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

Chichilnisky, Graciela, On the Mathematical Foundations of Political Economy (March, 30 2009). Contributions to Political Economy, Vol. 9, pp. 25-41, 1990, Available at SSRN: https://ssrn.com/abstract=1370696

Graciela Chichilnisky (Contact Author)

Columbia University ( email )

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