Module 3 Flashcards
What interrogates economic doctrines to disclose their sociological and political premises?
Political Economy
What determine how economic and social actors interact with each other?
Social Intitutions
What draws heavily on economics, political science, law, history and sociology to explain the politico-economic behaviour of a country?
Political economy
A school of thought in economics where it includes rational preferences, utility maximisation, and perfect information?
Neoclassical
A school of thought in economics where it includes economic cycles, principle of effective demand, and full employment?
Post-Keynesian
A school of thought in economics where it includes exploitation, labour theory of value – surplus value, economic crisis?
Marxian
A school of thought in economics where it includes methodological individualism, free choice, tyranny of the State?
Austrian
A school of thought in economics where it includes rules of the game, bounded rationality, path dependency?
Institutionalist
A school of thought in economics where it includes special interests, rent seeking?
Public Choice
What can be thought of as the study of how political forces
affect the choice of economic policies?
Political Economy
What is the policy that involves money supply and inflation; interest rates; reserve requirements?
Monetary Policy
What is the policy that involves who pays and how much; corporation tax and FDI; tax breaks and tax justice?
Taxation Policy
What is the policy that involves redistribution; Merit goods (education, health, housing); State investment?
Public Spending
What is the policy that involves consumer rights; Privatisation and competition; Sustainability?
Regulatory Policy
What is the policy that involves collective Bargaining; Wage floors; Pensions?
Wages and Incomes Policy
What is the policy that involves regional development; Mixed economy; Innovation systems?
Industrial Policy
What is the policy that involves protectionism; Globalisation; Free trade?
Trade Policy
What is the policy that involves human capital (e.g. education); Physical Capital (e.g. broadband infrastructure); Productivity (e.g. R&D)?
Growth Policy
What is is the study of resource allocation and production under constraint?
Economics
What are the three constraints mentioned in economics?
• What should be produced?
• How should it be produced?
• Who benefits from its production?
What are the different conceptions of economic justice?
Conservative Maxim
Liberal Maxim
Radical Maxim
Humane Maxim
What economic justice means payment according to the value of one’s personal contribution and the contribution of the productive property one owns?
Conservative Maxim
What economic justice means payment according to the value of one’s personal contribution only?
Liberal Maxim
What economic justice means payment according to effort, or the personal sacrifices one makes?
Radical Maxim
What economic justice means payment according to need?
Humane Maxim
What idea underpins a variety of different economic and social organisations?
Idea of a Welfare State
What reflects activist state policy to protect and promote the economic and social well-being of its population?
Welfare State
The welfare state is funded through what kind of taxation?
Redistributive Taxation or Progressive Taxation
What do you call s form of economic and social organisation where a system in which the state plays a role in the protection of its citizens?
Welfare State
What state gives not just physical protection and the maintenance of order, but also the promotion of the economic and social well-being of its citizens?
Welfare State
What can be seen as a combination of collectivism, capitalism, social welfare policy and democracy?
Welfare State
What are the 5 purposes of a Welfare State?
- Minimum standards in housing, education, health
- Poverty reduction and basic income (minimum wages, social transfers)
- Equality of opportunity
- Equitable distribution of wealth and income
- Protection of those unable to provide for themselves
What are the types of welfare capitalism?
Social-democratic
Christian-democratic
Liberal
What welfare state surrounds the idea that a central authority should have a subsidiary function, performing only those tasks which cannot be performed effectively at a more immediate or local level?
Christian-democratic
What welfare state believes its citizens should be immunised from market dependency?
Christian-democratic
What welfare state has dominance of social insurance schemes and permits a high degree of social stratification?
Christian-democratic
What welfare state is based on the principles of market dominance and private provision?
Liberal
What state would only intervene to provide for basic needs (poverty relief)?
Liberal
What welfare state maintains social hierarchies and has high social stratification?
Liberal
What welfare state is based on the principle of universalism?
Social-democratic
What welfare state means benefits and services are accessed based on citizenship and are automatic depending on status (e.g. age or employment status)?
Social-democratic
What welfare state provides a high degree of personal autonomy (limits reliance on family and the market)?
Social-democratic
Which welfare state is a hybrid system where it is also called as a ‘mongrel’ welfare state?
Irish Welfare State
Which country uses a mix of means-tested, insurance based and universalist income support and service arrangements?
Ireland
What represents the mixed economy and a compromise
between capital and labour?
Welfare State
