This document discusses three key assumptions made by neoclassical economists that political economists argue against: 1) the economic man assumption, 2) the assumption of a complete contract, and 3) the assumption of no increasing returns to scale. It also discusses the three dimensions of studying political economy according to Bowles, Edwards and Roosevelt: competition, command, and change. Several economists such as Adam Smith, Karl Marx, J. Schumpeter, J.M. Keynes, Ronald Coase, and Amartya Sen are discussed in relation to these dimensions. The document also addresses concepts like social structures of accumulation, class relationships, and differences between capitalist and worker incomes and power.
LECTURA 2: Political Economy in Political Scienceromancm
The term “political economy” is widely used in political science, but what does it mean? And what can political science contribute to the interdisciplinary fieldof political economy? This paper offers some thoughts on these questions. Economics has been and remains the source of the most influential ideas in political economy...
Political economy embraces the complex political nature of decision making to investigate how power and authority affect economic choices in a society. Political economy analysis offers no quick fixes but leads to smarter engagement.
What is Political Economy?
Different types of Economic Systems and its influence on planning process
Capitalism and Capitalist Planning Model
Communism and Communist Planning Model
Socialism and Socialist Planning Model
LECTURA 2: Political Economy in Political Scienceromancm
The term “political economy” is widely used in political science, but what does it mean? And what can political science contribute to the interdisciplinary fieldof political economy? This paper offers some thoughts on these questions. Economics has been and remains the source of the most influential ideas in political economy...
Political economy embraces the complex political nature of decision making to investigate how power and authority affect economic choices in a society. Political economy analysis offers no quick fixes but leads to smarter engagement.
What is Political Economy?
Different types of Economic Systems and its influence on planning process
Capitalism and Capitalist Planning Model
Communism and Communist Planning Model
Socialism and Socialist Planning Model
The 20th anniversary of the beginning of economic reforms in Eastern Europe and the Former Soviet Union provides a good opportunity to comment on the lessons of transition says Andrei Shleifer, a Professor of Economics at Harvard University. He made a top seven list, which might be useful to future reformers. Some of the issues are relevant not only for communist countries; the problems of heavily statist economies are similar.
Authored by: Andrei Shleifer
Published in 2012
This presentation is a part of class project. In this presentation i am discussing the flaws/drawbacks of CAPITALISM, which is one of a economic system.
Strategy formation and policy making in government powerpoint showUniversity of Tampere
The show represents macro government strategies in orienting public policy between economy government and civil society. The show contains strategic orientations of public agencies in the micro level of government. Both macro and micro strategies represent strategy modes of strategic desgin, internal strategic scanning and strategic governance. The show contains links to references and by clicking the pictures you'll find more usefull and entertaining material. The content is based on the book Strategy formation and policy making in government, published By Palgrave in 2019.
This is a presentation of the book "Strategy formation and policy making in government". This book describes the options offered by strategic management in guiding public organisations. The book is based on the idea that planning is only one option in orienting the functioning of public organisations and applies resource-based and network studies. This book examines developments within central governments and public agencies. The book also addresses the strategic distinction between politics and administration, and illustrates the connection between goal setting and actual performance of government organisations.
PMI Sydney Chapter Presentation 11 10 05Bryan Fenech
Presentation describing how Project Portfolio Management is a means of applying modern market and investment disciplines to the internal management and governance of large organisations.
The 20th anniversary of the beginning of economic reforms in Eastern Europe and the Former Soviet Union provides a good opportunity to comment on the lessons of transition says Andrei Shleifer, a Professor of Economics at Harvard University. He made a top seven list, which might be useful to future reformers. Some of the issues are relevant not only for communist countries; the problems of heavily statist economies are similar.
Authored by: Andrei Shleifer
Published in 2012
This presentation is a part of class project. In this presentation i am discussing the flaws/drawbacks of CAPITALISM, which is one of a economic system.
Strategy formation and policy making in government powerpoint showUniversity of Tampere
The show represents macro government strategies in orienting public policy between economy government and civil society. The show contains strategic orientations of public agencies in the micro level of government. Both macro and micro strategies represent strategy modes of strategic desgin, internal strategic scanning and strategic governance. The show contains links to references and by clicking the pictures you'll find more usefull and entertaining material. The content is based on the book Strategy formation and policy making in government, published By Palgrave in 2019.
