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Monday October 21st 2013 Poli 2P99.docx

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Political Science
Charles Conteh

Monday October 21 2013t Poli 2P99: Governing A Nation’s Economy Economy/Market - Investments - Function/laborers - consumers - ecological state extracts taxes triangle of State-Society-Economy Role of the state: 1. Independence – should separate from society 2. Influence – which different actors have influence on the state (Plural/Marx) 3. Interdependence – takes care of its weak Keynesian Neo-Classism Monetarism - all like to macroeconomic management Slide 1: Introduction - three analytical frameworks of governments’ involvement in the economy - A. Independence: the “commercial” moral syndrome of the market versus the “guardian” moral syndrome of the state - B. Influence: Pluralist and Marxist perspectives - C. Interdependence: the inextricable links between government, the economy and society Slide 2: Macro and Micro - The main question is this: can (and should) governments ‘manage’ their economy? - Can legitimate public policy instruments be used to manipulate economic growth and job creation? - Answering these questions requires a distinction between macro- and micro- economic policies Slide 3: Understanding Macroeconomic Policy - macroeconomic policy deals with the behavior of the economy as a whole, and thus with large aggregate phenomena like employment, investment, inflation, growth and trade. - The distinction between macro and microeconomics is one of emphasis, with the latter focusing on sub-components of the overall economy, such as industries, firms, and consumers Slide 4: A historical overview of the interface between Public Policy and the Economy - Mercantilism was one of the first theories of systematic policy intervention to emerge during the medieval age - Mercantilism referred to a set of protectionist policy instruments used by governments to boost economic activity for the purpose of maximizing aggregate national wealth - The emphasis of Mercantilism, however, was on increasing gross national wealth (as opposed to individual welfare), and the focus was on securing maximum imports of raw materials and exports of manufactured products Slide 5: Physiocrats - another medieval school of thought was advanced by the “Physiocrats” - they rejected the intervention of the state in the market for the purposed of advancing international trade and national wealth - physiocrats believed in the natural order of things – including a free market – and the superiority of agriculture over other sectors of the economy Slide 6: Classical Economics - classical economics (dating back to the 18 century) build on the insights of the two early theories and ushered in what became the modern preoccupation with macroeconomic policy - Adam Smith, for instance, championed the theoretical advancement of classical economics. Like the Physiocrats before him, he placed emphasis on the liberty o
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