Markets, Institutions

  1. Categorize each of the theorists or groups of theorists below, using one of the four models of the employment relationship explained by Budd and Zagelmeyer. For each theorist or group of theorists consider how the writings for this class exhibit the characteristics of the model that is their primary “intellectual paradigm.”

A. Adam Smith

B. Frederick Taylor

C. Karl Marx

D. Orthodox Economists in 1890, also known as Neo-classical Economists (as summarized by Kaufman)

E. Sidney and Beatrice Webb

F. The Old Insitutionalists, also known as the Wisconsin School (see Bruce Kaufman’s overview)

Sample Solution