economic ideologies Watch

tonedown
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Hi! If anyone does PPE/politics and economics at uni, could you please help me by telling me your experience with learning about different ideologies like Communism and Capitalism? I assume it's a pretty important thing, but is it a large part of your course? Do you have debates on which system is better? Thanks a bunch. x
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alardel17
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I only do Economics but I have taken a few Politics modules, and I'm quite into current affairs, and stuff. In my case, most (95%) economic theories we study take a Capitalistic stance since most countries in the world are capitalistic (except for China, Cuba, Venezuela, or North Korea).
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.ACS.
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(Original post by alextheowl)
Hi! If anyone does PPE/politics and economics at uni, could you please help me by telling me your experience with learning about different ideologies like Communism and Capitalism? I assume it's a pretty important thing, but is it a large part of your course? Do you have debates on which system is better? Thanks a bunch. x
In economics, at university, you'll only study "capitalism", or a market based economy. Obviously you'll cover market imperfections, and the potential need for government intervention to fix said imperfections. But economics degree at almost every university is defined around mainstream economics, ie. what the vast majority of economists believe to be the relevant economic theories.

If you want to cover heterodox economics, ie Marxian or feminist economics, then you're best looking at SOAS where their focus is non-traditional economic theories.

You're more likely to cover things such as communism, Marxian theories, etc. in an international relations or political economy class.
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tonedown
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(Original post by .ACS.)
In economics, at university, you'll only study "capitalism", or a market based economy. Obviously you'll cover market imperfections, and the potential need for government intervention to fix said imperfections. But economics degree at almost every university is defined around mainstream economics, ie. what the vast majority of economists believe to be the relevant economic theories.

If you want to cover heterodox economics, ie Marxian or feminist economics, then you're best looking at SOAS where their focus is non-traditional economic theories.

You're more likely to cover things such as communism, Marxian theories, etc. in an international relations or political economy class.
Interesting, thank you! To be honest I'm a bit surprised since communism is still relevant today in some countries.

I wanted to mention the relationship between Adam Smith and Marx in my personal statement for politics and economics/PPE. Now I'm not so sure whether or not to scrap that idea since universities favour those who talk about things relevant to the course.
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tonedown
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(Original post by alardel17)
I only do Economics but I have taken a few Politics modules, and I'm quite into current affairs, and stuff. In my case, most (95%) economic theories we study take a Capitalistic stance since most countries in the world are capitalistic (except for China, Cuba, Venezuela, or North Korea).
I see, thank you!
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.ACS.
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(Original post by alextheowl)
Interesting, thank you! To be honest I'm a bit surprised since communism is still relevant today in some countries.

I wanted to mention the relationship between Adam Smith and Marx in my personal statement for politics and economics/PPE. Now I'm not so sure whether or not to scrap that idea since universities favour those who talk about things relevant to the course.
You will potentially cover it in your politics modules. (For your interest, there is also a strong link between Marx and Ricardo - Marx's view on labour as an input factor into production was originally penned by Ricardo.)

I think it could be worth including because you will cover Marxian theories in your politics modules. You have to be clever about how you talk about it, however, realising it won't be covered in your economics modules. But this could be justification for studying both.

Rephrasing what I wrote prior, the reason why Marxian economics isn't studied at university is because it is primarily normative, which is driven by political ideology. University economics, as it is taught across the world for the most part, is "positive economics". But this holds true to certain aspects of Smith, Ricardo, etc. The economics curriculum at university only covers the positive aspects of what they wrote, and likewise positive aspects of Marx will also be covered. By positive, I mean factual aspects, ie, a change in A causes a change in B. However much of Marx's work, and some of Smith and Ricardo etc., then prescribed policy measures, ie what governments "ought" to do. Economics at university as it is currently taught does not cover what society/governments ought to do. That is left to the policy makers (ie, politicians). Hence even if communism exists in the real world, because it is primarily a political ideology, it isn't covered in economics.

But again, this could be nice for your personal statement in justifying your wish to study both.
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tonedown
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(Original post by .ACS.)
You will potentially cover it in your politics modules. (For your interest, there is also a strong link between Marx and Ricardo - Marx's view on labour as an input factor into production was originally penned by Ricardo.)

I think it could be worth including because you will cover Marxian theories in your politics modules. You have to be clever about how you talk about it, however, realising it won't be covered in your economics modules. But this could be justification for studying both.

Rephrasing what I wrote prior, the reason why Marxian economics isn't studied at university is because it is primarily normative, which is driven by political ideology. University economics, as it is taught across the world for the most part, is "positive economics". But this holds true to certain aspects of Smith, Ricardo, etc. The economics curriculum at university only covers the positive aspects of what they wrote, and likewise positive aspects of Marx will also be covered. By positive, I mean factual aspects, ie, a change in A causes a change in B. However much of Marx's work, and some of Smith and Ricardo etc., then prescribed policy measures, ie what governments "ought" to do. Economics at university as it is currently taught does not cover what society/governments ought to do. That is left to the policy makers (ie, politicians). Hence even if communism exists in the real world, because it is primarily a political ideology, it isn't covered in economics.

But again, this could be nice for your personal statement in justifying your wish to study both.
Okay, I think I get it now. So is it true that positive economics is mostly undebatable? And thank you for that link to Ricardo, I'll defo research him further!
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