TAILIEUCHUNG - Economics and Liberating Theory - Part 3

3 A Simple Corn Model This is the first of three chapters presenting theoretical models and analyses that are useful for political economists. The simple corn model presented here requires no more sophisticated mathematical skill than arithmetic. | 3 A Simple Corn Model This is the first of three chapters presenting theoretical models and analyses that are useful for political economists. The simple corn model presented here requires no more sophisticated mathematical skill than arithmetic. Chapter 5 contains some useful micro economic models and chapter 9 some useful macro economic models. All the models sharpen the logical basis of subjects treated verbally in the eight non-technical chapters of the book. More importantly all three technical chapters are well within the grasp of anyone with a high school education and they permit readers who master them to be players rather than spectators in the field of political economy. Since the primary purpose of this book is to equip readers to practice political economy on their own rather than have to rely on someone else s analysis and conclusions I highly recommend these chapters to readers willing to invest a little extra time to become more intellectually independent. A SIMPLE CORN ECONOMY The simple corn economy allows us to explore efficiency inequality and the relationship between them in a very simple setting. It allows us to see how economic institutions like labor markets and credit markets which establish relationships between employers and employees and borrowers and lenders can affect efficiency and inequality simultaneously. It also provides a convenient context to see how different conceptions of economic justice such as the conservative liberal and radical maxims discussed in the last chapter give rise to different conclusions about when unequal outcomes are inequitable and when they are not. Imagine an economy consisting of 1000 members. There is one produced good corn which all must consume. Corn is produced from inputs of labor and seed corn. All members of this society are equally skilled and productive and all know how to use the two technologies that exist for producing corn. We assume that each 45 46 The ABCs of Political Economy person needs

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