Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy (e. g. Adam Smith was Professor of Moral Philosophy at the University of Glasgow^[1]), it developed in the 18th century as the study of the economies of states — polities, hence political economy. Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. The 18th century lasted from 1701 to 1800 in the Gregorian calendar, in accordance with the Anno Domini / Common Era numbering system

In contradiction to the theory of the Physiocrats, wherein land was the source of all wealth, some political economists proposed the labour theory of value (introduced by John Locke, developed by Adam Smith, and later by Karl Marx), according to which labour is the true source of value. The physiocrats were a group of Economists who believed that the wealth of nations was derived solely from the value of land Agriculture or land development The labor theories of value (LTV are theories in Economics according to which the values of Commodities are related to the labor needed to John Locke (29 August 1632 – 28 October 1704 was an English Philosopher. Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. Many political economists also noted the accelerating development of technology, whose role in economic and social relations was important (Joseph Schumpeter). Technology is a broad concept that deals with a Species ' usage and knowledge of Tools and Crafts and how it affects a species' ability to control and adapt Joseph Alois Schumpeter ( February 8, 1883 &ndash January 8, 1950) was an Economist and Political scientist born in

In late nineteenth century, the term "political economy" was generally replaced by the term economics, used by those seeking to place the study of economy upon mathematical and axiomatic bases, rather than the structural relationships of production and consumption (cf. Economics is the social science that studies the production distribution, and consumption of goods and services. marginalism, Alfred Marshall). Marginalism is the use of Marginal concepts within Economics. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge

Contents 1 History of the term 2 Current approaches to political economy 3 Disciplines related to political economy 4 References 5 See also 6 External links

History of the term

Originally, political economy meant the study of the conditions under which production was organized in the nation-states. The phrase économie politique (translated in English as political economy) first appeared in France in 1615 with the well known book by Antoyne de Montchrétien: Traicté de l’oeconomie politique. French physiocrats, Adam Smith, David Ricardo and Karl Marx were some of the exponents of political economy. The physiocrats were a group of Economists who believed that the wealth of nations was derived solely from the value of land Agriculture or land development Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential In 1805, Thomas Malthus became England's first professor of political economy, at the East India Company College, Haileybury, Hertfordshire. Year 1805 ( MDCCCV) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views The East India Company College was from 1805 to 1858 the college of the British East India Company (EIC Hertfordshire (ˈhɑːtfədʃə(r, abbreviated Herts) is a ceremonial and non-metropolitan county in the East region of The world's first professorship in political economy was established in 1763 at the University of Vienna, Austria; Joseph von Sonnenfels was the first tenured professor. Year 1763 ( MDCCLXIII) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a The University of Vienna (Universität Wien is a Public university located in Vienna, Austria. Joseph von Sonnenfels (1732 Nikolsburg/ Mikulov, Moravia - April 25, 1817, Vienna) was an Austrian and German Jurist

In the United States, political economy first was taught at the College of William and Mary, in 1784; Adam Smith's Wealth of Nations was a required textbook. The College of William and Mary (officially The College of William and Mary in Virginia, also known as William & Mary or W&M) is a Public university An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. [1] Glasgow University, where Smith was chairman of Logic and Moral Philosophy, changed the name of its Department of Political Economy to the Department of Economics (ostensibly to avoid confusing prospective undergraduates) in academic year 1997-1998, leaving the Class of 1998 as the last to be graduated with a Scottish master of arts degree in Political Economy.

Current approaches to political economy

Contemporarily, political economy refers to different, but related, approaches to studying economic and political behaviours, ranging from the combining of economics with other fields, to the using of different, fundamental assumptions that challenge orthodox economic assumptions:

• Political economy most commonly refers to interdisciplinary studies drawing upon economics, law, and political science in explaining how political institutions, the political environment, and the economic system — capitalist, socialist, mixed — influence each other. Economics is the social science that studies the production distribution, and consumption of goods and services. Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems Articles in economics journals are usually classified according to the system used by the Journal of Economic Literature (JEL When narrowly construed, it refers to applied topics in economics implicating public policy, such as monopoly, market protection, government fiscal policy,^[2] and rent seeking. In Economics, rent seeking occurs when an individual organization or firm seeks to make money by manipulating the economic and/or legal environment rather than by trade and ^[3]

• Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. See also History An historian is an individual who studies and writes about History, and is regarded as an Authority on it

• "International political economy" (IPE) is an interdisciplinary field comprising approaches to international trade and finance, and state policies affecting international trade, i. International political economy ( IPE) is an academic discipline within the Social sciences that analyzes International relations in combination with e. monetary and fiscal policies. In the U. S. , these approaches are associated with the journal International Organization, which, in the 1970s, became the leading journal of international political economy under the editorship of Robert Keohane, Peter J. Katzenstein, and Stephen Krasner. International Organization is a peer-reviewed Academic journal that covers the entire field of International affairs. Robert O Keohane (born 1941 is an American academic and a neoliberal institutionalism theorist in International relations. Peter Katzenstein (b February 17, 1945) is the Walter S Carpenter Jr Stephen Krasner (born 1942 is an International relations professor at Stanford University and is the former Director of Policy Planning at the United They are also associated with the journal The Review of International Political Economy. There also is a more critical school of IPE, inspired by Karl Polanyi's work; two major figures are Susan Strange and Robert W. Karl Paul Polanyi ( October 25, 1886, Vienna, Austria — April 23, 1964, Pickering Ontario) was a Hungarian Susan Strange (June 9 1923 - October 25 1998 was a British academic who was influential in the field of International political economy. Cox. ^[4]

• Economists and political scientists often associate the term with approaches using rational choice assumptions, especially game theory, in explaining phenomena beyond economics' standard remit, in which context, the term "positive political economy" is common. Rational choice theory, also known as rational action theory, is a framework for understanding and often formally modeling social and economic behavior Game theory is a branch of Applied mathematics that is used in the Social sciences (most notably Economics) Biology, Engineering, ^[5]

• Anthropologists, sociologists, and geographers, use political economy in referring to the neo-Marxian approaches to development and underdevelopment postulated by André Gunder Frank and Immanuel Wallerstein. Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants Underdevelopment is the state of an organism or of an organization (e Andre Gunder Frank ( Berlin, February 24, 1929 &ndash Luxembourg, April 23, 2005) was a German economic historian and sociologist Immanuel Maurice Wallerstein (born 28 September 1930, New York City) is a U

• Contemporary political economy students treat economic ideologies as the phenomenon to explain, per the traditions of Marxian political economy without its deterministic class war assumptions. Determinism is the philosophical Proposition that every event including human cognition and behaviour decision and action is causally determined Thus, Charles S. Maier suggests that a political economy approach: interrogates economic doctrines to disclose their sociological and political premises. . . . in sum, [it] regards economic ideas and behavior not as frameworks for analysis, but as beliefs and actions that must themselves be explained. ^[6] This approach informs Andrew Gamble's The Free Economy and the Strong State (Palgrave Macmillan, 1988), and Colin Hay's The Political Economy of New Labour (Manchester University Press, 1999). It also informs much work published in New Political Economy an international journal founded by Sheffield University scholars in 1996. ^[7]

Disciplines related to political economy

Because political economy is not a unified discipline, there are studies using the term that overlap in subject matter, but have radically different perspectives:

