***PLEASE READ CAREFULLY***
Reflective Analysis of Political Economy Foundations in Public Administration
Description:
For this assignment, you are to compose a 1,000-word reflection paper based on what you learned during the first two weeks of our course. This paper should capture your initial understanding and contemplations on the role and impact of political economy within the field of public administration.
Student Learning Outcomes (SLOs) Addressed:
Evaluate the concept of political economy and its necessity for public administrators and policy analysts.
Assess political structures and their relationships to economic systems and administrative practices.
Instructions:
Reflect on the fundamental principles of political economy on mainstream economics and political structures within public administration.
Discuss how the foundational theories and philosophers like Adam Smith influence current practices and theories in public administration.
Articulate your insights or challenges in reconciling the theoretical underpinnings with practical aspects of public administration.
Your reflection should not merely summarize the readings but should critically engage with the content, demonstrating your analytical ability to connect theory with practice.
The paper should be 1,000 words long, not including the references, abstract, and title page.
Follow APA style, 7th edition, for formatting, citations, and references.
Submit your paper via Canvas by the end of Week 2.
Evaluation Criteria (Total: 200 points):
Content Understanding (80 points)
Grasp of Political Economy Concepts (40 points): Demonstrates a thorough understanding of the political economy’s foundational concepts.
Connection to Public Administration (40 points): Effectively relates political economy principles to the practices and challenges of public administration.
Reflection and Critical Thinking (60 points)
Depth of Reflection (30 points): Provides a thoughtful and introspective reflection on the readings and discussions.
Critical Analysis (30 points): Critically analyzes the material and provides personal insight into the implications for public administration.
Writing and Organization (20 points)
Clarity and Cohesion (10 points): Presents information clearly, logically, and organized.
Grammar and Mechanics (10 points): Writes clearly and correctly using grammar, spelling, and punctuation.
APA Style and Formatting (20 points)
Adherence to APA Guidelines (10 points): Strictly follows APA style for formatting and citations.
Reference List (10 points): Properly formatted reference list according to APA standards.
Engagement with Course Material (20 points)
Integration of Course Readings (10 points): Effectively incorporates and cites course readings and materials.
Relevance and Application (10 points): Draw relevant connections between course content and the broader field of public administration.
Total: 200 points
The reflection paper facilitates a deeper engagement with the course material, encouraging you to integrate academic theories with your personal and professional perspectives on public administration. Feedback will be provided to support your continued development in the course.
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In addition to Reading the first 2 chapters, read this incert
Overview
In our inaugural week, you embark on an explorative journey into the complex and multifaceted world of political economy. This week is about laying foundational knowledge, beginning with basic terminologies and moving towards a deeper understanding of how political systems, laws, and economic forces interact and influence each other. Continue to build on the foundational knowledge by exploring the works of seminal thinkers like Adam Smith and Karl Marx. Understand how their economic theories influence current public administration and policy frameworks.
Objectives:
Introduce key concepts and terminologies of political economy.
Begin to analyze the interaction between political systems and economic forces.
Discuss the impact of free market dynamics and corporate power on democratic values and processes.
Examine how the interplay between supply and demand manifests in real-world markets.
Delve deeper into the contributions of Adam Smith and Karl Marx to political economy.
Discuss the socio-cultural and political influences on economic structures.
Learning Activities:
Reading: Dive into the “Introduction to Political Economy” by Charles Sackrey, Geoffrey Schneider, and Janet Knoedler to grasp the essential principles that govern political economy. Preface to the Ninth Edition; Chapter 1: Some Principles of Mainstream Economics and Political Economy; Chapter 2: The Political Economy Challenge to Mainstream Economics; Chapter 3: Adam Smith and the Philosophy of Limited Laissez-Faire
Exploratory Research: Students are expected to investigate and describe the political economy and understand why this field is crucial for public administrators and policy analysts.
Conceptual Understanding:
Market Fundamentalism and Sustainability: Explore the notion of market fundamentalism and its implications for sustainable practices. Discuss how economic policies can vary significantly depending on local socio-demographic conditions, referencing cities with unique economic policies.
Integrating Political Economy and Microeconomic Principles in Public Policy Analysis
The synthesis of political economy and microeconomics provides a comprehensive framework for understanding the complex interactions between individual economic decisions and broader socioeconomic policies. The interdependencies between personal economic behaviors and macroeconomic structures emphasize the significant role of transnational corporations and technological advancements in shaping job markets and economic security (Stilwell, 2012). The dynamics of economic decisions within the trilogies model—market, state, and community—illustrate the challenges of balancing economic growth, ecological sustainability, and social equity, highlighting the intricate tensions and trade-offs policymakers face in striving for balanced development (Stilwell, 2012). A clear intersection between the theoretical constructs of political economy and the applied analytical methods of microeconomics, integration useful for policy formulation and analysis, guiding more informed and effective decisions considering individual welfare and societal needs.
