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Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).
Marx's notebooks provide a general philosophical analysis of the basic concepts of political economy: capital, rent, labor, property, money, commodities, needs, and wages. [12] Their key concept appears when Marx uses philosophical terminology to advance a critique of capitalist society based in "alienation". [1]
There are two major branches of law and economics; [2] one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social ...
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Principles of Political Economy (1848) by John Stuart Mill was one of the most important economics or political economy textbooks of the mid-nineteenth century. [1] It was revised until its seventh edition in 1871, [ 2 ] shortly before Mill's death in 1873, and republished in numerous other editions. [ 3 ]
The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...
Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. [1] A key focus in IPE is on the power of different actors such as nation states, international organizations and multinational corporations to shape the international economic system and the distributive consequences of international economic activity.