DEVS 230 Lecture Notes - Lecture 2: Devs, Susan Strange, Exogeny
11 Oct 2016
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Document Summary
Political economy rejects the starting point of economics. Model of a market in which freely acting individuals exchange goods to satisfy their want with supply and demand, meeting to create natural equilibrium and harmony. Economics by susan strange= parsimonious (keep it simple as you want), rigorous (precious and accurate), elegant (internally consistent) So that anything that upsets or goes against economic theory is apt to be refereed to as an exogenous factor (something that shouldn"t be happening) If actors do not conform to economic theory then these actions are termed irrational. Look at how wealth is becoming more concentrated & uses math to support it. Heterodox economics, and does not like orthodox economics thinks they are childish by only following strict theories and not including other social sciences, doesn"t answer the complex questions. The four c"s of political economy: context. Understanding historical context is important; to paraphrase marx people make history but not in circumstances of their own choosing .
