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 some limited use of the latter in order to examine political-economic issues of democracy, it has made little use of the former, the theory of market behaviour.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
8123.
Find related papers by JEL classification: F5 - International Economics - - International Relations and International Political Economy D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models D60 - Microeconomics - - Welfare Economics - - - General
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