Page 18 - Issue 61

Vol.1 Issue 61 November 2023 ELITE

The Economics Smackdown: Round 1

Menna-t-Allah Hossam Enan - Level 4 - Economics
menatallah.annan2020@feps.edu.eg

The Economics Smackdown is a fun little Different schools of thought attribute varied
game that aims to introduce FEPSians to causes to the progressively increasing problem
some of the most hotly debated economic and today, with the help of Google’s AI

questions and expose them to the different chatbot, Gemini, we offer insights from 4 major
answers that various economic schools have economic schools: Neoclassical Economics,
managed to come up with throughout the Marxian Economics/Marxism, Environmental
years. Economics and Behavioral Economics.
However, before diving in, it is important to
This way you (i.e., FEPSians) can get to
note that often times scholars belonging to the
think about the different perspectives from
same school disagree on certain issues and thus
which an economic problem may be tackled,
this is not saying that these views presented are
choose the economic school you agree with
unanimously agreed upon. Also, it is important
and maybe come up with your own
to highlight that sometimes schools don’t
answers!!!
necessarily offer a singular perspective on the
The realm of economics is rife with debate,
issues covered, but they might connect it to
as different perspectives, ideologies, and
other issues deemed important to the school
methodologies clash in attempts to
itself.
understand and influence complex systems.
An example of this would be that while the
One of the most highly debated economic
environmental economics school doesn't
issues is the causes of income inequality. necessarily offer a singular perspective on the

If we were to define income inequality as causes of income inequality, some economists
“the disproportionate distribution of total from this school have highlighted how certain
national income among households”, we aspects related to the environment can
would find that it exists in both developing contribute to income inequality.
and developed countries alike. So, what Thus, it is essential that we keep in mind that

drives the continuously growing gap not everything is black and white and that there
between the rich and the poor all over the is always room for debate.
world? Now that that is out of the way...
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