Economics Lesson Plan: Cambridge Capital Controversy and Neo-Classical vs Neo-Ricardian Perspectives by BORA AKSIT OZGUN

Primary Objective

bozgun24 — 2024-11-30 20:51:03 UTC

Students will be able to explain and critically analyze the fundamental differences between Neo-Classical and Neo-Ricardian approaches to capital theory.

Secondary Objectives

bozgun24 — 2024-11-30 20:51:03 UTC

1. Define and explain the Neo-Classical production function F(K,L)
2. Identify the problems with capital aggregation
3. Explain the concept of reswitching
4. Evaluate the implications for marginalist theory

Opening Discussion (10 mins)

bozgun24 — 2024-11-30 20:51:05 UTC

Essential Question: 'How do we measure capital, and why does it matter for economic theory?'
Create a Padlet wall where students post their initial thoughts about measuring capital in an economy.

Neo-Classical Framework (15 mins)

bozgun24 — 2024-11-30 20:51:05 UTC

Direct instruction on Neo-Classical production function F(K,L):
- Marginal productivity theory
- Factor returns
- Smooth substitution between capital and labor

Interactive Exercise (10 mins)

bozgun24 — 2024-11-30 20:51:05 UTC

Students work in pairs using a spreadsheet to calculate marginal products and factor returns for different K/L ratios.

Neo-Ricardian Critique (15 mins)

bozgun24 — 2024-11-30 20:51:06 UTC

Presentation of key Neo-Ricardian arguments:
- Capital aggregation problems
- Reswitching phenomenon
- Circular reasoning in capital measurement

Group Analysis (10 mins)

bozgun24 — 2024-11-30 20:51:06 UTC

In small groups, students analyze a specific reswitching example and share their findings through a collaborative board.

Extension Activity

bozgun24 — 2024-11-30 20:51:06 UTC

For advanced students: Investigate Sraffa's contribution to the Cambridge Controversy using original texts. Do Neo-Ricardian calculation of afforementioned concepts.

Formative Assessment

bozgun24 — 2024-11-30 20:51:07 UTC

Monitor student understanding through:
- Group discussion contributions
- Quality of spreadsheet calculations
- Clarity of reswitching example explanations

Kahoot Quiz (10 mins)

bozgun24 — 2024-11-30 20:51:21 UTC

End-of-class Kahoot covering:
- Neo-Classical assumptions
- Capital measurement issues
- Reswitching concepts
- Implications for theory

Exit Ticket

bozgun24 — 2024-11-30 20:51:21 UTC

Students answer:
1. What is the main challenge to Neo-Classical capital theory?
2. Why is reswitching important?
3. What questions remain unclear?

Class Discussion

bozgun24 — 2024-11-30 20:51:21 UTC

Brief reflection on implications for economic theory and policy recommendations

Reading Assignment

bozgun24 — 2024-11-30 20:51:23 UTC

Read selected passages from Harcourt's 'Some Cambridge Controversies in the Theory of Capital'