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Explain the difference between structure (nurture) and agency (nature) as alternative starting points for heterodox and neoclassical economics respectively. How might the concepts of structure and agency be used to explain the distribution of income and wealth in the US? Which do you think has plays a more significant role? Why do some argue that inequality is useful? Why do others argue that inequality is harmful? Explain why the theory of distribution is relevant when considering where to draw the line between things that should and should not be for sale?

User Mjdsmith
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Final answer:

Structure (nurture) and agency (nature) have different implications in heterodox and neoclassical economics. They can be used to explain the distribution of income and wealth in the US. The significance of structure and agency is subjective, with some arguing that inequality is useful and others arguing that it is harmful. The theory of distribution is relevant when deciding what should and should not be for sale.

Step-by-step explanation:

The difference between structure (nurture) and agency (nature) in economics is that structure refers to the external factors and social systems that shape individuals' decisions and behavior, while agency refers to individuals' capacity to make choices and take actions.

In heterodox economics, structure is seen as the primary determinant of economic outcomes, focusing on issues such as social inequality and power imbalances.

Neoclassical economics, on the other hand, places more emphasis on individual agency and market mechanisms to determine outcomes.

When explaining the distribution of income and wealth in the US, the concepts of structure and agency can be used to analyze different factors.

Structural factors such as educational opportunities, discrimination, and the structure of the labor market contribute to income and wealth inequality.

Meanwhile, agency factors such as individual skills, education, and entrepreneurship also play a role in determining income and wealth.

User Uldall
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