What is Political Economy, why is it broke, and what to do about it?
I'm not sure we can actually save the beast, but we may be able to figure out how to put the poor thing out of its misery once and for all..
Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy.
A classic definition of the term was articulated in 1877 by Friedrich Engels: "Political economy, in the widest sense, is the science of the laws governing the production and exchange of the material means of subsistence in human society... Political economy is therefore essentially a historical science. It deals with material which is historical, that is, constantly changing."
In the late 19th century, the term economics came to replace political economy, coinciding with the publication of an influential textbook by Alfred Marshall in 1890. Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science."
Today, political economy, where it is not used as a synonym for economics, may refer to very different things, including Marxian analysis, applied public-choice approaches emanating from the Chicago school and the Virginia school, or simply the advice given by economists to the government or public on general economic policy or on specific proposals. A rapidly growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of economic policies, especially as to distributional conflicts and political institutions. It is available as an area of study in certain colleges and universities.
THE NEW AND IMPROVED IT MOCK CHALLENGE #3 ! PORTFOLIO NOW AT A HALF MILLION WITH MARGIN, WHO WILL BE THE FIRST MILLIONAIRE? ALSO IT WILL BE A TWO YEAR CHALLENGE... HERE IS THE LINK !!!
New contest has been created. Click on "Find Challenges" on VSE and search for "IT Investment". This one is named "IT Investment Challenge 3".
PASSWORD IS "BESMARTER" !! SO START SIGNING UP !!!
SPORTS, SPORTS, AND MORE SPORTS.....(NYSE:NEW)
CRADES PIQUANT LINKS....CHAPTER 1 !! (NEW)
POLITICS, DOES IT CHANGE YOUR INVESTMENT STYLE ?
THE MIDDLE EAST, SPECIAL EDITION ..
HISTORY. BELIEVE IT OR NOT ?
EATING HEALTHY ? SPECIAL EDITION...
WILL WE HAVE A CURRENCY CRISES SOON?
GUNS, GUNS, GUNS, ARE YOU FOR OR AGAINST THEM
IS O'CARE STARTING TO UNRAVEL ??
UPDATED READING CHAPTER !
JW'S CONSPIRACY CHAPTER #1 (NEW)
THE CHALLENGE POSTS. VERY IMPORTANT !
HERE ARE LINKS FROM OUR PARTICIPANTS. THEY TAKE THE TIME TO WRITE THEM AND ARE VERY KNOWLEDGEABLE