• Sociology studies the effects of persons' involvement in society as members of groups, and how that changes their ability to function. Sociology (from Latin: socius "companion" and the suffix -ology "the study of" from Greek λόγος lógos "knowledge" Many sociologists start from a perspective of production-determining relation from Karl Marx.
• 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. Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems Along with economics, it has made the best works in the field by authors like Shepsle, Ostrom, Ordeshook, among others.
• Anthropology studies political economy by studying the relationship between the world capitalist system and local cultures. Anthropology (/ˌænθɹəˈpɒlədʒi/ from Greek grc ἄνθρωπος anthrōpos, "human" -λογία -logia) is the study of
• Psychology is the fulcrum on which political economy exerts its force in studying decision-making (not only in prices), but as the field of study whose assumptions model political economy. Psychology (from Greek grc ψῡχή psȳkhē, "breath life soul" and grc -λογία -logia) is an Academic and
• History documents change, using it to argue political economy; historical works have political economy as the narrative's frame. History is the study of the past particularly the written record Those who study history as a Profession are called Historians Etymology
• Economics focuses on markets by leaving the political - governments, states, legal frameworks - as givens. Economics is the social science that studies the production distribution, and consumption of goods and services. Economics dropped the adjective political in the 19th century, but works backwards, by describing "The Ideal Market", urging governments to formulate policy and law to approach said ideal. Economists and political economists often disagree on what is preeminent in developing production, market, and political structure theories.
• Law concerns the creation of policy and its mediation via political actions that have specific results, it deals with political economy as political capital and as social infrastructure - and the sociological results of one society upon another. Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society
• Human Geography is concerned with politico-economic processes, emphasizing space and environment. Human geography is a branch of Geography that focuses on the study of patterns and processes that shape human interaction with the environment with particular reference to
• Ecology deals with political economy, because human activity has the greatest effect upon the environment, its central concern being the environment's suitability for human activity. Ecology (from Greek grc οἶκος oikos, "house(hold" and grc -λογία -logia) is the scientific study of The ecological effects of economic activity spur research upon changing market economy incentives.
• International Relations often uses political economy to study political and economic development.
• Cultural Studies studies social class, production, labor, race, gender, and sex. Cultural studies is an academic discipline which combines Political economy, Communication, Sociology, Social theory, Literary theory

References

• Groenwegen, Peter (1987). "'political economy' and 'economics'," The New Palgrave: A Dictionary of Economics, v. The New Palgrave A Dictionary of Economics (1987 is a 4-volume reference edited by John Eatwell, Murray Milgate and Peter Newman 3, pp. 904-07.
• Winch, Donald, Riches and poverty : an intellectual history of political economy in Britain, 1750-1834 Cambridge [etc. ] : Cambridge U. P. , 1996.
• Winch, Donald, "The emergence of Economics as a Science 1750-1870". In: The Fontana Economic History of Europe, Vol. 3. London: Collins/Fontana, 1973.

See also

• Economic study of collective action
• Public Choice
• EAEPE
• Economic system
• Economist
• Economic ideology
• Institutional economics
• Important publications in political economy
• Socioeconomics
• Social Capital

External links

• National System of Political Economy - Major work on political economy by Friedrich List. Collective action is the pursuit of a goal or set of goals by more than one person Public choice in economic theory is the use of modern Economic tools to study problems that are traditionally in the province of Political science. The European Association for Evolutionary Political Economy ( EAEPE) is a Pluralist forum of Social scientists that brings together the theorists and An economic system is a System that involves the production, distribution and consumption of goods and services between An economist is an expert in the Social science of Economics. An economic ideology discerns itself from a pure Economic theory because it is normative rather than just explanatory in its approach Institutional economics, known by some as Institutionalist political economy, focuses on understanding the role of human-made institutions in shaping economic behaviour Macroeconomics Among the most important list of publication Socioeconomics or socio-economics is the study of the relationship between economic activity and Social life. Social capital is a concept in business economics, Organizational behaviour, Political science, Public health, Sociology and natural
• Harmony of Interests -Work contrasting American System and British System of political economy by Henry C. Carey
• History of Economic Thought - This compendium hosted by the New School has collected bios on over 500 economists and introductions to many schools of thought.
• Global Political Economy Net Mailing lists and other reference material by scholars of "The Global Political Economy"
• Political Economy of Space Development
• New Political Economy Research Center, University of Sheffield.
• The Murphy Institute, Tulane University.
• Constitutional Political Economy Most recent issues online.
• George Mason University: Buchanan Center for Political Economy
• Political Economic Research Institute, University of Massachusetts, Amherst
• The Journal of Australian Political Economy
• Principles of Political Economy at the Henry George Institute
• Discipline of Political Economy at The University of Sydney
• Union for Radical Political Economy
• The Center in Political Economy, Washington University, St. Louis
• Global Social Change reports Includes reports on global political and economic change.

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