On the mathematical foundations of political economy

Chichilnisky, Graciela (1990): On the mathematical foundations of political economy. Published in: Cambridge Journal of Economics , Vol. 9, (1990): pp. 25-41.

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 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.

• Item Type: MPRA Paper
• Language: English
• Keywords: general equilibrium; Welfare Theorems; welfare; political economy; mixed economies; political economy agenda; social choice theory; mathematical modelling
• Subjects: F - International Economics > F5 - International Relations and International Political Economy; D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D58 - Computable and Other Applied General Equilibrium Models; D - Microeconomics > D6 - Welfare Economics > D60 - General

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