ECN2310 Introduction to Political Economy at the University of Miami! This course is designed to provide you with a comprehensive understanding of the intersection between economics and politics, and how these two fields influence one another. Throughout the semester, you will explore the core concepts, theories, and frameworks that underpin political economy, and how they relate to real-world issues such as inequality, globalization, and economic development.
You will also examine the historical and contemporary debates that shape political economy, and critically analyze the ways in which different economic and political systems impact individuals and society. By the end of this course, you will have gained a deep appreciation for the complex relationship between economics and politics, and be equipped with the analytical tools to evaluate and engage with these issues in a thoughtful and informed manner.
Explore free assignment samples for ECN2310 Introduction to Political Economy course!
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Here, we will discuss some assignment briefs. These are:
Assignment Brief 1: Demonstrate and understand the main fundamentals of political economy.
Political economy is a field of study that combines elements of both economics and political science to understand the interactions between the state, society, and the economy. The main fundamentals of political economy can be summarized as follows:
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Institutions: Political economy places a strong emphasis on institutions, which are the rules, norms, and practices that govern economic activity. Institutions shape economic behavior and outcomes by providing a framework for property rights, contract enforcement, and market competition. The quality of institutions can vary widely across countries and can have a significant impact on economic performance.
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Power: Political economy recognizes that power relations are central to economic outcomes. Power can be exercised by various actors, including the state, corporations, and social groups, and can influence the distribution of resources and opportunities in society. Political economy seeks to understand how power is exercised and how it can be contested or redistributed.
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Distribution: Political economy is concerned with how economic benefits and costs are distributed within society. This includes the distribution of income, wealth, and opportunities, as well as the distribution of costs such as environmental degradation or public goods. Political economy recognizes that distributional outcomes are shaped by power relations and institutions.
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Economic growth and development: Political economy is interested in understanding the processes of economic growth and development, and the role that institutions, power, and distribution play in shaping these processes. This includes the study of industrialization, globalization, technological change, and other drivers of economic growth and structural change.
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International relations: Political economy also examines the role of power and institutions in shaping international economic relations. This includes the study of trade, finance, and development cooperation, as well as the impact of globalization on national economic policies and outcomes.
Assignment Brief 2: Comprehend the main theories and problems of political economy.
Political economy is a social science that explores the relationships between politics and economics, specifically in how political institutions and policies influence economic outcomes. There are several main theories and problems that have emerged within political economy, which I will describe below.
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Classical political economy: This theory, which emerged in the 18th and 19th centuries, focuses on the relationship between production and distribution in capitalist economies. Its main figures include Adam Smith, David Ricardo, and Karl Marx. Classical political economy emphasizes the role of competition, division of labor, and market forces in determining economic outcomes. However, it also highlights the potential for exploitation of workers by capitalists and the tendency for profits to be concentrated in the hands of a few.
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Neoclassical political economy: This theory, which emerged in the late 19th and early 20th centuries, builds on classical political economy but places greater emphasis on individual behavior and rational decision-making. Neoclassical economists emphasize the efficiency of markets and the importance of property rights. However, critics argue that this theory neglects the role of power and social institutions in shaping economic outcomes.
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Keynesian economics: This theory, which emerged in the early 20th century, focuses on the role of government intervention in stabilizing economies during times of crisis. Keynesian economics emphasizes the importance of aggregate demand and argues that government spending and monetary policy can help to mitigate economic downturns. However, critics argue that Keynesian policies can lead to inflation and excessive government intervention in the economy.
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Institutional economics: This theory emphasizes the role of social institutions, such as legal and political systems, in shaping economic outcomes. Institutional economists argue that institutions play a critical role in shaping economic behavior and outcomes, and that changes in institutions can lead to changes in economic outcomes. However, critics argue that institutional economics neglects the role of individual behavior and rational decision-making.
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Marxist political economy: This theory, which is based on the writings of Karl Marx, emphasizes the role of class struggle and exploitation in capitalist economies. Marxist political economy argues that capitalists exploit workers by extracting surplus value from their labor, and that this leads to economic inequality and social conflict. However, critics argue that Marxist political economy neglects the role of individual agency and choice in economic outcomes.
Some of the main problems that political economy grapples with include:
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The distribution of wealth and income: Political economy seeks to understand how wealth and income are distributed in societies, and how this distribution affects social and economic outcomes.
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Economic growth and development: Political economy seeks to understand the factors that contribute to economic growth and development, and how these factors can be promoted or hindered by government policies.
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International trade and globalization: Political economy seeks to understand the benefits and costs of international trade and globalization, and how these processes affect different countries and regions.
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Economic crises and instability: Political economy seeks to understand the causes and consequences of economic crises and instability, and how governments can intervene to mitigate these problems.
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The role of government in the economy: Political economy seeks to understand the appropriate role of government in the economy, and how government policies can promote or hinder economic growth and development.
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