Political Economy Module I and II

The aim of the course is to provide a foundation in political economy theory, concepts and their application. The course will discuss historical and current debates about the nature of political economy and the pros and cons of different methodological approaches. In the course we will explore theoretical debates about key political economy concepts as well as their usage and limits. Themes include: Nature and scope of political economy; Rational choice theory and its critics; Game theory- theory and practice; Cost benefit analysis and political economy; Constructivism and normative political economy: the role of norms and political choice; Institutions: path-dependence, institutional choice; Institutions: managing change - tabula rasa or gradualism; Institutions: avoiding hold-up/opportunism problems; Institutions: solving information problems & enabling learning & innovation; Commitment devices, policy delegation & credibility- tying governments' hands