Noun 1. the branch of social science that deals with the production and distribution and consumption of goods and services and their management (synonym) economics, economic science (hypernym) social science (hyponym) econometrics (part-meronym) economic theory (class) easy
Political economy Definition from Social Science Dictionaries & Glossaries
Policies that emphasize the interaction between politics and economics and that have political and economic effects.
A Glossary of Political Economy Terms
A branch of the social sciences that takes as its principal subject of study the interrelationships between political and economic institutions and processes. That is, political economists are interested in analyzing and explaining the ways in which various sorts of government affect the allocation of scarce resources in society through their laws and policies as well as the ways in which the nature of the economic system and the behavior of people acting on their economic interests affects the form of government and the kinds of laws and policies that get made.
[See also: economics, political science]
Political economy Definition from Encyclopedia Dictionaries & Glossaries
Political economy was the original term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy.
believes that the operation of economic markets is tied to private concentrations of ownership of the productive enterprise and is essentially exploitative. Social spending is a right fought for by the working class. Some within this approach believe that social spending serves to prop-up and justify the economic system. This is called the acaccumulation and legitimating functions of welfare state.