Topic: Political Economy

You can answer the questions either as part of a one big essay for each question, or as separate mini-essays for each section (A, B, C, etc)

Please use these books for references as much as possible:

R. Albelda, C. Gunn and W. Waller, Alternatives to Economic Orthodoxy. (AEO)

J. Harvey, Contending Perspectives in Economics.

J. M. Keynes, The General Theory of Employment, Interest and Money.

R. Tucker, The Marx-Engels Reader.

M. Ferber and J. Nelson. 2003.  Feminist Economics Today: Beyond Economic Man.

QUESTIONS - Please answer all of the questions.

Part A -

How are wages determined according to Marx? (Make sure to define socially necessary labor time). What happens to wages when capitalism evolves (compare and contrast the Marxian and the bourgeois economist view on what happens to wages as a result of capital accumulation?  Make sure to elaborate the process that leads to rise/fall of wages as capitalism develops.

What are the similarities and differences in Keynesian and Institution a list approach to the question of "how are wages determined" (Make sure to define pecuniary and industrial employment, conspicuous consumption/leisure/work if and when necessary).

What are some of the distinguishing factors between circuit of commodities and circuit of capital?

Part B -

How does gender affect people's participation in and experience of capitalist society according to feminist, Marxian, and post-colonial analysis?

How are care contracts different than other contracts for work, and what kinds of problems /opportunities this difference creates for those that are involved in care contracts?  What would you offer as (a) solution(s) to the issues faced by both contracting sides as a result of the nature of care contracts? (Make sure to define what care, and what contract are)

Why is it important to count women's work?

Part C -

In your view, which school of thought (paradigm) does a better job in understanding increasing wealth and income inequality? (In other words, what is the mechanism that causes economic inequality in a society) Please discuss all (neoclassical, Keynesian, Marxian, Feminist, and Institution a list). Make sure to define all the paradigm-specific terminology you use.

Please discuss what could be some of the policies to improve wealth and income inequality according to different paradigms (neoclassical, Keynesian, Marxian, Feminist, Institution a list).

Hint: This last question is about applying what you have learned on different paradigms in terms of how societies/ economies evolve/ develop. I am basically asking you to explain/elaborate possible mechanism/ processes in the process of economic development that would result in increased inequality through the lens of each paradigm.