Essay and political economy

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Essay and political economy

Economics Political economy, branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology.

The analysis of political economy in terms of the nature of state and market relationsboth in practical terms and as moral philosophy, has been traced to Greek philosophers such as Plato and Aristotle as well as to the Scholastics and those who propounded a philosophy based on natural law.

A critical development in the intellectual inquiry of political economy was the prominence in the 16th to thel 8th century of the mercantilist school, which called for a strong role or the state in economic regulation. The writings of the Scottish economist Sir James Steuart, 4th Baronet Denham, whose Inquiry into the Principles of Political Economy is considered the first systematic work in English on economics, and the policies of Jean-Baptiste Colbertcontroller general to Louis XIV of France, epitomize mercantilism in theory and in practice, respectively.

Political economy emerged as a distinct field of study in the midth century, largely as a reaction to mercantilism, when the Scottish philosophers Adam Smith nd David Hume and the French economist Franpis Quesnay began to approach this study in systematic rather than piecemeal terms.

Although the field itself was new, some of the ideas and approaches it drew upon were centuries old.

Political economy - New York Essays

Many works by political economists in the 18th century emphasized the role of ndividuals over that of the state and generally attacked mercantilism. Individuals intend to advance only their own welfare, Smith asserted, but in so doing they also advance the interests of society as if they were guided by an invisible hand.

Arguments such as these gave credence to individual-centred analysis and policies to counter the state-centred theories of the mercantilists.

In the midth century communist historian and economist Karl Marx proposed a class-based analysis of political economy that culminated in his massive treatise Das Kapital, the first volume of which was published in The holistic study of political economy that characterizes the works of Smith, List, Marx, and others of their time was gradually eclipsed in the late 19th century by a group of more narrowly focused and methodologically conventional disciplines, each of which sought to throw light on particular elements of society, inevitably at the expense of a broader view of social interactions.

Bywhen English neoclassical economist Alfred Marshall published his textbook on the Principles of Economics, political economy as a distinct academic field had been essentially eplaced in universities by the separate disciplines of economics, sociology, political science, and international relations.

In the second half of the 20th century, as the social sciences especially economics but also political science became increasingly abstract, formal, and specialized in both focus and methodology, political economy was revived to provide a broader ramework for understanding complex national and international problems and events.

The field of political economy today encompasses several areas of study, the comparative study of political and economic systems, and international political economy.

The emergence of international political economy, first within international relations and later as a distinct field of inquiry, marked the return of political economy to its roots as a holistic study of individuals, states, markets, and society.

As many analyses by political economists have revealed, in actual government ecision making there is often a tension between economic and political objectives. Since the s, for example, the relationship between the United States and China has been replete with difficulties for both countries.

This example reflects the complex calculus involved as governments attempt to balance both their political and their economic interests and to ensure their own survival. In contrast to the pure economic analysis of tariff policies, political economic analysis examines the social, political, and economic pressures and interests that affect tariff policies and how these pressures influence the political process, taking into account a range of social priorities, international negotiating environments, development strategies, and philosophical perspectives.

In particular, political economic analysis might take into account how tariffs can be used as a strategy to influence the pattern of national economic growth neo-mercantilism or biases in the global system of nternational trade that may favour developed countries over developing ones neo- Marxist analysis.

Although political economy lacks a rigorous scientific method and an objective analytic framework, its broad perspective affords a deeper understanding of the many aspects of tariff policy that are not purely economic in nature.

Essay and political economy

Economics and political economy The relationship between political economy and the contemporary discipline of economics is particularly interesting, in part because both disciplines claim to be the descendants of the ideas of Smith, Hume, and John Stuart Mill.

Whereas political economy, which was rooted in moral philosophy, was from the beginning very much a normative field of study, economics sought to become objective and value-free. Indeed, under the influence of Marshall, economists endeavoured to make their precise, and elegant and the foundation of a broader intellectual enterprise.

With the publication in of Foundations of Economic Analysis by Paul Samuelson, who brought complex mathematical tools to the study of economics, the bifurcation of political economy and economics was complete. Mainstream political economy had volved into economic science, leaving its broader concerns far behind.

The distinction between economics and political economy can be illustrated by their differing treatments of issues related to international trade.

The economic analysis of tariff policies, for example, focuses on the impact of tariffs on the efficient use of scarce resources under a variety of different market environments, including perfect or pure competition several small suppliersmonopoly one suppliermonopsony one buyerand oligopoly few suppliers.

Different analytic frameworks examine the irect effects of tariffs as well as the effects on economic choices in related markets. Although ostensibly a value-free exercise, such economic analysis often implicitly assumes that policies that maximize the benefits accruing to economic actors are also preferable from a social point of view.

National and comparative political economy The study of domestic political economy is concerned primarily with the relative alance in a countrys economy between state and market forces. Much of this debate can be traced to the thought of the English political economist John Maynard Keyneswho argued in The General Theory of Employment, Interest, and Money that there exists an inverse relationship between unemployment and inflation and that governments should manipulate fiscal policy to ensure a balance between the two.

The so-called Keynesian revolution, which occurred at a time when governments were attempting to ameliorate the effects of the worldwide Great Depression of the s, contributed to the rise of the welfare state and to an increase in the size of government relative to the private sector.

Indeed, Keynesianism was practiced by countries of all political complexions, including those embracing capitalism e. Led by the American economist Milton Friedman and other proponents of monetarism the view that the chief determinant of economic growth is the supply of money rather than fiscal policyneoliberals and others argued that the state should once again limit its role in the economy by selling ff national industries and promoting free trade.

Supporters of this approach, which influenced the policies of international financial institutions and governments throughout the world, maintained that free markets would generate continued prosperity. Opponents of neoliberalism have argued that the theory overlooks too many of the negative social and political consequences of free markets, including the creation of large disparities of wealth and damage to the environment.

Since it went into effect inthe agreement has generated a good deal of controversy about whether it has created or eliminated Jobs in the United States and Canada and about whether it has helped or harmed the environment, labour conditions, and local cultures in Mexico.

Comparative political economy studies interactions between the state, markets, and society, both national and international.Contrast liberal and mercantilist theories of international political economy and consider which approach is most apparent in the contemporary world.

The following seeks to contrast liberal and mercantilist theories that have developed to describe and analyze the international political economy. Selected Essays on Political Economy By Frédéric Bastiat. SHARE POST: Frederic Bastiat () was a French economist, statesman, and author.

Essay and political economy

He led the free-trade movement in France from its inception in until his untimely death in The first 45 years of his life were spent in preparation for five tremendously productive years.

Political Economy Albert Hirschman has described two means of expressing dissatisfaction with a company in the political economy: exit and voice. Exit is when people stop buying or using a company's product or service en masse, while voice is when people express such dissatisfaction in writing or with the spoken word.

Essays on Political Economy [Frederic Bastiat] on *FREE* shipping on qualifying offers. Essays on Political Economy is a classic collection of political science essays by Frederic Bastiat.

My object in this treatise is to examine into the real nature of the Interest of Capital/5(5). All the political economy approach cares about is the economy and ways that they can make the economy better.

They care only about the production of the media and the mediated message that is /5(1). Political economy simply means the study of the interrelation between politics and economy. It entails the study of how institutions develop and manage to cope in areas of communism, socialism and capitalism which are the major political systems.

Essays in Political Economy | Mises Institute