This is a presentation of the book "Strategy formation and policy making in government". This book describes the options offered by strategic management in guiding public organisations. The book is based on the idea that planning is only one option in orienting the functioning of public organisations and applies resource-based and network studies. This book examines developments within central governments and public agencies. The book also addresses the strategic distinction between politics and administration, and illustrates the connection between goal setting and actual performance of government organisations.
PMI Sydney Chapter Presentation 11 10 05Bryan Fenech
Presentation describing how Project Portfolio Management is a means of applying modern market and investment disciplines to the internal management and governance of large organisations.
How does Paul Poiret’s design for Denise Boulet for his One Hundred and Second Night Party in 1911 reflect the influence of the Ballet Russes on fashion?
Introduction to Psychology - Proposal for research on eating disorders and ho...Sarah Lee
Introduction to Psychology - Proposal for research on eating disorders and how they are caused by the sustained high prevalence of the media depicting the ideal female body as excessively thin
Bolivar- Research Proposal, Sociopolitical Variables of DevelopmentChelsee Bolivar
Self-driven research regarding how companies may better their development projects for long-term success by addressing several key issues (sustainability, gender disparities, and economic advancement).
Chapter 10Political EconomyChapter Objectives1. Describe the r.docxketurahhazelhurst
Chapter 10
Political EconomyChapter Objectives
1. Describe the relationship between governments and the economy.
2. Describe different types of economic systems, including capitalism, socialism, and command economies.
3. Examine measures of economic performance.
4. Identify the fields of comparative and international political economy, including their major areas of research.
The presidential election of 1992 was an interesting one. Not only did the incumbent president, George H. W. Bush, have a stunningly high approval rating coming out of the Gulf War but the election also featured a third-party candidate, Ross Perot, who received the highest percentage of votes ever in American history for a third party. The Democratic challenger, Bill Clinton, was also an anomaly. A Democrat from the solid Republican South, he had also been accused of sexual harassment. Despite what would seem an easy reelection for then president Bush, James Carville, one of Clinton’s campaign advisers, summed up Clinton’s message for the voters quite succinctly: “It’s the economy, stupid.” With America in a recession and Bush having gone back on his pledge of “no new taxes,” Clinton’s economic message resonated with the American people, and Clinton handily won the Electoral College that November. Political science research has consistently shown that economic concerns are a primary issue for voters—especially voters who ask themselves “Am I better off now than I was four years ago?” when deciding how to cast their vote for president. Thus, politicians are rightly concerned with a country’s economy and challenged about how to respond to economic pressures.
This chapter explores the very crucial relationship between government and economy, the study of which is termed political economy. Although certainly not an absolute rule, a government cannot long be successful if its citizens suffer economic hardships and poor quality of life. Although there have been exceptions to this like North Korea, those states usually succeed because of their authoritarian nature. We will start first with a discussion of the connection between politics and economy and then move to discuss different types of economic systems, including capitalism and socialism. Although we discuss these ideal-type models, the reality is that there is no country in the world that is completely capitalist or completely socialist; rather, types of economies fall on a wide spectrum, having to do with how much each government is involved in economic activity. Following this, we will discuss the ways in which the government can be involved in the economy, primarily through the tools of fiscal and monetary policies and the types of factors that influence economic performance. Finally, the chapter discusses two subfields in this area of study: comparative political economy and international political economy.What Does Politics Have to Do with the Economy?
Politicians care very much about how the economy is performing. ...
