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Political economy, stemming from Greek "polis" (state) and "oikonomos" (household manager), examines a nation's governance considering political and economic aspects. Historically encompassing what's now "Economics," it emerged in the 16th century as moral philosophy focused on "household management." Various definitions highlight its core: managing wealth (Adam Smith), exchanges (Gaetan Pirou), scarce resources (Raymond Barre), choices (Lionel Robbins), and production/distribution (Oskar Lange). Early development included the 16th-18th century Mercantilist school emphasizing state economic control.
What is Political Economy?
The term Political Economy is derived from the Greek "polis" meaning
"city" or "state", and "oikonomos" meaning "one who manages a household" Thus, political economy can be understood as a study of how a country or household is managed or governed, taking into account both political and economic factors.
In a wider sense, political economy was once the common term used for the field we now call "Economics. The term political economy originated during the 16 century as western moral philosophy "household management*, and since
19" century, political economy has commonly been called "Economics" Political economy is a moral philosophy. It has been traced back to Greek philosophers such as Plato and Aristotle. A critical development of political economy was in 16-18th century (Mercantilist school); which called for a strong role of the state in economic regulations.
Some other definitions related to political economy and economics are as follows:
Science of wealth: Adam smith *the science of the rules for the production, the accumulation, the distribution, and the consumption of wealth" book "the wealth of nations"
Science of Exchange: Gaetan Pirou "the study of those acts of exchange by which an individual surrenders to another that which he holds in order to obtain in return that which he wants"
Science of administrating scarce resources: Raymond Barre "The science of administrating scarce resources within human society"
Study of choice: Lionel Robbins "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses"
Study of production and distribution: Oskar Lange "the science of law that govern the production, distribution of material means of existence in human society".
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