Political Economy
the study of production and
trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political
economy originated in moral philosophy, in the 18th century, to explore the
administration of states' wealth, with "political" signifying the Greek word polity and "economy” signifies the Greek word "okonomie" (household management). The earliest works of political
economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesna) and Anne-Robert-Jacques Turgot In the late 19th century, the term "economics" gradually began to replace the term "political economy" with the rise of mathematical modelling coinciding with the publication of an influential textbook by Alfred Marshall in 1890.[4] Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated
economics for brevity and with the hope of the term becoming "the recognised name of a science".[5][6] Citation measurement metrics from Google Ngram Viewer indicate that use of the term "economics" began to overshadow "political economy" around roughly 1910, becoming the preferred term for the discipline by 1920.[7] Today, the term "economics" usually refers to the narrow study of the
economy absent other political and social considerations while the term "political economy" represents a distinct and competing approach.
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