Political economy is a social science that studies production ,trade and their relationship with the law and government through it policies and regulations.
political economy, branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology. The term political economy is derived from the Greek polis, meaning “city” or “state,” and oikonomos, meaning “one who manages a household or estate.” Political economy thus can be understood as the study of how a country—the public’s household—is managed or governed, taking into account both political and economic factors.
Around the middle of the eighteenth century, economics was separated from political economy and started to follow the exact natural sciences. Adam Smith, who is referred to as the father of economics, defined the goal of political economy is to provide plentiful revenue and to supply the State with adequate funds. Now, economic is standing on a more scientific foundation like the physical sciences.
Political economy is more of the forward and backward linkages between political policies and the general economy. The concept is more of the distillate between political decisions, human capital and resources. Hence, in discussing political economy the overbearing implications of political policies on the general wellbeing of public and state has to be put into cognizance.
Political economy is also defined as the study and use of the influence of economic theory and methods and the development of various social and economic systems , such as : capitalism, socialism and communism .
Political economy researches into the interplay of the body politic and economic, guided by the bigger picture of philosophy, law and human history.
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On the use of the mathematical method in this social scientific field:
Edgeworth F.Y. (2008) Mathematical Methods in Political Economy. In: Palgrave Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1164-2
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Political economy is a sub-discipline in economics and political science that interrogates the interplay of politics and economics in policy study or state administration. It delves into the concatenation of politics and economics in regard to public affairs at both the national and transnational levels alongside the counter influence at both dimensions. While the local level investigates productive, service or manufacturing sectors trade and FDI, international institutions affecting these areas are the focus at the macro level.
Es la creación e invención de las condiciones materiales e históricas de la convivencia humana.
There is a big difference between economic policy and political economy, the first is scientific and free and relates to the economic mechanisms used by the government to advance society towards well-being, and the second is ideological and restrictive that often leads to closure and crisis.
Political economy is the study of the investigation of society in the context of development. Political economy investigates the political policies that govern the relationship between economics and politics guided by the level of production. Production is a means that enhances competition in the market in view of globalization. Therefore, Political economic is a yardstick for the development and for the International relations
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