Political economy

[shikamaru]

political economy

Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy. It developed in the 18th century as the study of the economies of states, polities, hence political economy.

In the late nineteenth century, the term 'economics' came to replace 'political economy', coinciding with publication of an influential textbook by Alfred Marshall in 1890.[1] Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated 'economics' for brevity and with the hope of the term becoming "the recognised name of a science."[2][3]

Economics is a portion of political economy. Political economy is the root and it is subsumed by a wider field, moral philosophy.

Economics is what's left when you strip law, ethics, sociology, history, and psychology from political economy.

Economics originally focused on the ordering of the home and not the nation-state.

I've noticed with greater specialization, being able to see the forest seems to be less stressed with all the focus placed upon a few trees.

[shikamaru]

Perhaps this is one of many reasons why many in the Western world rail against Karl Marx.

Karl Marx was a very deep understudy of political economy.

Political economy has been phased out in the 20th century into a small sliver of itself, economics.