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Table Of Contents

1Economics and Liberating Theory
PEOPLE AND SOCIETY
THE HUMAN CENTER
The laws of evolution reconsidered
Natural, species, and derived needs and potentials
Human consciousness
Human sociability
Human character structures
The relation of consciousness to activity
The possibility of detrimental character structures
THE INSTITUTIONAL BOUNDARY
Why must there be social institutions?
COMPLEMENTARY HOLISM
Four spheres of social life
Relations between center, boundary and spheres
Social stability and social change
Agents of history
2What Should We Demand from Our Economy?
ECONOMIC JUSTICE
Increasing inequality of wealth and income
Different conceptions of economic justice
EFFICIENCY
The Pareto Principle
The efficiency critierion
Seven deadly sins of inefficiency
Endogenous preferences
SELF-MANAGEMENT
SOLIDARITY
VARIETY
CONCLUSION
3A Simple Corn Model
A SIMPLE CORN ECONOMY
SITUATION 1: INEGALITARIAN DISTRIBUTION OF SCARCE SEED CORN
Autarky
Labor market
Credit market
SITUATION 2: AN EGALITARIAN DISTRIBUTION OF SCARCE SEED CORN
CONCLUSIONS FROM THE SIMPLE CORN MODEL
GENERALIZING CONCLUSIONS
The “law” of demand
The “law” of uniform price
The micro “law” of supply and demand
Elasticity of supply and demand
THE DREAM OF A BENEFICENT INVISIBLE HAND
THE NIGHTMARE OF A MALEVOLENT INVISIBLE FOOT
Externalities: the auto industry
Public goods: pollution reduction
The prevalence of external effects
Snowballing inefficiency
Market disequilibria
Conclusion: market failure is significant
MARKETS UNDERMINE THE TIES THAT BIND US
5Micro Economic Models
THE PUBLIC GOOD GAME
The price of patriarchy
Conflict theory of the firm
INCOME DISTRIBUTION, PRICES AND TECHNICAL CHANGE
The Sraffa model
Technical change in the Sraffa model
Technical change and the rate of profit
A note of caution
6Macro Economics: Aggregate Demand as Leading Lady
THE MACRO “LAW” OF SUPPLY AND DEMAND
AGGREGATE DEMAND
Consumption demand
Investment demand
Government spending
THE PIE PRINCIPLE
THE SIMPLE KEYNESIAN CLOSED ECONOMY MACRO MODEL
FISCAL POLICY
THE FALLACY OF SAY’S LAW
INCOME EXPENDITURE MULTIPLIERS
OTHER CAUSES OF UNEMPLOYMENT AND INFLATION
MYTHS ABOUT INFLATION
MYTHS ABOUT DEFICITS AND THE NATIONAL DEBT
THE BALANCED BUDGET PLOY
WAGE-LED GROWTH
7Money, Banks, and Finance
MONEY: A PROBLEMATIC CONVENIENCE
BANKS: BIGAMY NOT A PROPER MARRIAGE
MONETARY POLICY: ANOTHER WAY TO SKIN THE CAT
THE RELATIONSHIP BETWEEN THE FINANCIAL AND “REAL” ECONOMIES
8International Economics: Mutual Benefit or Imperialism?
WHY TRADE CAN INCREASE GLOBAL EFFICIENCY
Comparative, not absolute advantage drives trade
WHY TRADE CAN DECREASE GLOBAL EFFICIENCY
Inaccurate prices misidentify comparative advantages
Unstable international markets create macro inefficiencies
Adjustment costs are not always insignificant
Dynamic inefficiency
WHY TRADE USUALLY AGGRAVATES GLOBAL INEQUALITY
Unfair distribution of the benefits of trade between countries
Unfair distribution of the costs and benefits of trade within countries
WHY INTERNATIONAL INVESTMENT CAN INCREASE GLOBAL EFFICIENCY
WHY INTERNATIONAL INVESTMENT CAN DECREASE GLOBAL EFFICIENCY
WHY INTERNATIONAL INVESTMENT USUALLY AGGRAVATES GLOBAL INEQUALITY
THE BALANCE OF PAYMENTS ACCOUNTS
OPEN ECONOMY MACRO ECONOMICS AND IMF CONDITION- ALITY AGREEMENTS
9Macro Economic Models
BANK RUNS
INTERNATIONAL INVESTMENT IN A SIMPLE CORN MODEL
BANKS IN A SIMPLE CORN MODEL
Imperfect lending without banks
Lending with banks when all goes well
Lending with banks when all does not go well
FISCAL AND MONETARY POLICY IN A CLOSED ECONOMY MACRO MODEL
IMF CONDITIONALITY AGREEMENTS IN AN OPEN ECONOMY MACRO MODEL
WAGE-LED GROWTH IN A LONG RUN, POLITICAL ECONOMY MACRO MODEL
The general framework
A Keynesian theory of investment
A Marxian theory of wage determination
Solving the model
An increase in capitalists’ propensity to save
An increase in capitalists’ propensity to invest
An increase in workers’ bargaining power
10What Is To Be Undone? The Economics of Competition and Greed
FREE ENTERPRISE EQUALS ECONOMIC FREEDOM – NOT
FREE ENTERPRISE IS EFFICIENT – NOT
Biased price signals
FREE ENTERPRISE REDUCES ECONOMIC DISCRIMINATION – NOT
FREE ENTERPRISE IS FAIR – NOT
MARKETS EQUAL ECONOMIC FREEDOM – NOT
MARKETS ARE FAIR – NOT
MARKETS ARE EFFICIENT – NOT
WHAT WENT WRONG?
11What Is To Be Done? The Economics of Equitable Cooperation
NOT ALL CAPITALISMS ARE CREATED EQUAL
Taming finance
Full employment macro policies
Industrial policy
Wage-led growth
Progressive not regressive taxes
Tax bads not goods
A mixed economy
Living wages
A safe safety net
Worker and consumer empowerment
BEYOND CAPITALISM
Replace private ownership with workers’ self-management
Replace markets with democratic planning
Participatory economics
Reasonable doubts
Index
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ABC of Political Economy-Eseential

ABC of Political Economy-Eseential

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Published by Shrirang Joshi

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Published by: Shrirang Joshi on Dec 17, 2011
Copyright:Attribution Non-commercial

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