Political Economy

This thought-provoking introduction to economics exposes readers to the workings of the market in a democratic state. The text explains basic economic concepts from a political perspective: how the price mechanism substitutes for central authority in determining production and allocation of goods; the use of demand and supply curves to trace the impacts of tariffs, taxes, subsidies, quotas and patents; and the redistribution of income. Additionally the text explores political topics from an economic perspective, including the avoidance of anarchy and despotism; and the mutual dependence of markets, voting, public administration and law. Relies largely on stories and parad…