The Economics of Socialism

Undergraduate / Graduate

The course examines the economic theories of socialism ranging from Karl Marx's to market socialism, as well as theories of market power, collective action, and price regulation. These theories are applied to the measurement of socialism, income distribution, surplus value, and the degree of exploitation of labor. These metrics are used to compare various mixed economies including the Nordic model and various sectors in the United States. We consider how the economics of socialism might evolve as the health sector grows in the near future and artificial intelligence transforms the workplace in the long run.