The ABCs of political economy: a modern approach
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London
PlutoPress
2014
|
| Edition: | Rev. and expanded ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes index |
| Physical Description: | XIV, 334 S. graph. Darst. |
| ISBN: | 9780745334981 9780745334974 |
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Record in the Search Index
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Titel: The ABCs of political economy
Autor: Hahnel, Robin
Jahr: 2014
Contents
List of Illustrations xi
Preface to the Revised and Expanded Edition xii
1 EconomicsandLiberatingTheory 1
People and Society 1
The Human Center 2
Natural, Species, and Derived Needs and Potentials 2
Human Consciousness 3
Human Sociability 4
Human Character Structures 5
The Relation of Consciousness to Activity 6
The Possibility of Detrimental Character Structures 7
The Institutional Boundary 8
Why Must There Be Social Institutions? 9
Complementary Holism 11
Four Spheres of Social Life 11
Relations between Center, Boundary, and Spheres 13
Social Stability and Social Change 13
AgentsofHistory 14
Applications 15
2 What Should We Demand from Our Economy? 20
Economic Justice 20
Increasing Inequality of Wealth and Income 20
Different Conceptions of Economic Justice 25
Efficiency 33
The Pareto Principle 34
The Efficiency Criterion 35
Seven Deadly Sins of Inefficiency 38
Endogenous Preferences 39
Self-management 41
VI CONTENTS
Solidarity 42
Variety 43
Sustainability 44
Weak versus Strong versus Environmental Sustainability 46
A Workable Definition of Sustainable Development 47
Growth 49
Conclusion 52
3 Efficiency and Economic Justice: A Simple Com Model 53
Model 3.1: A Domestic Com Economy 54
Situation 1: Inegalitarian Distribution of Scarce Seed Corn 57
Autarky 57
Labor Market 58
Credit Market 62
Situation 2: Egalitarian Distribution of Scarce Seed Corn 64
Autarky 64
Labor Market 65
Credit Market 66
Conclusions from the Domestic Corn Model 66
Generalizing Conclusions 70
Economic Justice in the Corn Model 72
Economic Justice, Exploitation, and Alienation 76
Occupy Wall Street 78
Model 3.2: A Global Corn Economy 79
4 Markets:GuidedbyanInvisibleHandorFoot? 83
How Do Markets Work? 83
What Is a Market? 83
The"Law"ofSupply 84
The "Law" of Demand 84
The "Law" of Uniform Price 87
The Micro "Law" of Supply and Demand 87
Elasticity of Supply and Demand 90
The Dream of a Beneficent Invisible Hand 92
The Nightmare of a Malevolent Invisible Foot 95
Externalities: The Auto Industry 96
Public Goods: Pollution Reduction 99
CONTENTS Vll
Green Consumerism 101
The Prevalence of External Effects 102
Snowballing Inefficiency 106
Market Disequilibria 106
Conclusion: Market Failure Is Significant 108
Markets Undermine the Ties That Bind Us 109
5 Microeconomic Models 112
Model 5.1: The Public Good Game 112
Model 5.2: The Price of Power Game 114
The Price of Patriarchy 118
Conflict Theory of the Firm 120
Model 5.3: Climate Control Treaties 121
Model 5.4: The Sraffa Model of Income Distribution and Prices 130
The Sraffa Model 132
Technical Change in the Sraffa Model 135
Technical Change and the Rate of Profit 140
A Note of Caution 142
Producers and Parasites 142
6 Macroeconomics: Aggregate Demand as Leading Lady 147
The Macro "Law" of Supply and Demand 147
Aggregate Demand 150
Consumption Demand 152
Investment Demand 153
Government Spending 154
The Pie Principle 155
The Simple Keynesian Closed Economy Macro Model 156
Fiscal Policy 159
The Fallacy of Say's Law 160
Income Expenditure Multipliers 162
Other Causes of Unemployment and Inflation 166
Myths about Inflation 169
Myths about Deficits and the National Debt 171
The Balanced Budget Ploy 174
Wage-Led Growth 176
CONTENTS
Money, Banks, and Finance 179
Money: A Problematic Convenience 179
Banks: Bigamy Not a Proper Marriage 181
Monetary Policy: Another Way to Skin the Cat 186
The Relationship between the Financial and "Real" Economies 189
The Financial Crisis of 2008: A Perfect Storm 193
International Economies: Mutual Benefit or Imperialism? 200
Why Trade Can Increase Global Efficiency 201
Comparative, Not Absolute, Advantage Drives Trade 202
Why Trade Can Decrease Global Efficiency 205
Inaecurate Prices Can Misidentify Comparative Advantage 205
Unstable International Markets Can Cause Macro Inefficiencies 207
Adjustment Costs Are Not Always Insignificant 207
Dynamic Inefficiency 208
Why Trade Usually Aggravates Global Inequality 209
Unfair Distribution of the Benefits of Trade between Countries 209
Unfair Distribution of the Costs and Benefits of Trade within
Countries 211
Why International Investment Could Increase Global Efficiency 214
