Early name for the discipline of economics. A field within economics encompassing several alternatives to neoclassical economics, including Marxist economics. Also called radical political economy. A field within economics that concerns the interactions between political processes and economic variables, especially economic policies.
This is the interaction between the worlds of politics and economics, especially the effect that political events have on economic systems, the effect of economics on politics, and a way of examining the political process through the tools of economic analysis.
The combination, in theory or in practice, of politics and economics. The political system and the economic system are inextricably intertwined, because many of the decisions made by the political system have significant impacts on the economy and activities within the economic system have major impacts on the state. Two ideal type political economies are the market economy and the command economy.
In the days of the "classical economists" such as the French Physiocrats, Adam Smith, David Ricardo, etc., "political economy" was the term used for the study of economics. But in the 20th century, the term "economics" came into general use, and "political economy" came to mean something different. Nowadays, "economics" tends to mean an objective, scientific study of economic behavior, and "political economy" a system that proscribes how the economy ought to work. Today's science of "economics" often proclaims itself to be value-free; in other words, it says that economics should not deal in "shoulds" -- but it doesn't take a Genius to see the illogic in that statement.
Policies that emphasize the interaction between politics and economics and that have political and economic effects.
In international relations, political economy is considered by some scholars to be the idea that politics and economics are linked, and one must study the interrelationships among political and economic variables to better understand the overall system. Political economy also refers to the use of economic models of rationality such as rational choice theory to explain political actions.
The branch of economics concerned with modes of production, distribution of benefits, social institutions, and class relationships.
Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. It developed in the 18th century as the study of the economies of states (also known as polities, hence the word "political" in "political economy"). In contradistinction to the theory of the Physiocrats, in which land was seen as the source of all wealth, some political economists proposed the labour theory of value (first introduced by John Locke, developed by Adam Smith and later Karl Marx), according to which labour is the real source of value.