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radical economics (A1)<br />An application of Marxist and socialist theories to the analysis of the problems of advanced CAPITALIST countries. The major concerns of radical economists are income inequality, international capitalism in the form of MULTINATIONAL CORPORATIONS, DE-INDUSTRIALIZATION, UNEMPLOYMENT, MARKET FAILURE, defence expenditure and the low provision of many PUBLIC GOODS. The humane concerns of these writers have influenced a great deal of policy making but have yet to form the basis of a new society and economy in any major country.<br /><em>Reference</em><br />Linder, M. (1977) The Anti-Samuelson, Vols I and II, New York: Urizen Books. Sawyer, M. (1989) The Challenge of Political Economy: Radical Alternatives to Neo-Classical Economics, Heme! Hempstead: Harvester Wheatsheaf.
Bayesian econometrics (C5)<br />This is founded on Bayes's theorem, or the principle of inverse probability: that the information in given data can be used to infer the random processes generating them. Both sample and a priori information are used.<br /> <br /><em>Reference</em><br />Jeffreys, H. (1957) Scientific Inference, 2nd edn, Cambridge: Cambridge University Press.
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