Politics as a Peculiar Business

Politics as a Peculiar Business

Insights from a Theory of Entangled Political Economy

New Thinking in Political Economy series

Richard E. Wagner

Economists typically treat government as something outside the business realm, a sort of “Lord of the Manor”. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.

Chapter 3: Systems theory and parts-to-whole relationships

Richard E. Wagner

Subjects: economics and finance, political economy, public choice theory


This chapter sets forth the framework to be developed and elaborated in the remaining chapters. For one thing, it is written from within a systems-theoretic orientation which differs from most economic theory in its treatment of the parts-to-whole relationship. This relationship plays out through treating political economy as entangled networks of interaction among political and economic entities, which among other things replaces the notion of political intervention into market activity with one of political participation inside market activity.

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