An edition of The ABCs of political economy
(2010)
The ABCs of political economy
a modern approach
Revised and expanded edition.
by Robin Hahnel
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The ABCs of political economy: a modern approach
2014
in English
- Revised and expanded edition.
0745334970 9780745334974
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Book Details
Table of Contents
1. Economics and liberating theory
People and society
The human center
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
Applications
2. What 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 criterion
Seven deadly sins of inefficiency
Endogenous preferences
Self-management
Solidarity
Variety
Sustainability
Weak versus strong versus environmental sustainability
A workable definition of sustainable development
Growth
Conclusion
3. Efficiency and economic justice: a simple corn model
Model 3.1: a domestic corn economy
Situation 1: inegalitarian distribution of scarce seed corn
Autarky
Labor market
Credit market
Situation 2: egalitarian distribution of scarce seed corn
Autarky
Labor market
Credit market
Conclusions from the domestic corn model
Generalizing conclusions
Economic justice in the corn model
Economic justice, exploitation, and alienation
Occupy Wall Street
Model 3.2: a global corn economy
4. Markets: guided by an invisible hand or foot?
How do markets work?
What is a market?
The "law" of supply
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
Green consumerism
The prevalence of external effects
Snowballing inefficiency
Market disequilibria
Conclusion: market failure is significant
Markets undermine the ties that bind us
5. Microeconomic models
Model 5.1: the public good game
Model 5.2: the price of power game
The price of patriarchy
Conflict theory of the firm
Model 5.3: climate control treaties
Model 5.4: the Sraffa model of income distribution and prices
The Sraffa model
Technical change in the Sraffa model
Technical change and the rate of profit
A note of caution
Producers and parasites
6. Macroeconomics: 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
7. Money, 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
The financial crisis of 2008: a perfect storm
8. International 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 can misidentify comparative advantage
Unstable international markets can cause 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 could increase global efficiency
Why international investment often decreases global efficiency
Why international investment usually aggravates global inequality
Open economy macroeconomics
International currency markets
Aggregate supply and demand in the open economy model
Income expenditure multipliers in the open economy model
Capital flows in the open economy model
Monetary unions and the Eurozone
9. Macroeconomic models
Model 9.1: Finance
Bank runs
International financial crises
Conclusion
Model 9.2: finance in real corn economies
Banks in a domestic corn model
Autarky
Imperfect lending without banks
Lending with banks when all goes well
Lending with banks when all does not go well
International finance in a global corn economy revisited
Model 9.3: macroeconomic policy in a closed economy
Model 9.4: macroeconomic policy in an open economy
An IMF conditionality agreement with Brazil
EC austerity policy and Greece
Model 9.5: a political economy growth 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
Wage-led growth
10. What is to be undone? The economics of competition and greed
Myth 1: free enterprise equals economic freedom
Myth 2: free enterprise promotes political freedom
Myth 3: free enterprise is efficient
Biased price signals
Conflict theory of the firm
Myth 4: free enterprise reduces discrimination
Myth 5: free enterprise is fair
Myth 6: markets equal economic freedom
Myth 7: markets are fair
Myth 8: markets are efficient
What went wrong?
Neoliberal capitalism in crisis
11. What is to be done? The economics of equitable cooperation
Not all capitalisms are created equal
Keynesian reforms
Taming finance
Reducing economic injustice
Beyond capitalism
Worker and consumer empowerment
Worker-owned cooperatives
Market socialism
Democratic planning
Participatory economics
From here to there
The future economy
Conclusion
A green new deal.
Edition Notes
Includes bibliographical references and index.
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- Created July 19, 2019
- 4 revisions
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