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College notes Political Economy
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Political economy collegesLecture 1
What is political economy?
- Housing prices
- Interest rates
- Central bank policy
- Inflation
- States or markets?
General propositions
- In order not to burden future generations with dept, the government should not run
a budget deficit
- Economic growth is mostly achieved by allowing companies to thrive in lightly
regulated, low tax, and competitive environment
- The Amsterdam municipality should not restrict the sale of land
Policy propositions
- To combat the cost of living crisis the government needs to increase support for low
income families, even if that means running a budget deficit
- To limit the energy bill problems for Dutch families, the government needs to tax
windfall profits of the energy companies and put a cap on energy prices
- The Amsterdam municipality should make public transport free in order to imits the
use of cars in the city
Political economy
1. Studies the fundamental interconnection between states, society and markets
2. Understands economic politics as a means for states to achieve their objectives
(strategies for development: Schwartz)
3. Considers today and tomorrows political economic relations and battles from a
historical perspective
It’s the political economy, stupid
The economy is inherently political.
And much of what is political, is directly related to the economy.
PE is everywhere, and everything is PE.
But if that is true… how can you study this?
What is political economy?
Political economy I
The classic thinkers on state and market, and their followers
Political economy II
The political science of economic policy fields
Political economy III
Political phenomena considered from an economics perspective
Political economy IV
Markets and business considered from a political science perspective
, Political economy I
The classic thinkers on state and market, and their followers.
They considered both states and markets, integrated in one academic debate
Early 20th century: the academic divide
Political economy:
Politics
Economics
But some remain in the footsteps of the classics
Political economy II
The political science of economic policy domains
Political economy III
Political phenomena considered from an economics perspective
Oikos – the family, the family’s property; a large estate or even
a village
What is economics? Nomos = Greek term for law
The way we organize society to provide for our needs
Political economy III
What is economics?
1. “The branch of knowledge concerned with the production, consumption and transfer
of wealth” (Google)
2. “A branch of the science of a statesman of legislator with the objective of providing a
plentiful revenue or subsistence for the people” (somebody)
3. Combining the assumption of maximizing behavior, stable preferences, and market
equilibrium, used relentlessly and unflinchingly (Gary Becker)
Political economy III
Political phenomena considered from an economic perspective
Economics is?
1. A domain
2. A perspective and approach to study social interaction
Demand/supply, competition; rational behavior; home economicus;
individualism
Taking an economic perspective on politics
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