Between the heterodox and conventional approaches

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How an economist answers the question, does economic power exist, is one main difference between the heterodox and conventional approaches. Explain both positions by explaining their supposed general theories. (Note, this is asking you to explain, according to each theory, how the economy operates. You will also need to include the concept of scarcity or lack thereof to answer this correctly.) Which theory more accurately represents the real world? What data and evidence can be provided to support this? How can the government use its “power of the purse”, i.e., the creation of money, to correct for unequal economic power or is this even necessary at all? What policies could be taken to level out the economic playing field if economic power exists? Would this cause inflation? Why or why not?

Reference no: EM131165622

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