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ECON3119 Political Economy Notes - Weeks 1 -3
ECON3119 - Political Economy of Capitalism
23 Pages • Complete Study Notes • Year: Pre-2021
Lecture 1: Mainstream economics “Free market solutions to economic problems are best” - Freely operating market forces (demand and supply) generate equilibrium outcomes that allocate resources efficiently (or more efficiently if Govt. intervention is minimised). - Private sector enterprises are more efficient than those owned by the state “Price stability, i.e. zero inflation, is a good thing” (low inflation more accurate description) - Implied policy bias towards achieving ‘price stability’ as opposed to ‘full employment’ - Emphasis on long-run neutrality of monetary and fiscal policy - [i.e. Govt spending and changes in the money supply will not affect real variables in the economy (e.g. real output, employment) in the ‘long run’, they will only affect the general price level] “Financial institutions and capital flows are best deregulated.” - Allow financial capital to be allocated to most profitable opportunities nationally and globally and markets to put a price on ‘risk’ etc - However, important to realise mainstream economics is not homogenous - Textbook economics may sometimes understate lack of consensus actually found to exist within mainstream economics
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