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Week One Lecture Notes: Political Economy 30003

by: Alex Simpson

Week One Lecture Notes: Political Economy 30003 POL-30003-001

Marketplace > Kent State University > Political Science > POL-30003-001 > Week One Lecture Notes Political Economy 30003
Alex Simpson
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About this Document

Political Economy, Political Orthodoxy, People's Economic Decisions and their impact on the economy
Political Economy
Mark K. Cassell
Class Notes
economic, Theory




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This 2 page Class Notes was uploaded by Alex Simpson on Thursday August 4, 2016. The Class Notes belongs to POL-30003-001 at Kent State University taught by Mark K. Cassell in Fall 2016. Since its upload, it has received 41 views. For similar materials see Political Economy in Political Science at Kent State University.

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Date Created: 08/04/16
Political Economy 08/30/2016 Political Economy: the study of production and trade, and their relations with law, custom, and government, as well as the distribution of national income and wealth.  Analysis: o Descriptive: What’s happening o Normative: What matters o Casual: Why is it happening? o Analytical: Are there winners or losers? Economic Orthodoxy: Set of tools for understanding the world based on simple assumptions.  Markets are the sum of individual choices.  Maximize Self-Interest: Individuals are rational, they can calculate their choices based on their self-interest  Markets are naturally competitive when they are left alone  Leads to specific policy prescriptions such as: o Free trade o Privatization of public services o Deregulation  Doesn’t always explain decline GDP (Gross Domestic Product): Consumption + Government Spending= Net Exports  Goes up during disasters due to government spending Theoretical Lenses:  Classical Political Theory  Marxist Political Theory  Institutional Political Theory  Keynesian Political Theory  Neo-Classical Political Theory Economic Decisions:  Life quality  Short or long lived  Made by you, family, community, government, corporations, and a combination of government and corporations. st Forces affecting our decisions: 1 Realm Commodificat Market  Having kids ion of Social  Going to college Private vs. Life Public  Healthcare State Commun  Currency ity Religious vs.  Type of job State Forces affecting our decisions: 2ndRealm Provision of ALEKSANDRA SIMPSON 1 Political Economy 08/30/2016 Nation al Forces affecting our decisions: 3 Realm Wants vs. Global Local Needs Spending, or lack of Religious vs. State *SProvision ofg provided by _______ and _______. Society Econo Ecology my ALEKSANDRA SIMPSON 2


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