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The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [15] (2) international political economy, which studies the economic impacts of international relations; [16] and (3 ...
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.
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 ]
Malthus wrote Principles of Political Economy as a rebuttal to David Ricardo's On the Principles of Political Economy and Taxation. [3] While the main focus of their work is to explain economic depressions in Europe and the reasons why they occur, [3] Malthus uses his scholarship to explore price determination and the value of goods. [4]
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie.
Constitutional economics is a research program in economics and constitutionalism that has been described as extending beyond the definition of "the economic analysis of constitutional law" to explain the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political ...
Complex interdependence in international relations and international political economy is a concept put forth by Robert Keohane and Joseph Nye in the 1970s to describe the emerging nature of the global political economy. [1] [2] The concept entails that relations between states are becoming increasingly deep and complex. These increasingly ...
Political economy: the term "political economy" originally meant the study of the conditions under which production was organized in the nation-states of the new-born capitalist system. Political economy then studies the mechanism of human activity in organizing material and the mechanism of distributing the surplus or deficit that is the ...