Chapter 10Political EconomyChapter Objectives1. Describe the r.docxzebadiahsummers
Chapter 10
Political EconomyChapter Objectives
1. Describe the relationship between governments and the economy.
2. Describe different types of economic systems, including capitalism, socialism, and command economies.
3. Examine measures of economic performance.
4. Identify the fields of comparative and international political economy, including their major areas of research.
The presidential election of 1992 was an interesting one. Not only did the incumbent president, George H. W. Bush, have a stunningly high approval rating coming out of the Gulf War but the election also featured a third-party candidate, Ross Perot, who received the highest percentage of votes ever in American history for a third party. The Democratic challenger, Bill Clinton, was also an anomaly. A Democrat from the solid Republican South, he had also been accused of sexual harassment. Despite what would seem an easy reelection for then president Bush, James Carville, one of Clinton’s campaign advisers, summed up Clinton’s message for the voters quite succinctly: “It’s the economy, stupid.” With America in a recession and Bush having gone back on his pledge of “no new taxes,” Clinton’s economic message resonated with the American people, and Clinton handily won the Electoral College that November. Political science research has consistently shown that economic concerns are a primary issue for voters—especially voters who ask themselves “Am I better off now than I was four years ago?” when deciding how to cast their vote for president. Thus, politicians are rightly concerned with a country’s economy and challenged about how to respond to economic pressures.
This chapter explores the very crucial relationship between government and economy, the study of which is termed political economy. Although certainly not an absolute rule, a government cannot long be successful if its citizens suffer economic hardships and poor quality of life. Although there have been exceptions to this like North Korea, those states usually succeed because of their authoritarian nature. We will start first with a discussion of the connection between politics and economy and then move to discuss different types of economic systems, including capitalism and socialism. Although we discuss these ideal-type models, the reality is that there is no country in the world that is completely capitalist or completely socialist; rather, types of economies fall on a wide spectrum, having to do with how much each government is involved in economic activity. Following this, we will discuss the ways in which the government can be involved in the economy, primarily through the tools of fiscal and monetary policies and the types of factors that influence economic performance. Finally, the chapter discusses two subfields in this area of study: comparative political economy and international political economy.What Does Politics Have to Do with the Economy?
Politicians care very much about how the economy is performing. .
Chapter 10Political EconomyChapter Objectives1. Describe the r.docxbartholomeocoombs
Chapter 10
Political EconomyChapter Objectives
1. Describe the relationship between governments and the economy.
2. Describe different types of economic systems, including capitalism, socialism, and command economies.
3. Examine measures of economic performance.
4. Identify the fields of comparative and international political economy, including their major areas of research.
The presidential election of 1992 was an interesting one. Not only did the incumbent president, George H. W. Bush, have a stunningly high approval rating coming out of the Gulf War but the election also featured a third-party candidate, Ross Perot, who received the highest percentage of votes ever in American history for a third party. The Democratic challenger, Bill Clinton, was also an anomaly. A Democrat from the solid Republican South, he had also been accused of sexual harassment. Despite what would seem an easy reelection for then president Bush, James Carville, one of Clinton’s campaign advisers, summed up Clinton’s message for the voters quite succinctly: “It’s the economy, stupid.” With America in a recession and Bush having gone back on his pledge of “no new taxes,” Clinton’s economic message resonated with the American people, and Clinton handily won the Electoral College that November. Political science research has consistently shown that economic concerns are a primary issue for voters—especially voters who ask themselves “Am I better off now than I was four years ago?” when deciding how to cast their vote for president. Thus, politicians are rightly concerned with a country’s economy and challenged about how to respond to economic pressures.
This chapter explores the very crucial relationship between government and economy, the study of which is termed political economy. Although certainly not an absolute rule, a government cannot long be successful if its citizens suffer economic hardships and poor quality of life. Although there have been exceptions to this like North Korea, those states usually succeed because of their authoritarian nature. We will start first with a discussion of the connection between politics and economy and then move to discuss different types of economic systems, including capitalism and socialism. Although we discuss these ideal-type models, the reality is that there is no country in the world that is completely capitalist or completely socialist; rather, types of economies fall on a wide spectrum, having to do with how much each government is involved in economic activity. Following this, we will discuss the ways in which the government can be involved in the economy, primarily through the tools of fiscal and monetary policies and the types of factors that influence economic performance. Finally, the chapter discusses two subfields in this area of study: comparative political economy and international political economy.What Does Politics Have to Do with the Economy?
Politicians care very much about how the economy is performing. .
Bożena Borkowska, Regulacja monopolu naturalnego w teorii i praktyce [Regulat...Michal
Monopolization of the economy may result from a company’s market strategy
consisting in winning over its competitors and reinforcing its position on the market.
Achieving such a position may be the consequence of effective rent seeking leading
to State protection of businesses against competition and collecting monopoly rent.
