Political Economy Master - Essay Example

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Political Economy Master

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 ...
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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…
Author : bhills
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