Introduction to Political Economy
Due on Wednesday May 6th at !4:00 EST.
Section 1: Short Answer (5 X 10% = 50%)
Define AND explain the significance of FIVE of the following terms. Be sure to write your answers in full sentences (NO bullet points) and utilize relevant examples. As a general guideline, each answer should be approximately 200 words in length.
5.Labor theory of value
8.John Maynard Keynes
Section 2: Long Answer (50%)
Answer ONE of the following three questions. Answers need to demonstrate comprehension of the essential readings. In your answers, be sure to address the main points and the key contributions discussed in the literature. Be sure to also use relevant empirical examples when formulating your answers. As a general guideline, your answer should be approximately 1000 words in length.
1. How are interests formed around relations of class under capitalism? How can class interests help us understand political economy? In your answer, be sure to discuss Hyman’s contribution to the topic.
2. How do institutions influence the development of political economy? According to Clift, what are some of the potential problems of institutionalist analysis? How can the critical institutionalism proposed by Jenson and Mérand help redress some of these problems?
3. Using the example of policy paradigms, explain how ideational approaches can provide insights into political economy. In your answer, be sure to use relevant historical examples.