Monopolization of the market may also be the end-result of economic calculation
which may show that increasing benefits of scale justify the operation of just one
business in a given sector. The latter case, called a natural monopoly, is the subject
of Bożena Borkowska’s considerations when discussing various types of regulation.
The author also presents case studies of three natural monopoly markets in the US:
the transportation, cable telephony, and electricity supply sectors.
Arrangements by which influential firms receive economic favors, has been documented in numerous case studies but rarely formalized or analyzed quantitatively. We offer a formal voting model in which political influence is modeled as a contract by which politicians deliver a more preferential business environment to favored firms who, in exchange, protect politicians from the political consequences of high unemployment. From this perspective, cronyism simultaneously lowers a firm’s fixed costs while raising its variable wage costs. Testing several of the implications of the model on firm-level data from 26 transition countries, we find that more influential firms face fewer administrative and regulatory obstacles and carry bloated payrolls, but they also invest and innovate less. These results do not change when using propensity-score matching to adjust for the fact that influence is not randomly assigned.
Economic Systems Essay
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Economics Reflection
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How did Neoclassical economists rationalize a policy of laissez fair.pdfamitseesldh
How did Neoclassical economists rationalize a policy of laissez faire with respect to the potential
intervention into a market economy by government? Why do modern economists, on the other
hand, acknowledge a role for government.
A well-structured answer will include:
Solution
Ans :
In broad terms, there are three kinds of economic policies. The first is government ownership, or
socialism, where the government directly owns the means of production. The second is
government regulation, or interventionism, where the government leaves production to the
private sector but tries to shape market outcomes with subsidies, taxes, licensing, price and
quantity restrictions, standards of quality, safety, and health, non-waivable worker and consumer
rights, and other measures. The third is the free market, or laissez-faire, where private property
rights and freedom of contract alone provide the framework for interaction between firms,
consumers, and workers. The relationship between libertarianism and laissez-faire is a simple
one: laissez-faire is the libertarian position on economic policy. While most who use the
libertarian label admit exceptions, even the most moderate use laissez-faire as a benchmark.
Different economic perspectives emphasize specific elements of capitalism in their preferred
definition. Laissez-faire and liberal economists emphasize the degree to which government does
not have control over markets and the importance of property rights.
Classical economics can trace its roots to Adam Smith in 1776. In The Wealth of Nations Adam
Smith presented a comprehensive analysis of economic phenomena based on the notions of free
markets and actions guided by individual self interests in a laissez faire environment. This work
by Smith was motivated in large part as a critique of the existing merchantilist system.
Under mercantilism the ruling aristocracy directed economic activity with the primary goal of
benefiting the ruling aristocracy. The merchantilist view was that the wealth of a nation was
based on the wealth of the ruling aristocracy. Smith argued, quite convincingly, that the wealth
of a nation was actually based on the productivity of resources, which was best achieved if the
producers, consumers, and resource owners were left to their own \"selfish\" actions.
Economists also applied this classical framework to macroeconomic issues, especially
unemployment, economic growth, and business-cycle stability. With this application a
comprehensive theory of macroeconomics was developed that offered an explanation for
macroeconomic phenomena and provided recommendations for government policies.
The classical study of macroeconomics emerged from a set of axioms and assumptions that were
used for all economic analysis, such as wants and needs are unlimited, resources are limited,
people are motivated by self interest, and more is preferred to less. However, three particular
assumptions proved most important to the study of macroeconomic phenom.
In my opinion the Wall Street article seems to contradict Olsons .docxbradburgess22840
In my opinion the Wall Street article seems to contradict Olson's statement about lobbying. According to Olson the groups that have access to selective incentives are more likely to act in order to obtain collective goods, the smaller the group the grater the chance to engage in taking action. Meanwhile the collective good is predicted to be greater since the group is smaller. So the logic is the greater the group the smaller the likelihood of the group to take collective action. However, according to the Wall Street article, unionized workers have increased their influential power on politics over the last seven years! Situation that contradicts Olson, (in my opinion) unionized workers rely on little incentive to take collective action however the collective good (if obtained) can be of great benefit for the group. it is also true that unions have increased their political spending while the amount of members have decreased considerably. The number of unionized workers is smaller compared to numbers from 25 years ago however, the number of unionized workers is still a considerable great number.
