The political economic model begins with the premise that economic activity is fundamentally shaped by political and social structures. It assumes that economic decisions are not made in a vacuum, but are rather the product of power relations between different groups and institutions, such as individuals, corporations, and governments.
One example of the political economic model in action is the way in which lobbying and campaign finance influence policy decisions. Another example is the way in which tax policies can be used to incentivize certain forms of economic activity, such as investment in renewable energy.
The "growth machine" refers to a set of institutions, including real estate developers, local government officials, and business leaders, who work together to promote economic growth in a given area. They do this by supporting projects such as large-scale developments, infrastructure improvements, and tax incentives. The symbolic economy, on the other hand, is concerned with the way in which cultural and symbolic factors, such as branding and marketing, can influence economic activity.
Both the growth machine and the symbolic economy play important roles in urban development. For example, the growth machine may promote the development of luxury condo buildings in certain areas, while the symbolic economy may use branding to attract high-end retailers and restaurants to those same areas. However, it is important to consider the social and political implications of these economic activities, as they may have unequal impacts on different groups within a city.