodology used to investigate it;
• the interpretation of evidence, where relevant;
• and the policy implications that emerge.

Your answer must therefore show how theoretical choices influence the entire structure of economic reasoning.

 

Questions

Question 1 — Distribution Theories and Inequality

With reference to all compulsory readings (core readings and the inequality thematic pathway), explain how theories of value creation and distribution have evolved across major schools of thought, identifying key lines of continuity, rupture, and disagreement.

Discuss how different theoretical traditions define the research question and the economic problem of inequality, which dimensions they privilege, how they construct the relationship between value, prices, income shares, and social outcomes, and how their methodological choices shape both the interpretation of evidence and the policy responses proposed.

For one country of your choice, present recent inequality trends using institutional data (not older than 50 years) and use the evidence to show how different theoretical approaches generate different readings of the same distributional process.

 

Question 2 — Inflation and Money

Using all compulsory readings (core readings and the inflation and money thematic pathway), explain major shifts in theories of money and inflation across schools of thought.

Discuss how different theoretical traditions define the research question and the economic problem of inflation, which mechanisms they privilege (for example price setting, expectations, conflict, institutional structures, monetary arrangements, or fiscal dynamics), and how these choices shape both the interpretation of evidence and the policy responses proposed.

For one country of your choice, present recent inflation dynamics using institutional data (not older than 50 years) and use the evidence to show how different theoretical approaches generate different readings of the same inflation process.

 

Question 3 — Crises, Growth and Development

Drawing on all compulsory readings (core readings and the crises and growth/development thematic pathway), explain how theories of crises, growth, and development have evolved across major traditions.

Discuss how different theoretical traditions define the research question and the economic problem of instability, growth, and development, which dimensions they privilege, how they conceptualise adjustment, transformation, and constraint, and how their analytical choices shape both the interpretation of evidence and policy thinking.

For one country of your choice, present recent growth and development indicators (for example GDP per capita, productivity, poverty, life expectancy, education, or structural change — not older than 50 years) and use the evidence to show how different theoretical approaches generate different readings of the same development trajectory.

 

Requirements

Your answer must:

• engage with all compulsory readings relevant to the chosen question;
• include at least three theoretical traditions;
• include three clearly labelled figures;
• use institutional or recognised international data sources;
• integrate theory and evidence throughout the discussion.

 

Word limit

2,000 words (±10%)

Figures and tables are not included in the word count.

 

Important note

A strong answer does not simply summarise what different economists said.

A strong answer shows how accepting a particular theoretical framework changes:

• what economists look for;
• what they treat as central;
• what they leave aside;
• what counts as valid evidence;
• and what forms of policy intervention become thinkable.