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. Assuming no prior background in economics or calculus, the text relies largely on simple stories and paradigms to convey important economic concepts, preparing the student for more advanced courses and applying the lessons of economics for the citizen in a modern democratic society.