Already, another student has published a rebuke to these rebelsalong the lines that they don’t appreciate the depth and wisdomin the subject:
The following extract from this defence is worth highlighting–
for the sake of the argument being made by the rebels
. The authorobserves that much of the course follows Mankiw’s text, in whichthere is a summary of ten main points of neoclassical wisdom:Sections largely follow
The Principles of Economics
by N. GregoryMankiw, and to reconstruct what students learn at these classmeetings, I dug out my notes from freshman year. Here are thesupposedly biased takeaway points that Mankiw’s propagandamachine pounds home in section:
Trade and specialization of labor can make society better off.
Demand curves slope downward and supply curves slopeupward (usually).
Sometimes, things happen that make demand curves andsupply curves shift.
Comparative statics can be a useful way of thinking abouthow changes in some variables will affect changes in othervariables.
Some goods are elastic–more volatile to changes in quantityconsumed for a given price change–and some goods areinelastic.
Taxes, subsidies, price floors, and price ceilings can changeequilibrium outcomes, and sometimes this causesdeadweight loss.
Tariffs and quotas often cause a loss in total social surplus.