Political Economy, Sustainable Development, and Welfare Policy

The goal of this investigation is to argue for a needed and timely discussion on the possible merits of rethinking the application of diverse perspectives on political economy. This is appropriate given the current economic crisis faced by the United States, and for that matter, the global community. Revisiting these arguments, may lead to a dialogue that promotes, arguably, an economic theory and policy that may better suit the twenty-first century. The outcome of this dialogue could potentially provide insights into policies that could lead to a more efficient, effective, and equitable market economy in the United States. All of this assumes that there is some consensus that the current economic affairs in the United States is indeed in crisis and that efficiency, effectiveness and equity are desirable goals for a market system. Or, would the market system need to be substantially transformed in order to promote greater efficiency, effectiveness, and equity?