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Political Economy

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  • H. W. ARNDT

Abstract

The term ‘political economy’ has a long and curious history, from its 17th‐century meaning of statecraft to the classical economists' use of it for what later came to be called economics and its recent appropriation by neo‐Marxists for social theory which, in contrast to ‘orthodox’ economics, goes into history, politics and sociology, focuses on power relationships and combines positive analysis with advocacy. This article points out that there are now at least two schools of political economy in this tatter sense, the neo‐Marxist and the ‘Chicago’ school. The concluding section distinguishes sensible and not so sensible uses of the term.

Suggested Citation

  • H. W. Arndt, 1984. "Political Economy," The Economic Record, The Economic Society of Australia, vol. 60(3), pages 266-273, September.
    • Handle: RePEc:bla:ecorec:v:60:y:1984:i:3:p:266-273
    DOI: 10.1111/j.1475-4932.1984.tb00861.x
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    References listed on IDEAS

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    1. Gary S. Becker, 1981. "A Treatise on the Family," NBER Books, National Bureau of Economic Research, Inc, number beck81-1, March.
    2. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
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