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Political Economy Master - Essay Example

It proposes to enrich both the people and the sovereign."
The sum of the efforts and activities of the members of the household in acquiring the means to satisfy their wants may be designated as the economy of the household. Where a household is not economically self-sufficing, that is, where households are economically interdependent, we have a broader economy. Where this interdependence is state- or nation-wide, there exists a national economy or political economy.
Political economy studies the laws, which cover the functions of production and exchange of material means. Both important functions constitute. Production is an independent function but exchange is dependent on production since exchange can only be done of products. Although the external influences effect both of the two functions but in order to put up with these external influences both the functions have there own laws. Production and exchange are the major activities, which constitutes the economics curve. The circumstances effecting these two functions can be different in different countries. The difference in time span in which both of these functions are practised can also change the notion of political economy.
"Political Economy belongs to no nation; it is of no country: it is t...
"Political Economy belongs to no nation; it is of no country: it is the science of the rules for the production, the accumulation, the distribution, and the consumption of wealth. It will assert itself whether you wish it or not. It is founded on the attributes of the human mind, and no power can change it." (Speech on the Irish bill, 1870)

Political economy can be viewed as historical science. The subject matter of political economy keeps on changing with the evolution of material. At first it studies all the special laws related to every stage of the evolution and after the completion of that study, it finally establish specific laws which are same for all the individuals, communities and societies which use the same material. The laws are good for production and exchange in general. The mode of production and exchange formulating a historical society give shape to these laws of distribution of products. The difference in distribution of the product give rises to class system and plays an important role in the formation of different societies.

"In a logical division of the field of political economy, that which relates to the distribution of wealth is the final part. For the beginning of all the actions and movements which political economy is called on to consider is in human desire. And their end and aim is the satisfaction of that desire." (The meaning of Distribution)

This fundamental law of political economy is, like all other laws of nature, so far as we are concerned, supreme. It is no more affected by the selfishness or unselfishness of our desires than is the law of gravitation. (The Fundamental Law of Political Economy)
Although political economy and cultural studies share significant meta-theoretical features, it ...Show more
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Summary

Political economy" means different things to different people, and one of the reasons for that is that the use of the term has changed a lot in the last few centuries. Classical political economists, like Adam Smith and John Stuart Mill, used the term "political economy" to mean something like the scientific management of the state…
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