Political Economy Keywords
By knowing these keywords, you will understand the essential part of the questions
during the exam. Basically: if you are very very late with studying for this exam;
understanding these keywords might still let you pass the exam with a 5,5.
You can also see this as a summary of my lecture notes: the most important parts.
Theories
1. CPE = Classical Political Economy
- Capitalism = ideal because → specialization → division of labor
- The existence of capital + protection of this capital by the state
- Markets and market forces (labor, capital, goods)
- Growth and expansion
- Free trade (no mercantilism!)
- Anti-monopolies, pro competition
- Smith
2. Marxist Political Economy
- Industrialization
- Social relations; means of production
- Historical materialism; phases, class-conflict, exploitation, anti-capitalism
- Base (production) shapes/dominant to the Superstructure (ideology, society)
- Empirical observation
- Theory of value
- Revolution by the working class
3. NCE = Neoclassical Economics
- Building models of the world > assumption
- Market actors on micro level
- Market mechanism, equilibrium (balance)
- Mathematical approach, a-historical
- Free exchange of goods + competition
- Utility maximization
- Marginalist theory
- Price as the result of demand and supply
4. Institutionalism
- Macro economic response to NCE
- Laws, government, policies, structures
- Norms and values
- Transaction costs; collective action problems
- Keynes: dempen cycles in the economy
By knowing these keywords, you will understand the essential part of the questions
during the exam. Basically: if you are very very late with studying for this exam;
understanding these keywords might still let you pass the exam with a 5,5.
You can also see this as a summary of my lecture notes: the most important parts.
Theories
1. CPE = Classical Political Economy
- Capitalism = ideal because → specialization → division of labor
- The existence of capital + protection of this capital by the state
- Markets and market forces (labor, capital, goods)
- Growth and expansion
- Free trade (no mercantilism!)
- Anti-monopolies, pro competition
- Smith
2. Marxist Political Economy
- Industrialization
- Social relations; means of production
- Historical materialism; phases, class-conflict, exploitation, anti-capitalism
- Base (production) shapes/dominant to the Superstructure (ideology, society)
- Empirical observation
- Theory of value
- Revolution by the working class
3. NCE = Neoclassical Economics
- Building models of the world > assumption
- Market actors on micro level
- Market mechanism, equilibrium (balance)
- Mathematical approach, a-historical
- Free exchange of goods + competition
- Utility maximization
- Marginalist theory
- Price as the result of demand and supply
4. Institutionalism
- Macro economic response to NCE
- Laws, government, policies, structures
- Norms and values
- Transaction costs; collective action problems
- Keynes: dempen cycles in the economy