I believe that union workers are sometimes willing to work as campaign workers because of a combination of factors:
· Trivial costs compared to perceived rewards;
· The psychological effects of working in a group toward a common goal;
· The innate political drive of many union leaders (workers may see political prowess as a way to move up the union ladder).
Prima facie, this would support Olson’s argument that labor unions would not exist if the sole benefit of joining them was the common benefits they provide. If the only benefit to union workers’ political efforts were the results those political campaigns bring union workers, there would in fact be no intrinsic motivation for the workers.
The reality is however, that there are other benefits to a union worker’s political activity beyond the benefits reaped from a successful campaign, and this could be a possible reason why workers continue to be involved, despite the fact that the gains of the union are virtually universal.
THE RISE AND DECLINE OF MANCUR OLSON’S VIEW OF THE RISE AND DECLINE OF NATIONS
J. Barkley Rosser, Jr.
Department of Economics
MSC 0204
James Madison University
Harrisonburg, VA 22807 USA
tel: 540-568-3212
Email: [email protected]
February, 2007
JEL Codes: B31, H00, N00, P00
Keywords: collective action, encompassing organizations, rent seeking, transition economies
Abstract:
The evolution of Mancur Olson’s views of his book, The Rise and Decline of Nations (1982), the middle of his three main books, is examined. It expands and extends to history and the world arguments presented in his The Logic of Collective Action (1965). While he never abandons the idea that the accumulation of interest groups in a democratic society may lead to its economic stagnation, how this comes about and can be overcome changes somewhat by the time of.
Welfare Capitalism and the Social Security Act of 1935A.docxaryan532920
Welfare Capitalism and the Social Security Act of 1935
Author(s): Jill S. Quadagno
Source: American Sociological Review, Vol. 49, No. 5 (Oct., 1984), pp. 632-647
Published by: American Sociological Association
Stable URL: http://www.jstor.org/stable/2095421
Accessed: 11-07-2017 11:24 UTC
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WELFARE CAPITALISM AND THE
SOCIAL SECURITY ACT OF 1935*
JILL S. QUADAGNO
University of Kansas
A central concern of political theorists has been the relationship between the state
and the economy, or more specifically, how political power gets translated into
economic power. Recent debates have been shaped around critiques of the corporate
liberal thesis, which contends that class-conscious capitalists manipulate the polity
so that government comes to pursue policies favorable to capitalism. Alternative
theories suggest that the state is capable of transcending the demands or interests of
any particular social group or class. The Social Security Act of 1935, which
represented the beginning of the welfare state in the United States, was a
conservative measure that tied social insurance benefits to labor force participation
and left administration of its public assistance programs to the states. In this paper
the Social Security Act is used as a case study to adjudicate between several
competing theories of the state. The analysis demonstrates that the state functions as
a mediating body, weighing the priorities of various interest groups with unequal
access to power, negotiating compromises between class factions, and incorporating
working-class demands into legislation on capitalist terms.
A central concern of political theorists has
been the relationship between the state and the
economy, or more specifically, how economic
power gets translated into political power. Re-
cent debates have been shaped around cri-
tiques of the corporate liberal thesis, which
stresses the strategies of class-conscious
capitalists to manipulate the polity. Alternative
theories suggest that the state is capable of
transcending the demands or interests of any
particular social group or class.
The core agenda of those espousing some
variant of corporate liberalism has been to ex-
plain how major economic interests mani ...
Ethical Decisions and Leadership - Ethical Analysis of the Sales of User Data...Sarah Lee
Discuss and analyze the morality of the exchange of customer information from one Internet service provider to another in the context of advertising, marketing and commerce.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Political economy – midterm essay questions
Done by: Sarah Lee Shan Yun
Question 14
According to Bowles, Edwards and Roosevelt, there are three assumptions
made by neoclassical economists that political economists argue against. Firstly, the
economic man assumption refers to the notion that human beings are calculating,
amoral and self-interested (Bowles et al, p. 32) and only have a disposition to
consider how one's action will affect oneself and not how they may affect others.
