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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 ...
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]
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.
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 ...
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.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The concept of a moral economy was first elaborated by English historian E.P. Thompson, [32] and was developed further in anthropological studies of other peasant economies. Thompson wrote of the moral economy of the poor in the context of widespread food riots in the English countryside in the late eighteenth century.