Political Economy

Korea University

Course Description

  • Course Name

    Political Economy

  • Host University

    Korea University

  • Location

    Seoul, South Korea

  • Area of Study

    Economics, Political Science

  • Language Level

    Taught In English

    Hours & Credits

  • Host University Units

  • Recommended U.S. Semester Credits
  • Recommended U.S. Quarter Units
  • Overview

    Course Description
    Political economy belongs to the intersection of economics and politics. It uses assumptions of microeconomics to facilitate our understanding of politics. The tools of the modern political economy include theories of rational decision making in individual choice situations (preference theory and expected utility theory) and strategic interactions (game theory.) These general theories of individual behavior will help us understand the reason for the existence of political institutions (e.g., a state) and the scope of their authority (e.g., in what type of situations a state should and should not intervene.) Another standard part of a political economy that will be covered is commonly referred to as social choice. Topics covered in this part include different voting methods and their properties, the nature of democratic choice and Arrow’s Theorem, strategic voting and misrepresentation (Farquharson’s conjecture and Gibbard and Satterthwaite Theorem), predicting the outcome of voting (Median Voter Theorem, McKelvey’s Chaos Theorem.)

    Required Textbook
    “Analyzing Politics” by Kenneth Shepsle, Norton, 2010. ISBN-13: 978-0393935073


Course Disclaimer

Courses and course hours of instruction are subject to change.