On the Mathematical Foundations of Political Economy
9 Pages Posted: 3 Apr 2009
Date Written: March, 30 2009
Abstract
Political economy views economic issues through the lens of political organisation. In today's world, it must focus on the roles of markets and of democracy, two concepts which are driving revolutionary changes in the political organisation of both Europe and Asia. There are two main paradigms for the analysis of markets and democracy, both of which have been mathematically advanced over a number of years: the general equilibrium theory of markets, and social choice theory, which examines practical aspects of democracy. While it is true that political economy has made sornc limited use of thc latter in order to examine political-economic: issues of democracy, it has made little use of the former, the theory of market behaviour.
Suggested Citation: Suggested Citation