Secondly, a complete contract is always assumed to have taken place in neoclassical
economics, implying that everything that each party does in a contract is a result of
the contract itself, which fully specifies all tasks and is enforced by the court
(Bowles et al, p. 58). Thirdly, neoclassical economics also assumes that there are no
increasing returns to scale (where the average costs of production decreases as a
result of the increase in the scale of production or rate of output) (Bowles et al, p.
59).
As an alternative, Bowles, Edwards and Roosevelt offer a three-dimensional
approach to studying economics, as opposed to a narrower one that the neoclassical
economists pose. The three dimensions of interest to political economists include
competition, command and control (Bowles et al, p. 54-55).
Competition is the horizontal dimension in economics referring to aspects of
economic relationships in which voluntary exchange and choice among a large
number of possible buyers and sellers play the dominant role (Bowles et al, p. 54).
For example, in a the apple market, there are several suppliers selling apples to the
consumer, and as a result the consumer has to make the choice to buy from one of
the suppliers, creating competition amongst the suppliers to sell at a lower cost or
higher quality. This, therefore, creates a relative equality of power among those
offering the choices engaging in exchanges and competing with one another (Bowles
et al, p. 54). The study of competition is most commonly associated with neoclassical
economics, as macroeconomics and microeconomics investigate the models and
tools that help explain the workings of markets. For example, a framework such as
2. the supply and demand curve justifies the reasons behind changes in market prices
or sales quantities of a good or service.
The second dimension to studying political economy is command - where
there is a vertical aspect in economic relationships in which power plays the pre-dominant
role (Bowles et al, p. 54). This includes notions of power, coercion,
hierarchy, subordination and authority. Command also involves relations among
nations, classes, races, men, women and other groups in society (Bowles et al, p. 54).
It involves one party influencing the conditions under which another party will be
making a choice, thereby influencing their actions in order to promote the interest
of the person or group in power (Bowles et al, p. 55). For example, in a capitalist
society there exists a dominant class (the capitalists) who own and control the
capital goods of production and who have the rights to decide how the resulting
surplus will be used (Bowles et al p. 124). As a result, a class hierarchy is created
between the employers and employees, and thus an aspect of command. A study of
command can therefore be achieved by looking at the conflicts that arise as a result
of such hierarchy. For example, how can capitalists use power to influence political
legislation in favor of themselves to avoid paying taxes?
The third dimension to studying political economy is change, which is the
time dimension in economics referring to the historical evolution of people and
economic systems (Bowles et al, p. 55). For example, business expansion occurs
when owners of the business re-invest resulting surplus back into the business,
resulting in the opening of several new stores or the expansion of the business to
new markets. Therefore, a culminating change or growth of the business occurs over
time. It is, therefore, important for economists to look at how changes occur
historically in a such dynamic economic system such as capitalism.
According to Adam Smith, the individual pursuit of self-interest in
competitive market interactions has socially beneficial effects brought about by the
"invisible hand" (Bowles et al, p. 91) relating back to the dimension of political
economy involving competition. Under his assumption, markets are self -regulating
and can function solely without the involvement of government intervention
(Bowles et al p. 74). Adam Smith's theory, however, does not consider the economic
3. man assumption mentioned earlier, and leaves out big aspects of the command
dimension, in terms of the government enforcing laws and rule in the society.
Karl Marx, on the other hand, investigates the dimension of command to a greater
extent. He noted that all known economic systems have divided societies into
dominant and subordinate classes, and that members of a common class work
together in the pursuit of their common interests (Bowles et al, p. 91). He also noted
that technical progress, the growth of knowledge and conflict among classes all
foster perpetual change (Bowles et al, p. 91), relating to the time dimension of
political economy.
J. Schumpter states that the key to progress is innovation and capitalism
above all other economic systems fosters innovation (Bowles et al, p. 91). He also
notes that the growth of the capitalist economy is uneven, and that periods of
prosperity and stability alternate with periods of stagnation and instability (Bowles
et al, p. 91). Both of these statements relate to the time aspect of political economy
and suggests that the changes that occur in economic systems are on-going and
perpetual, and should therefore be studied. Furthermore, he notes that the
operation of a modern economy is determined by a relatively small number of large-scale
organizations rather than by a large number of small businesses and
individuals (Bowles et al, p. 91) - relating to the first and second dimensions of
political economy involving competition and command. For example, monopolies
create power in businesses to influence and determine market prices as a result in
the lack of competition, leading to conflicts between consumers and businesses, and
therefore may result in certain government intervention.