Why International Investment Offen Decreases Global Efficiency 215
Why International Investment Usually Aggravates Global Inequality 216
Open Economy Macroeconomics 219
International Currency Markets 219
Aggregate Supply and Demand in the Open Economy Model 221
Income Expenditure Multipliers in the Open Economy Model 221
Capital Flows in the Open Economy Model 222
Monetary Unions and the Eurozone 225
Macroeconomic Models 228
Model 9.1: Finance 228
Bank Runs 228
International Financial Crises 231
Conclusion 232
Model 9.2: Finance in Real Corn Economies 233
Banks in a Domestic Corn Model 233
Autarky 234
CONTENTS IX
Imperfect Lending without Banks 234
Lending with Banks When All Goes Well 235
Lending with Banks When All Does Not Go Well 235
International Finance in a Global Corn Economy Revisited 236
Model 9.3: Macroeconomic Policy in a Closed Economy 237
Model 9.4: Macroeconomic Policy in an Open Economy 243
An IMF Conditionality Agreement with Brazil 243
EC Austerity Policy and Greece 249
Model 9.5: A Political Economy Growth Model 251
The General Framework 251
A Keynesian Theory of Investment 254
A Marxian Theory of Wage Determination 255
Solving the Model 256
An Increase in Capitalists' Propensity to Save 257
An Increase in Capitalists' Propensity to Invest 258
An Increase in Workers' Bargaining Power 258
Wage-Led Growth 258
10 What Is to Be Undone? The Economies of Competition and Greed 260
Myth 1: Free Enterprise Equals Economic Freedom 261
Myth 2: Free Enterprise Promotes Political Freedom 265
Myth 3: Free Enterprise Is Efficient 267
Biased Price Signals 267
Conflict Theory of the Firm 268
Myth 4: Free Enterprise Reduces Discrimination 269
Myth 5: Free Enterprise Is Fair 271
Myth 6: Markets Equal Economic Freedom 272
Myth 7: Markets Are Fair 275
Myth 8: Markets Are Efficient 275
WhatWentWrong? 277
Neoliberal Capitalism in Crisis 279
11 What Is to Be Done? The Economies of Equitable Cooperation 281
Not All Capitalisms Are Created Equal 282
Keynesian Reforms 282
Taming Finance 282
Reducing Economic Injustice 290
CONTENTS
Beyond Capitalism 298
Worker and Consumer Empowerment 299
Worker-Owned Cooperatives 300
Market Socialism 301
Democratic Planning 301
Participatory Economies 303
From Here to There 305
The Future Economy 307
Conclusion 308
A Green New Deal 309
Index 312 |
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| dewey-search | 330 |
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| discipline | Wirtschaftswissenschaften |
| edition | Rev. and expanded ed. |
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| spelling | Hahnel, Robin 1946- Verfasser (DE-588)136880290 aut The ABCs of political economy a modern approach Robin Hahnel Rev. and expanded ed. London PlutoPress 2014 XIV, 334 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes index Wirtschaft Economics Politische Ökonomie (DE-588)4115586-5 gnd rswk-swf Volkswirtschaftslehre (DE-588)4078943-3 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf 1\p (DE-588)4151278-9 Einführung gnd-content Wirtschaftstheorie (DE-588)4079351-5 s Politische Ökonomie (DE-588)4115586-5 s DE-604 Volkswirtschaftslehre (DE-588)4078943-3 s 2\p DE-604 Erscheint auch als Online-Ausgabe 978-1-7837-1208-3 Erscheint auch als Online-Ausgabe, EPUB 978-1-7837-1207-6 Erscheint auch als Online-Ausgabe, PDF 978-1-7837-1206-9 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027662110&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Hahnel, Robin 1946- The ABCs of political economy a modern approach Wirtschaft Economics Politische Ökonomie (DE-588)4115586-5 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| subject_GND | (DE-588)4115586-5 (DE-588)4078943-3 (DE-588)4079351-5 (DE-588)4151278-9 |
| title | The ABCs of political economy a modern approach |
| title_auth | The ABCs of political economy a modern approach |
| title_exact_search | The ABCs of political economy a modern approach |
| title_full | The ABCs of political economy a modern approach Robin Hahnel |
| title_fullStr | The ABCs of political economy a modern approach Robin Hahnel |
| title_full_unstemmed | The ABCs of political economy a modern approach Robin Hahnel |
| title_short | The ABCs of political economy |
| title_sort | the abcs of political economy a modern approach |
| title_sub | a modern approach |
| topic | Wirtschaft Economics Politische Ökonomie (DE-588)4115586-5 gnd Volkswirtschaftslehre (DE-588)4078943-3 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd |
| topic_facet | Wirtschaft Economics Politische Ökonomie Volkswirtschaftslehre Wirtschaftstheorie Einführung |
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