The ABCs of political economy
Subtitle: a modern approach
By: Robin Hahnel
Edition: Revised and expanded edition.
Published: 2014
Language: eng
Number of pages: 334
ISBN-13: 9780745334974; 9780745334981
Subjects: Business and politics; Political aspects; Economics; Capitalism
Other titles: Political economy
Notes: Includes bibliographical references and index.
Table of contents: title: 1. Economics and liberating theory; title: People and society; title: The human center; title: Natural, species, and derived needs and potentials; title: Human consciousness; title: Human sociability; title: Human character Structures; title: The relation of consciousness to activity; title: The possibility of detrimental character structures; title: The institutional boundary; title: Why must there be social institutions?; title: Complementary holism; title: Four spheres of social life; title: Relations between center, boundary, and spheres; title: Social stability and social change; title: Agents of history; title: Applications; title: 2. What should we demand from our economy?; title: Economic justice; title: Increasing inequality of wealth and income; title: Different conceptions of economic justice; title: Efficiency; title: The Pareto principle; title: The efficiency criterion; title: Seven deadly sins of inefficiency; title: Endogenous preferences; title: Self-management; title: Solidarity; title: Variety; title: Sustainability; title: Weak versus strong versus environmental sustainability; title: A workable definition of sustainable development; title: Growth; title: Conclusion; title: 3. Efficiency and economic justice: a simple corn model; title: Model 3.1: a domestic corn economy; title: Situation 1: inegalitarian distribution of scarce seed corn; title: Autarky; title: Labor market; title: Credit market; title: Situation 2: egalitarian distribution of scarce seed corn; title: Autarky; title: Labor market; title: Credit market; title: Conclusions from the domestic corn model; title: Generalizing conclusions; title: Economic justice in the corn model; title: Economic justice, exploitation, and alienation; title: Occupy Wall Street; title: Model 3.2: a global corn economy; title: 4. Markets: guided by an invisible hand or foot?; title: How do markets work?; title: What is a market?; title: The "law" of supply; title: The "law" of demand; title: The "law" of uniform price; title: The micro "law" of supply and demand; title: Elasticity of supply and demand; title: The dream of a beneficent invisible hand; title: The nightmare of a malevolent invisible foot; title: Externalities: the auto industry; title: Public goods: pollution reduction; title: Green consumerism; title: The prevalence of external effects; title: Snowballing inefficiency; title: Market disequilibria; title: Conclusion: market failure is significant; title: Markets undermine the ties that bind us; title: 5. Microeconomic models; title: Model 5.1: the public good game; title: Model 5.2: the price of power game; title: The price of patriarchy; title: Conflict theory of the firm; title: Model 5.3: climate control treaties; title: Model 5.4: the Sraffa model of income distribution and prices; title: The Sraffa model; title: Technical change in the Sraffa model; title: Technical change and the rate of profit; title: A note of caution; title: Producers and parasites; title: 6. Macroeconomics: aggregate demand as leading lady; title: The macro "law" of supply and demand; title: Aggregate demand; title: Consumption demand; title: Investment demand; title: Government spending; title: The pie principle; title: The simple Keynesian closed economy macro model; title: Fiscal policy; title: The fallacy of Say's Law; title: Income expenditure multipliers; title: Other causes of unemployment and inflation; title: Myths about inflation; title: Myths about deficits and the National Debt; title: The balanced budget ploy; title: Wage-led growth; title: 7. Money, banks, and finance; title: Money: a problematic convenience; title: Banks: bigamy not a proper marriage; title: Monetary policy: another way to skin the cat; title: The relationship between the financial and "real" economies; title: The financial crisis of 2008: a perfect storm; title: 8. International economics: mutual benefit or imperialism?; title: Why trade can increase global efficiency; title: Comparative, not absolute, advantage drives trade; title: Why trade can decrease global efficiency; title: Inaccurate prices can misidentify comparative advantage; title: Unstable international markets can cause macro inefficiencies; title: Adjustment costs are not always insignificant; title: Dynamic inefficiency; title: Why trade usually aggravates global inequality; title: Unfair distribution of the benefits of trade between countries; title: Unfair distribution of the costs and benefits of trade within countries; title: Why international investment could increase global efficiency; title: Why international investment often decreases global efficiency; title: Why international investment usually aggravates global inequality; title: Open economy macroeconomics; title: International currency markets; title: Aggregate supply and demand in the open economy model; title: Income expenditure multipliers in the open economy model; title: Capital flows in the open economy model; title: Monetary unions and the Eurozone; title: 9. Macroeconomic models; title: Model 9.1: Finance; title: Bank runs; title: International financial crises; title: Conclusion; title: Model 9.2: finance in real corn economies; title: Banks in a domestic corn model; title: Autarky; title: Imperfect lending without banks; title: Lending with banks when all goes well; title: Lending with banks when all does not go well; title: International finance in a global corn economy revisited; title: Model 9.3: macroeconomic policy in a closed economy; title: Model 9.4: macroeconomic policy in an open economy; title: An IMF conditionality agreement with Brazil; title: EC austerity policy and Greece; title: Model 9.5: a political economy growth model; title: The general framework; title: A Keynesian theory of investment; title: A Marxian theory of wage determination; title: Solving the model; title: An increase in capitalists' propensity to save; title: An increase in capitalists' propensity to invest; title: An increase in workers' bargaining power; title: Wage-led growth; title: 10. What is to be undone? The economics of competition and greed; title: Myth 1: free enterprise equals economic freedom; title: Myth 2: free enterprise promotes political freedom; title: Myth 3: free enterprise is efficient; title: Biased price signals; title: Conflict theory of the firm; title: Myth 4: free enterprise reduces discrimination; title: Myth 5: free enterprise is fair; title: Myth 6: markets equal economic freedom; title: Myth 7: markets are fair; title: Myth 8: markets are efficient; title: What went wrong?; title: Neoliberal capitalism in crisis; title: 11. What is to be done? The economics of equitable cooperation; title: Not all capitalisms are created equal; title: Keynesian reforms; title: Taming finance; title: Reducing economic injustice; title: Beyond capitalism; title: Worker and consumer empowerment; title: Worker-owned cooperatives; title: Market socialism; title: Democratic planning; title: Participatory economics; title: From here to there; title: The future economy; title: Conclusion; title: A green new deal.