How can state can affect a primitive economic model?

How can state can affect a primitive economic model?

It is total value of all final goods produce by ALL people within state territory.

It includes the production of all citizens in and out of state territory.

It is correcting monetary levels to reflect the amount of local currency required to buy certain standard good in that country.

In this approach to political economy, economic markets are seen as ‘not natural’ and existing within a social context largely shaped by state power. Associated with protectionist policies of the 1930s (perceived as failures).

In this approach to political economy, individuals (as rationally self-interested creatures) are key economic actors. An unregulated market economy tends towards long-run equilibrium.

In this approach to political economy, capitalism is a system of class exploitation – social classes are the key economic actors.

.... is a system of generalized commodity production in which wealth is owned privately and economic life is organized according to market principles.

Varieties of capitalism include:

There are no alternatives to capitalism.

... calls for the economy to be restructured around the principles of ecological balance and sustainability.

... is a complex web of interconnectedness that means that our lives are increasingly shaped by decisions and actions taken at a distance from ourselves.

Washington consensus ...

Which famous book did Adam Smith write?

What did Adam Smith say was a force that guided the economy?

When supply is high, demand is usually....

When supply is low, price is usually....

When demand is high, price is usually....

When Demand is low, price is usually....

What does Laissez-Faire mean?

What is the role of government according to Adam Smith?

Which is the opposite of a free market economy?

What is it called when government or "the people" control the means of production?

Who wrote the "Communist Manifesto?"

Which is almost the same thing as Free Market or Lais·sez-Faire?

What did Karl Marx call the poor?

What did Karl Marx call the middle or upper class?

Keynes was known as the Father of

Keynes's plan reaction to the Great Depression was to

There are four types of economic systems. Most economies are _____.

A leading exponent of monetarism and free-market economics, he was a powerful critic of Keynesian theory and ‘tax and spend’ government policies. Who is he?