Stilwell’s (2012) discourse is furthered by grounding the discussion in microeconomic principles, focusing on how these principles can be applied to dissect and improve public policy decisions (Levy, 2023). Levy delineated the role of microeconomics in analyzing specific market behaviors and the distributional effects of taxes, regulations, and other policy instruments. He argued that while microeconomics provides tools for detailed analysis of specific sectors, it also intersects significantly with macroeconomic issues, such as inflation and economic growth, thus affecting broader economic outcomes (Levy, 2023).
The prominence of neoclassical economics in shaping contemporary economic policies, particularly through the advocacy of market mechanisms. The critical assessment of the dominance of neoclassical economics and its interdisciplinary influence across various domains, including public administration and law (Levy, 2023). Despite its widespread application, Levy (2023) noted the ongoing debates over the balance between market efficiency and social equity, underscoring the limitations of neoclassical approaches in addressing real-world policy challenges (Levy, 2023).
Both Thurow (1984) and Prasch (2008) contended a fundamental disconnect between what economists subscribe to and the realities of the world. In both the cases of “market fundamentalism” and “utility maximization,” economists find themselves isolated from the other academic disciplines (Prasch, 2008; Thurow, 1984). Thurow (1984) suggested that economists relied upon expectations and not necessity. Therefore, rules must be dictated by society and not a textbook. The political economy of a city/state/country is an interdependent function that relies upon societal features, and therefore, it is respectively unique (Thurow, 1984). The understanding of political economics cannot be prescriptive or normative. That is not how the world works in its unique pursuits of better means. A city, such as Los Angeles, that imposes a higher minimum wage and features different socio-demographics will have to adopt entirely different economic policies than a small affluent municipality that resides in a state with minimal social entitlements. Neither is fundamentally better but simply different in both status and remedy. Reich, Jacobs, Bernhardt, and Perry (2014) discussed the impact of such a policy. Simultaneously, the LA minimum wage policy may address concerns Kenworthy (2014) expressed when comparing quality of life and income growth. Kenworthy (2014) argued that while “there have been significant improvements in quality of life in the United States since the 1970s,” at the same time, “incomes have grown far more slowly than the economy” (p. 46).
Market fundamentalism has been reduced in American society by its demands for environmental regulations, food safety mechanisms, and minimum wages (Prasch, 2008). Features and forces of market fundamentalism do not exist in societal and government fixtures. However, the theory implemented in total would be biased and “disastrous” (Prasch, 2008, p.6). A balance must be struck between the appearance of an economic idea on paper and a citizenry’s essential needs and desires. Likewise, Thurow (1984) speaks to utility maximization and the price-auction model. Like Prasch (2008), Thurow (1984) points out that no particular model can explain societal decisions and their effect on the political economy. Thurow (1984) states that there is a “lack of empirical support” for the idea that individuals are solely motivated by maximizing their benefits when making economic decisions (p. 217). Instead, this idea goes back to the concept that society is interdependent upon each other to work and create effective policies that support society as a more extensive function (Thurow, 1984). A balance remains in the direct desires of individuals/governments to be entirely fiscally responsible while simultaneously recognizing the need for non-monetary benefits such as the health of the community, education, and the “greater good” as a moral obligation.
Kenworthy (2014) argued that “the United States has a set of institutions and policies that, in theory, should be conducive to rapid employment growth: a low wage floor, limited labor market regulation, relatively stingy government benefits, and low taxes” (p. 67). Social welfare in states such as Norway, Finland, Sweden, and Denmark is easily recognized and accepted as state governments support the trade-off, with the expectation that higher spending/taxes will yield greater life expectancy and health, better access to education, happier workers via more significant benefits (more efficient productivity), and a physical environment that will return its investment (Glazer, 2010). Another argument is that an economic system must be sustainable and be able to “reproduce itself,” i.e., “by not using non-renewable sources at a faster rate than at which they are replenished” (Stiwllwell, 2012). This argument is in line with sustainability concerning itself with environmental, economic, and social impact on society.
References:
Glazer, S. (2010). Social Welfare in Europe. CQ Global Researcher. Retrieved on January 2, 2019, from http://library.cqpress.com/cqresearcher/getpdf.php?id=cqrglobal2010080000Links to an external site.
Kenworthy, L. (2014) Social Democratic America. New York, NY: Oxford University Press.
Levy, J. M. (1995). Essential Microeconomics for Public Policy Analysis.Praeger.
Prasch, R.E. (2008). How Markets Work: Supply, Demand and the ‘Real World.’ Northampton, MA: Edward Elgar.
Reich, M., Jacobs, K. Bernhardt, A., and Perry, I. (2014).The Mayor of Los Angeles’ Proposed City Minimum Wage Policy: A Prospective Impact Study. Center for Wage and Employment Dynamics. Retrieved on January 1, 2017, from https://www.lamayor.org/sites/g/files/wph446/f/page/file/UCBerkeley_0.pdf
Stilwell, F. (2012). Political Economy: The Contest of Economic Ideas. Oxford University Press, Australia & New Zealand.
Thurow, L. (1984). Dangerous Currents: State of Economics. England: Oxford Press.
