Geneva, Switzerland

Political Economy

Language: English Studies in English

Subject area: social

University website: www.unige.ch/

Economy

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.

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Political Economy

Political economy is the study of production and trade and their relations with law, custom and government as well as with the distribution of national income and wealth. Political economy as a discipline originated in moral philosophy in the 18th century and sought to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word "okonomie" or "household management". The earliest works of political economy are most often attributed to British scholars like Adam Smith, Thomas Malthus and David Ricardo, although the case is sometimes made that the still earlier works of the French physiocrats constitute the true beginnings of the discipline.

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Political Economy

It has been said, and perhaps with truth, that the conclusions of Political Economy partake more of the certainty of the stricter sciences than those of most of the other branches of human knowledge.

Thomas Malthus, Principles of Political Economy (Second Edition 1836) Book I, Introduction, p. 1

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Political Economy

The whole Marxian system springs from classical political economy as it found expression in Ricardo.

Eric Roll, Baron Roll of Ipsden, A History of Economic Thought (1939), Chapter IV, The Classical System, p. 193

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Political Economy

If we engraft the current meaning of the word "economy" (the avoiding of waste) upon its etymological meaning (the administration of a household), we shall arrive at "the administration of the affairs and resources of a household in such a manner as to avoid waste and secure efficiency" as our conception of "Economy." "Political" Economy would, by analogy, indicate the administration, in the like manner, of the affairs and resources of a State, regarded as an extended household or community, and regulated by a central authority; and the study of Political Economy would be the study of the principles on which the resources of a community should be so regulated and administered as to secure the communal ends without waste.

Philip Wicksteed, "Introductory: Administration of Resources and Choice Between Alternatives. Price and the Relative Scale," ch. 1 of The Common Sense of Political Economy, Book I, Systematic and Constructive, contained in ed. Lionel Robbins, The Common Sense of Political Economy and Selected Papers and Reviews on Economic Theory by Philip Wicksteed vol. I (London: Routledge & Kegan Paul LTD, 1933, 1957), p. 14.

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