"Political economy is a branch of political science and economics studying economic systems and their governance by political systems."
This subfield studies the interaction between politics and economics, including the role of government in economic policy, globalization, and international trade.
Introduction to Political Economy: This topic covers the basic concepts, theories, and principles of political economy such as power, wealth, inequality, and public goods. It also provides a historical overview of political economy and its evolution over time.
Classical Theories of Political Economy: This topic covers the works of classical economists such as Adam Smith, David Ricardo, and Karl Marx. It discusses their contributions to economic thought and their ideas about capitalism, labor, and value.
Neoclassical Theories of Political Economy: This topic covers the works of neoclassical economists such as Alfred Marshall and John Bates Clark. It discusses their contributions to economic thought and their ideas about market equilibrium, marginal utility, and consumer behavior.
Keynesianism: This topic covers the ideas of John Maynard Keynes and his followers. It discusses their contributions to economic thought and their ideas about economic growth, fiscal policy, and the role of government in the economy.
Monetarism: This topic covers the ideas of Milton Friedman and other monetarist economists. It discusses their contributions to economic thought and their ideas about the role of the money supply and central banks in the economy.
Institutionalism: This topic covers the works of institutional economists such as Thorstein Veblen and John R. Commons. It discusses their contributions to economic thought and their ideas about institutions, incentives, and social norms.
Behavioral Economics: This topic covers the ideas of behavioral economists such as Daniel Kahneman and Richard Thaler. It discusses their contributions to economic thought and their ideas about human decision-making and the psychology of economic behavior.
Globalization and the World Economy: This topic covers the history and evolution of globalization and its impact on the world economy. It also discusses the role of international trade, finance, and institutions in the global economy.
Development Economics: This topic covers the challenges and opportunities of economic development in developing countries. It discusses the role of institutions, governance, and market-oriented reforms in promoting economic growth.
Environmental and Natural Resource Economics: This topic covers the economic dimensions of environmental and natural resource issues such as pollution, climate change, and biodiversity loss. It also discusses the role of market-based policies and regulations in addressing these issues.
Public Finance and Public Policy: This topic covers the role of government in the economy and its impact on public goods, taxation, and redistribution. It also discusses the economic principles behind public policies such as education, healthcare, and social security.
Political Institutions and Economic Performance: This topic covers the relationship between political institutions and economic performance. It discusses the role of democracy, authoritarianism, and other political systems in shaping economic outcomes.
Gender and Economics: This topic covers the relationship between gender and economic outcomes. It discusses the economic principles behind gender inequality, discrimination, and social norms.
Labor Markets and Human Capital: This topic covers the role of labor markets and human capital in the economy. It discusses the economic principles behind wage determination, labor mobility, and education and training.
Industrial Organization: This topic covers the economic principles behind industrial organization and market structure. It discusses the role of competition, market power, and regulation in shaping market outcomes.
"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."