POL208Y1 : POL208 all notes 2nd semester everything.docx

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Interaction economics and politics; combination of the two fields. Times of war, economics plays an important role market needs to adjust. Use of economic instruments as a part of war. Ex. oil embargo imposed by us and other countries on japan before they entered wwii; eventually, they attacked pearl harbor. When you choose an option, you give up the opportunity of another opportunity that could have made a lot of money. Economic gain from a reduction in spending on defense. Increased efficiency will lead to growth, and growth will maximize welfare. Economics are important for national interest and security. A source of power (we need butter to buy guns) A source of welfare (we like butter): prosperity means vs prosperity as a goal. Creates a connection between international security and international political economy. A common metaphor for the national production possibility frontier. Guns will make us powerful; butter will only make us fast:

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