Political Economy Approach

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  • A phrase that refers to the study of the relationships between the buying, selling, and production within a society with respect to law, culture, and government. This approach originated with the moral philosophers of the late 18th century, most notably Adam Smith. As the field began to develop, it shifted toward mathematical analysis of consumption and production rather than the relationships of the entire social, political, and economic structure. As such, political economy was largely replaced by the term economics.

    Today, political economy approach usually refers to a suite of distinct, but related, approaches to studying the political and economic behaviors of individuals and groups. This generally involves combining the tools of economics with those of other social sciences. Most frequently, political economy refers to an ...

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