Lecture_02 - 1 What is political economy Boundary between...

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1. What is political economy? Boundary between the private (economic) and public (political); tension between political equality and economic inequality. Themes of the Okun and Dahl books (recommended for alternative assignment). These questions and other raise important prior issue of what we mean by terms like state and market, politics and economics. 2. Begin with economics or economy. Most common or standard textbook notions: economic calculation or efficiency . General principle of constrained choice ; "fundamental problem" of allocating fixed (or "scarce") resources to satisfy wants (ends or goods). Implies criterion of " efficiency, " benefit-cost calculation; and rent . More general formulation in terms of economizing or instrumental rationality, which sees human behavior in terms of means and ends. 3. Second notion in Aristotle but also Smith and Marx: provisioning of material wants or more general system of (material) reproduction . Economy like complex ecological system consisting of differentiated,
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This note was uploaded on 09/29/2008 for the course ECON 3041 taught by Professor Weinman during the Spring '08 term at Columbia.

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Lecture_02 - 1 What is political economy Boundary between...

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