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2J03 - jan 05, 2012.docx

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Political Science
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O' Briem

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Political Science 2J03Lecture Thursday January 05 2012 What is the Field 1 Relationship to other subjects a Political science and economicsEconomics the allocation of scarce resources take what we have an distribute it to the rest of society and how to do so o Management of the householdRunning the household in the sense of shop aswell o Moral philosophyadam smith 1700 Renaissance manPeople saw knowledge as a bundle of things you had to understandphilophy astronomy economy o Emergence of classical liberal economicsEconomics we know todayneoclassical economics supply demand ferms efficiency o 1930s fascist soviet and Keynesian economicsCentrally planned state based on political decisions and economy based on thisGerman state in the 1930s was successfulKeynesianfacilitate spending o Post 1970s dominance of neoclassical economics quantitativeAssumption that people are utility maximizersBest way to allocated resources is to use the market supply and demand
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