A Reflection On Government And Its Role On Markets And The...

RUNNING HEAD: Reflection #1 A Reflection on Government and Its Role on Markets and the Economy Chris Surfus Western Michigan University School of Public Affairs and Administration PADM-6650 Public Policy: Theory and Research Professor Dr. Udaya Waglà © January 27, 2015 A Reflection on Government and Its Role on Markets and the Economy The authors of the literature discuss the roles of the government and the market, and that is what this reflection will entail. Furthermore, it will entail the changing public policy landscape in regards to the free market and individual stakeholders. The authors detail the different economic theories, including Keynesian and Marxian, and how these theories relate to the overall political economy. Several themes that are expressed include capitalism and socialism, demand, regulation, productivity, property rights, and monopolies, among others. The central theme is the emergence of a â€Å"new political economy,† which is a hybrid of a political economy and economics (Gamble, 1995, p. 518; Caporaso Levine, 1992). The new political economy consists of policy and decision-making. According to Andrew Gamble (1995), During the nineteenth century political economy became an enquiry into the iron economic laws which governed human societies independent of human will, but it never lo st its prescriptive, policy-oriented character. 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