J.M. Keynes notes that the market system is not self-regulating, and that left
to its own devices the market system fails to make sensible use of our productive
potential. He also notes that unemployment is a chronic problem in a capitalist
economy and that government intervention in the economy can reduce
unemployment and instability (Bowles et al, p. 91). These ideas look largely at the
role of the government in economies, and therefore relates to the command
dimension, whereby an institution sets rules that influence the social structure of
accumulation (SSA) in an economy, and can thereby affect the actions of employers.
4. Ronald Coase talks predominantly about the competition and command
aspects of economics, stating that capitalism is a mixture of competition and
command (Bowles et al, p. 91). He notes that bargaining among private individuals
can often solve problems that governments or market exchanges cannot solve, and
that government policies should facilitate these private bargains (Bowles et al, p.
91). In addition, he says that firms are mini-command economies based on the
giving and following of orders rather than on market exchange (Bowles et al, p. 91)
relating to ideas of the command dimension in political economy.
Finally, Amartya Sen talks largely about the role of government in the
distribution of incomes, and that famines are not the result of the shortages of food,
but that they result from shortsighted government policies that fail to address
problems of poverty (Bowles et al, p. 91). This relates greatly to the command
dimension of political economy, as it addresses the power of governments and their
decisions over the public and society.
Question 15
a) A social structure of accumulation (SSA) is the institutional setting within
which accumulation occurs. It influences and is influenced by relationships among
capitalists, between capitalists and workers, among workers and between
government and the economy. (Bowles et al, p. 158)
b) In competitive capitalism (1860s to 1898), strong craft-based unions
existed in some industries, where skilled workers in particular occupations were
organized and represented (Bowles et al, p. 165). There was extensive workplace
control by skilled workers (Bowles et al, p. 161) and workers could bargain their
wages and working conditions (Bowles et al, p. 162). In corporate capitalism (1898-
1939), employers became dominant and labor unions became weak or illegal
(Bowles et al, p. 161). Workers had few rights and there was no unemployment
insurance, so the loss of a job meant the loss of a livelihood (Bowles et al, p. 162).
During regulated capitalism (1939-1911), labor unions became legalized, resulting
in an increase in membership. This resulted in employees' influences on wage
setting and politics. The NLRB or labor accord was established where workers could
5. demand rises in real wages with rises in productivity (Bowles et al, p. 161). New
policies were also adopted to protect workers' health and safety on the job (Bowles
et al, p. 162). Finally, in transnational capitalism (1991-present), the labor accord
ended, global mobility of capital increased its bargaining power over labor, union
membership fell and an inequality between workers and employers has begun to
grow (Bowles et al, p. 161). Real wages of workers fell in the last quarter of the 20th
century and workers who were already working for low wages saw their real wages
decline even further (Bowles et al, p. 163)
c) According to a 2013 article in Forbes magazine, 1.4 million Americans
work at Walmart today, with many paid under the $12 per hour minimum wage. In
this example, the power of capitalists in controlling and utilizing the surplus
generated from a large company is clearly seen. According to Robert Reich,
Chancellor’s Professor of Public Policy at U.C. Berkeley, Walmart can easily afford to
raise worker's pay to at least $15 per hour, given its net income of $17 billion per
year. In an article by the Business Insider, entitled "Meet The Waltons: Wal-mart
Family Tree", Megan Willet notes that the Waltons are the richest family in America,
and that the descendants and family of Wal-Mart founder Sam Walton, control more
than 50% of the Wal-Mart Corporation and have a combined net worth at least $150
billion. According to calculations, that's almost $100 million of surplus for every
employee who works at Wal-mart. However, given the current economic climate of
the transnational phase of American capitalism workers have little or no power to
influence their wage rate. Wal-mart has several anti-union tactics in place such
as managerial surveillance and pre-emptive closures of stores or departments who
choose to unionize, leading to worker's reluctance to join labor unions.
