Political Economy*

H. W. Arndt

The Economic Record, 1984, vol. 60, issue 3, 266-273

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.

Date: 1984
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https://doi.org/10.1111/j.1475-4932.1984.tb00861.x

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