Basics of Political Choice - Intro to Political Economy, Lecture13

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COURSE OVERVIEW:
Introduction to Political Economy is a self-contained and nontechnical overview of the intellectual history of political economy, the logic of microeconomics, and the definitions used in macroeconomics. It introduces the notion of a political economy, emphasizing the moral and ethical problems that markets solve, and fail to solve.
LECTURE OVERVIEW:
1. IF there are
a. 3+ choices
b. 3+ choosers
c. Disagreement
THEN there is the possibility of indeterminacy of pure democracy. What does that mean for real societies?
2. This is the problem of political institutions. Everyone wants the "bridge" (i.e., constitution) to be beautiful, but first it has to stand, and be stable and predictable. A beautiful bridge that falls is no good; a "just" constitution that falls into revolution and chaos is also no good.
3. Two problems: Indeterminacy (chaos) and manipulation (agenda control)
4. Kelo v. New London (2005): can majorities control themselves?
5. Jim Crow South: Majorities used state power to abuse minorities
6. Weak orderings, utility functions
READINGS:
Munger-Munger, Choosing in Groups, Chapter 4
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Produced by Shaun King, Duke University Department of Political Science Multimedia Specialist

[@alinamakgeolina]

Thank you Mr. Munger and Duke University for producing this! Very simple and interesting delivery easy to understand, especially for those only starting to learn some of the basic theories. 🙌🏻👍🏻

[@zedman1804]

Wow he predicted Roe vs Wade 6 yrs before time. Great lecture Prof Munger

[@harshityadav0]

Sir Roe vs Wade is overturned, seems like democracy won.