Given the fact that society is indulged in money equilibrium, this lecture explores how the economy market functions.

Learn Smith’s division of labor, Marx’s barter economy and explore the creation and use of commodity and non-commodity money.

Explore Adam Smith’s division of labor and Karl Marx’s barter economy from the perspective of social coordination through the hub and spoke model.

Learn how the case of quantal response is described by the use of the social interaction model and receive an introduction to classical political economy.

Walk through examples examining the potential effects of modifying the canonical social interaction model.

Learn the functionality of the canonical social interaction model and examine a major topic in political economics – the tragedy of the commons.

Review the entropy constrained behavior model, complete lessons on expected utility theory and receive an introduction to social interaction behavior.

Learn applicable examples of the behavior model and gain a deeper comprehension of ideas discussed in Class 2.

Learn the basic economic framework of human behavior developed based on the entropy-constrained theory and its advantages over the marginal utility theory of economics.

​Julie Matthaei, professor of economics at Wellesley College, joined SCEPA and the Department of Economics to present her research on "Workers, Women, and Revolution: From Inequality to Solidarity." Matthaei is a Marxist-feminist-anti-racist-ecological economist specializing in women, gender, feminism, and work. Her research involves the emerging solidarity economy.

The Fall 2015 Seminar Series is hosted by SCEPA and The New School's Economics Department.