The Economic Significance of 99%
View Additional Course Information:
Including faculty, schedule, credits, CRN and location.
Division: The New School for Public Engagement
School: School of Undergraduate Studies
Department: Social Sciences
Course Number: NECO 3181
Course Format: Lecture
Location: NYC campus
Permission Required: No
- Economic Development
This course highlights the importance of the general populace for any economy. It is divided into three sections. First we study the evolution of ideas about labor and economic agents. Discussions center on what the classical political economists called the subsistence wage and their definitions of the role of the working class in a capitalist economy. We ask why Marx and others centered their analyses on class struggles and whether class struggles are relevant to understanding economies today. Next we examine models from modern economics that are commonly used to explain the contemporary economy and that affect policy choices today. The last section brings the first two sections together--the economic models and the philosophical ideas about the importance of the general population. The academic theory is compared with the social norms and concerns of the 99 percent in the United States. By debating the assumptions, limitations, and implications of economic models widely used to frame contemporary discussion and policymaking students develop an understanding of the pros and cons of these models.