Political economy belongs to the category of the social science. The terms is used for studying production and trade and its relation with government, law, custom as well as with the distribution of national income and wealth. It is one of the oldest terms in the social sciences. It was once synonymous with the study of economics, while incorporating the study of the state, philosophical issues concerning human needs and economic history. Political economy has, however, become an ‘orphan’ of modern social sciences with its splintering into the present disciplines. Economics has become the narrow and limiting study of resource allocation via prices and the determination of aggregate output on the basis of a theory of individual rational choice, within an overly formalistic and mathematical framework. It now primarily serves as a bulwark of defence of the capitalist market. Political economy is the study of how states and the political process distort the efficiency of a self-regulating market economy.
ISBN: 9789385958441
3595
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