Political Economy

Political economy was the original term used for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It developed in the 18th century as the study of the economies of states, polities, hence the term political economy.

In the late 19th century, the term economics came to replace political economy, coinciding with publication of an influential textbook by Alfred Marshall in 1890. Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science."

Today, political economy, where it is not used as a synonym for economics, may refer to very different things, including Marxian analysis, applied public-choice approaches emanating from the Chicago school and the Virginia school, or simply the advice given by economists to the government or public on general economic policy or on specific proposals. A rapidly-growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of policies, especially as to distributional conflicts and political institutions. It is available as an area of study in certain colleges and universities.

Read more about Political Economy:  Etymology, Current Approaches, Related Disciplines

Other articles related to "political economy, political, economy":

Studies In Mutualist Political Economy
... Studies in Mutualist Political Economy is a book on political economy published on 2007 by American mutualist anarchist Kevin Carson ... attempt to revive individualist anarchist political economy, to incorporate the useful developments of the last hundred years, and to make it relevant to the problems of the twenty-fir ...
Kees Van Der Pijl - Biography
... Union to Japan in 1970, he switched to political science, a specialisation taught in Leiden as part of the public law degree ... Pijl was co-director of the Research Centre for International Political Economy (Recipe) from 1992 to 1998 ... created a tentative Amsterdam School of global political economy ...
Carsten Herrmann-Pillath - Important Works
... the Alesina School from the Viewpoint of Evolutionary Political Economy, (forthcoming, European Journal of Law and Economics, 2008) ... Identity Economics and the Creative Economy, Old and New, Cultural Science Vol ... Constitution of World Trade, in Constitutional Political Economy 17(3), 2006, 133-163 Endogenous Regionalism, in Journal of Institutional Economics 2(3), 2006, 297-318 ...
Thomas Malthus - Other Works - Surplus Theory
... other works present a theory of surplus The Nature of Rent, Principles of political economy, and Definitions in Political Economy ... Principles of Political Economy and Definitions in Political Economy defend the concept of the general glut, a theory that surplus value can present a problem ...
Political Economy - Related Disciplines
... Because political economy is not a unified discipline, there are studies using the term that overlap in subject matter, but have radically different ... Marx's theories on the subject of political economy are contained in his book, Das Kapital ... Political science focuses on the interaction between institutions and human behavior, the way in which the former shapes choices and how the latter change institutional frameworks ...

Famous quotes related to political economy:

    The best political economy is the care and culture of men; for, in these crises, all are ruined except such as are proper individuals, capable of thought, and of new choice and the application of their talent to new labor.
    Ralph Waldo Emerson (1803–1882)

    Not wishing to be disturbed over moral issues of the political economy, Americans cling to the notion that the government is a sort of automatic machine, regulated by the balancing of competing interests.
    C. Wright Mills (1916–1962)