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Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.
Marxist literary criticism is a theory of literary criticism based on the historical materialism developed by philosopher and economist Karl Marx.Marxist critics argue that even art and literature themselves form social institutions and have specific ideological functions, based on the background and ideology of their authors.
Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.
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".
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. [ 1 ]
His position in political economy is defined by his strong opposition to Adam Smith's system of materialistic-liberal (so-called classical) political economy, or the so-called industry system. He censures Smith as presenting a one-sidedly material and individualistic conception of society, and as being too exclusively English in his views.
Neo-substantivists examine the ways in which so-called pure market exchange in market societies fails to fit market ideology. Economic anthropologists have abandoned the primitivist niche they were relegated to by economists. They now study the operations of corporations, banks, and the global financial system from an anthropological perspective.