"Political economy is a branch of political science and economics studying economic systems and their governance by political systems."
An exploration of the relationship between politics and economics, including the ways in which economic policies are determined and implemented, and the impact of economic systems on political institutions and practices.
Political Science: The study of political power, institutions, and behavior at different levels of analysis.
Economy: The social science that studies the production, distribution, and consumption of goods and services.
Institutions: Formal and informal rules, norms, and procedures that structure political and economic behavior.
Markets: Systems of exchange where goods, services, or financial assets are bought and sold.
State: Political organizations that control a defined territory and legitimate authority over its population.
Public Goods: Goods or services that cannot be consumed individually or exclusively and are provided by the state or non-market actors.
Private Goods: Goods or services that are exchanged through markets or directly between individuals.
Social Choice: The study of how collective decisions are made when individuals have different preferences and interests.
Game Theory: The study of strategic interaction among rational agents.
Political Institutions: Structures that allocate and control political power, such as constitutions, legislatures, and courts.
Political Economy: The study of the interaction between politics and economics, focusing on how economic policies, institutions, and actors affect political outcomes.
Policy Analysis: The study of the effects of public policies on different groups of individuals and organizations.
Comparative Politics: The study of different political systems across countries and regions.
International Political Economy: The study of how politics and economics interact across borders.
Political Ideology: The beliefs and values that shape political behavior and policy preferences.
Political Culture: The shared values, attitudes, and beliefs that shape political behavior and institutions.
Representation: The process of making collective decisions through elected representatives.
Political Participation: The ways in which citizens engage with politics, such as voting, protesting, and joining political organizations.
Power: The ability to influence the behavior of others.
Conflict: The competition for resources or goals among individuals or groups.
Classical Political Economy: An approach that emphasizes the importance of individual liberty, free trade, and the idea that people pursue their own self-interest in order to maximize personal wealth.
Marxist Political Economy: An approach that emphasizes the role of class struggle, and the exploitation of the working class by the capitalist class, in explaining economic relationships.
Neoclassical Political Economy: An approach that emphasizes the importance of markets, supply and demand, and the rational decisions of individuals in explaining economic relationships.
Keynesian Political Economy: An approach that emphasizes the importance of government intervention in the economy, particularly in the form of fiscal policy (taxes and government spending), in order to promote economic growth and stability.
Institutional Political Economy: An approach that emphasizes the importance of institutions and institutional arrangements (such as laws, rules, and norms) in shaping economic relationships.
Feminist Political Economy: An approach that emphasizes the importance of gender in economic relationships, and seeks to address issues of gender inequality and discrimination.
Green Political Economy: An approach that emphasizes the importance of environmental sustainability and the need to protect natural resources in economic decision-making.
Postcolonial Political Economy: An approach that emphasizes the historical and cultural specificity of economic relations in the context of colonialism and imperialism.
Post-Keynesian Political Economy: An approach that emphasizes the importance of uncertainty, power relations, and historical time in understanding economic behavior and outcomes.
Evolutionary Political Economy: An approach that emphasizes the importance of institutions and history in shaping economic behavior and outcomes, and considers economic change as a process of continuous evolution.
"Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade."
"These economic systems are shaped by institutions, laws, and government policy."
"Political economy originated in the 16th century."
"The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo."
"The work of the French physiocrats, such as François Quesnay and Anne-Robert-Jacques Turgot, preceded the British scholars."
"The term 'economics' gradually began to replace the term 'political economy' in the late 19th century."
"This shift was driven by the increasing consensus of classical liberalism as natural-law, and persisted despite evidence to the contrary during the First World War."
"The term 'economics' usually refers to the narrow study of the economy absent other political and social considerations."
"The term 'political economy' represents a distinct and competing approach that takes into account political and social considerations alongside economic factors."
"Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics."
"Phenomena such as growth, distribution, inequality, and trade" are areas of interest.
"Economic systems are governed by political systems, including law, institutions, and government."
"The British scholars Adam Smith, Thomas Malthus, and David Ricardo played influential roles."
"Political" signifies the Greek word for "polity" and "economy" signifies the Greek word for "household management."
"The rise of mathematical modeling coinciding with the publication of an influential textbook by Alfred Marshall in 1890 contributed to the dominance of 'economics.'"
"William Stanley Jevons advocated economics for brevity and with the hope of the term becoming 'the recognised name of a science.'"
"The term 'economics' refers to the narrow study of the economy, absent other political and social considerations."
"Political economy represents a distinct and competing approach that considers political and social factors alongside economic factors."
"Citation measurement metrics from Google Ngram Viewer indicate that use of the term 'economics' began to overshadow 'political economy' around roughly 1910, becoming the preferred term for the discipline by 1920."