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Definition of 'Political Economy'
The study and use of how economic theory and methods influences political ideology. Political economy is the interplay between economics, law and politics, and how institutions develop in different social and economic systems, such as capitalism, socialism and communism. Political economy analyzes how public policy is created and implemented.
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Investopedia explains 'Political Economy'
Because various individuals and groups have different interests in how a country or economy is to develop, political economy as a discipline is a complex field, covering a broad array of potentially competing interests. Political economy also involves the use of game theory, since groups competing for finite resources and power must determine which courses of action will give the most beneficial results, and what the probability of those results being reached are.
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Kick back and learn something new! These are 10 reads worth adding to your collection.
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Find out how the economic system we now use was created.
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Economics is a vital part of every day life. Discover the major players who shaped its development.
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This free thinker promoted free trade at a time when governments controlled most commercial interests.
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There are many reasons why economists can be given the same data and come up with entirely different conclusions.
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