Introduction to Political Economy

by Charles Sackrey, Geoffrey Schneider, Janet Knoedler

Introduction to Political Economy presents the history of economic thought through the work of the most influential economists of modern times, including Smith, Marx, Veblen, Keynes, Galbraith, and others. The new edition is thoroughly revised and updated with real-world examples of how these theories are related to current economic issues.

Genres: Economics, Textbooks

262 pages, Paperback

First published January 1, 2000

Reviews

[James · Rating 4 out of 5]

This is a very good introduction to the field of political economy. Those who have not studied economics, or who do not want to study very much of it, will nonetheless find this book readable, informative, and I think also provocative of further reflective thought on the human economic condition. The book’s underlying theme rings true to how the study of economics began, with a desire to understand how humans go about making a living and an emphasis on learning how we can do a better job of designing economic policies and systems that increase equality, true freedom, and ultimately happiness.

Several of the first chapters each focus on one of the great thinkers in economics, beginning with Adam Smith, and continuing on to Karl Marx, Thorstein Veblen, John Maynard Keynes, and John Kenneth Galbraith. Everyone has heard of Adam Smith, but almost no one has read him, and that seems especially true of those who claim to follow him. Karl Marx is also a famous name, but most people would immediately not consider him relevant today (and would be very wrong), as his name conjures up simple images of the Soviet Union and communism. As for the others, as important as they are, most people also do not know much about their thought, or may never have heard their names. Maybe someone has heard of Keynesian economics, but has no idea what that means, or maybe thinks it means tax-and-spend liberalism (it doesn’t). Someone my parents’ age may be familiar with Galbraith because of his public presence when he was alive, but may not be able to describe any of his thinking. And as for Veblen, well who is that?

Well, you can read this book and learn a little bit about all of these thinkers, within a context that shows concern for the quality of human life. And if you don’t know much about economics, or you only studied a typical set of economics courses in a typical U.S. university (that is called the neo-classical school, which is the dominant, mainstream school of economic thought) then you may find the economists that usually appear on your television and your radio (and who never seem very good at predictions for some reason they can never quite explain; or is it admit?) are not the only game in town.

I thought that the chapter on Sweden was a particularly valuable addition to the book. There are other ways to do things. They may even be better than the religious dogma economic theories you have been exposed to in school and through mass media.

[Channon · Rating 3 out of 5]

God I love a text book. This book is actually very readable and was very helpful as an introductory reader for the world of political economy. I may come back and change this review depending on what grade I get in that class though! I know. . . I'm a fair-weather reviewer :)

[Christopher Brown · Rating 2 out of 5]

This is a classic overview of political economy that is heavily distorted against the benefits that capitalism brings. It proudly waves its Marxist, Keynesian, and Veblen colors. The best part of the book is the overview of the political economist schools of thought (see above). It also provides a good overview of the Swedish third way. The issue I have with this book is the incendiary comments, completely without substance about the ills of capitalism, Bush, or environmental degradation without any support and designed to inflame passions without any backing.

A case in point, and the book is littered with such examples: "As a prime example, the scientific community is divided over the health effects of incinerations because a by-product is that certain heavy metals, and often the highly toxic dioxin (the chemical in Agent Orange), are spewed from the stacks during incinerations. These enter the atmosphere in very small amounts, but no one knows for sure their effects. What is the cost borne by individuals living next to a possible death machine; and alternatively, if it turns out not to be such a machine, what is the cost to them, perhaps over decades, of worrying about its effect on themselves and their children."

We don't know if they are death machines, the name itself is inflammatory and there is no scientific support behind such an inflamed position. A responsible author would back up such propaganda with some studies rather than simply inflict their distorted thoughts on undergraduate students who are looking for a fair and balanced review of the facts.

[Nikki Metztli · Rating 4 out of 5]

Must-read intro to political economy and critique of mainstream economics. Covers the history of political economy from Adam Smith to the Mondragón Corporation, with clear, understandable writing. Very social democrat leaning and fond of government intervention, but with an openness to Marx and actual communism. Doesn’t severely misrepresent Marx as most would, and the majority of chapters feel as objective as possible within a capitalist society. Highly recommended, just stay critical.

[Chelsea CW · Rating 1 out of 5]

Really hard to read and understand. Though “introduction” is in the title, I didn’t feel as if it were an introduction at all and felt there was a pre req I missed or something.

[Amanda Di Dio]

Read 7th edition

[Barbara MacLean · Rating 4 out of 5]

This is a must-read for anyone who wants to understand classical economics vs Marxian economics and start to make sense of the mess we're in. Even if you don't want to understand economics, you need to read it. It's an eye-opener. As Howard Zinn once said - "you may not be interested in politics, but politics is sure interested in you."

[Kathely · Rating 2 out of 5]

the last chapter was the most interesting.