Political economy

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Political Economy

Political economy (pronunciation: /pəˈlɪtɪkəl iːˈkɒnəmi/) is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth.

Etymology

The term "political economy" is derived from the Greek words polis, meaning "city" or "state," and oikonomos, meaning "one who manages a household or estate". Political economy thus can be understood as the study of how a country—the public's household—is managed or governed, taking into account both political and economic factors.

Related Terms

  • Economics: The social science that studies the production, distribution, and consumption of goods and services.
  • Political Science: The study of politics, including the description and analysis of political systems and political behavior.
  • Public Policy: Government actions to address a particular public issue, as determined by law, regulatory measures, and other governmental decisions.
  • Sociology: The study of society, patterns of social relationships, social interaction, and culture.
  • Macroeconomics: The branch of economics that studies the behavior and performance of an economy as a whole.
  • Microeconomics: The study of individuals' and firms' decisions when faced with scarcity and government interventions.

See Also

External links

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