Determine the political economy

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Reference no: EM133196315 , Length: 2 Pages

Assignment:

Drawing on each book ("Understanding Capitalism: Competition, Command, and Change" Bowles et al and "Microeconomics: Principles & Applications" Hall and Lieberman) explain how the hourly wage rate (and level of employment) is determined in the political economy and neoclassical perspectives. From the surplus approach why does the analysis of the cost of job loss matter for the production of the surplus? Be sure to first explain what the italicized term means.

Reference no: EM133196315

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