Political economy
Political economy is the analyse of how economic as well as political e.g. law, institutions, government systems are linked. Political economy studies macroeconomic phenomena such(a) as growth, distribution, inequality, and trade, and how these phenomena are shaped by institutions, laws, and political behaviour. Originating in the 16th century, it is for the precursor to the innovative discipline of economics. Political economy in its contemporary hold is considered an interdisciplinary field, drawing on theory from both political science and modern economics.
Political economy originated within 16th century western moral philosophy, with theoretical working exploring the administration of states' wealth; "political" signifying the Greek word polity and "economy" signifying the Greek word ; household management. The earliest workings of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such(a) as François Quesnay 1694–1774 and Anne-Robert-Jacques Turgot 1727–1781.
In the behind 19th century, the term "economics" gradually began to replace the term "political economy" with the rise of mathematical modeling 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 shit of a science". Citation measurement metrics from Google Ngram Viewer indicate that ownership of the term "economics" began to overshadow "political economy" around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term "economics" usually noted to the narrow discussing of the economy absent other political and social considerations while the term "political economy" represents a distinct and competing approach.