Question 16
A class is a group of people who share a common position in the economy
with respect to the production and control of the surplus product (Bowles et al, p.
123). A class relationship exists between the producers of the total product,
including the surplus product, and those who command the use of the surplus
product (Bowles et al, p. 123). There are four aspects of the concept of class. Firstly,
6. every class is defined in terms of a relationship. A class cannot exist by itself and can
only exist in relation to some other class (Bowles et al, p. 123). Secondly, a class
relationship refers to a labor process, where classes are defined by the particular
positions that they occupy with respect to the labor process (Bowles et al, p. 124) -
for example, capitalists do not have to produce products vs producers who work to
produce a product in return for a wage. Thirdly, class relationships are hierarchal or
vertical in that there is a group on top controlling the labor and the products of
those below (i.e., capitalists commanding the labor and controlling the surplus
created in production or lords receiving the products of the slaves's or serfs' labor)
(Bowles et al, p. 124-125). Lastly, the interests of producing and controlling classes
are usually, but not always, in conflict. A gain for workers will usually result in a loss
for employers (Bowles et al, p. 125).
Each economic system has a distinct set of class relationships, and each set of
class relationships is identified with a specific way of organizing and controlling the
system's labor process (Bowles et al, p. 125). Property rights establish the owner's
right to control the property to decide who uses it for what purpose and to the
benefit of whom from its use or sale (Bowles et al, p. 125). In different economic
systems, such as slavery, feudalism, central planning and capitalism, there exists a
dominant class (slave drivers, lords, monarchs and capitalists respectively) and a
subordinate class (slaves, serfs and workers). The dominant class has control over
the labor processes of the subordinate class, therefore class relationships and
economic systems are directly related.
The principle income flows for capitalists include capital gains, where an
increase in the value of a capital asset (stocks or property) gives it a higher worth
than the purchase price, and can thus be sold for a profit; and property income,
where income is received in the form of profit, rent, interest or dividends as a result
of owning an asset (such as a business, a piece of land, an existing structure, a bond,
or a share of corporate stock) (Bowles et al, p. 140). The principle income flows for
workers, on the other hand, is wage labor, where work is performed under the
direction of an employer in return for a wage or salary (Bowles et al, p. 143). As a
7. result, the capitalist class is often wealthier and owns a significantly greater
quantity of assets or has a much larger flow of income as compared to employees.
Employees thus have a more constraints, in terms of purchasing power, as
compared to capitalists as a result of lower disposable income levels. This limits
their spending potential, and thus affects their preferences in terms of the kinds of
products and services that they buy (e.g., purchasing an economy class airplane
ticket as opposed to a first-class one).
Furthermore, higher quality educational opportunities are often more
available to wealthier classes, as private education is often more costly than public
or government-funded state schools. This may therefore lead to better educational
qualifications of the elite classes, and thus higher-paying jobs or careers that result
in higher income levels, repeating the process. This cycle results in wider income
gaps and thus creates an even greater disparity between the different classes. For
example, in America, all Ivy League colleges are private schools (Princeton, Yale,
Brown, Columbia, Cornell, Dartmouth, Harvard and University of Pennsylvania) with
tuition fees averaging $40,000 per year, or $160,000 for a four -year college degree.
Elena Bajic, founder and CEO of Ivy Exec, mentioned a CNBC article that "an Ivy
League education makes a candidate stand out, even before a recruiter talks to
them".
Lastly, in a capitalist society, investment is required to drive economic
growth. If investment is required, capitalists, who control decisions on whether to
start and grow businesses in a specific nation or region, have significant power to
influence economic growth. As a result, governments often attempt to convince
investors to finance economic growth in their nations, thus certain policies or
actions such as regressive income tax (where the amount of tax decreases as the
amount of income received by an individual increases) may be put in place to
encourage investors to stay put. In an article published by Metro UK in 2012, it was
noted that some multi-millionaires in Britain paid a lower rate of tax than their
cleaners. It is, therefore, possible that the income gap between the rich and poor
may be made wider by certain governmental policies. Although not specific to
8. capitalists and employees, the difference in the amount of income received by the
two classes certainly affects and is affected by political institutions.