Political Economy
Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word "okonomie" (household management). The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).
In the late 19th century, the term "economics" gradually began to replace the term "political economy" with the rise of mathematical modelling coinciding with the publication of an influential textbook by Alfred Marshall in 1890. Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science". Citation measurement metrics from Google Ngram Viewer indicate that use of the term "economics" began to overshadow "political economy" around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term "economics" usually refers to the narrow study of the economy absent other political and social considerations while the term "political economy" represents a distinct and competing approach.
Political economy, where it is not used as a synonym for economics, may refer to very different things. From an academic standpoint, the term may reference Marxian economics, applied public choice approaches emanating from the Chicago school and the Virginia school. In common parlance, "political economy" may simply refer to the advice given by economists to the government or public on general economic policy or on specific economic proposals developed by political scientists. A rapidly growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of economic policies, especially as to distributional conflicts and political institutions. It is available as a stand-alone area of study in certain colleges and universities.
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Matching Political Economy Colleges
University of Washington-Bothell Campus
Four or more years; Public; $38,757 average out-state tuition; $10,927 average in-state tuition |
SUNY College at Old Westbury
Four or more years; Public; $16,980 average out-state tuition; $7,070 average in-state tuition |
Georgetown University
Four or more years; Private not for profit; $59,784 average out-state tuition; $59,784 average in-state tuition |
Tulane University of Louisiana
Four or more years; Private not for profit; $56,684 average out-state tuition; $56,684 average in-state tuition |
University of Southern California
Four or more years; Private not for profit; $60,446 average out-state tuition; $60,446 average in-state tuition |
University of Puget Sound
Four or more years; Private not for profit; $55,390 average out-state tuition; $55,390 average in-state tuition |
Rhodes College
Four or more years; Private not for profit; $50,600 average out-state tuition; $50,600 average in-state tuition |
Scholarships for Political Economy Majors
Ohio LSC Legislative FellowshipOhio Legislative Service Commission |
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award $42,000 |
deadline Varies |
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Herbert Scoville Jr. Peace FellowshipScoville Peace Fellowship Program |
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award Up to $27,000 |
deadline January 08, 2024 |
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Humanities Scholars Program - University of Maryland, Baltimore CountyUniversity of Maryland, Baltimore County |
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award Up to $22,000 |
deadline January 15, 2024 |
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UNCF Social Justice ScholarshipUNCF, Inc |
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award $5,000 |
deadline December 14, 2023 |
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Raftelis Leadership ScholarshipAmerican Water Works Association |
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award $5,000 |
deadline December 19, 2023 |
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Mueller HBCU ScholarshipAmerican Water Works Association |
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award $5,000 |
deadline December 19, 2023 |
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J and L Presidential ScholarshipAmerican Water Works Association |
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award $5,000 |
deadline December 19, 2023 |
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Gannett Fleming Forces of Change ScholarshipAmerican Water Works Association |
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award $5,000 |
deadline December 19, 2023 |
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Denver Water Centennial ScholarshipAmerican Water Works Association |
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award $5,000 |
deadline December 19, 2023 |
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ISI Graduate FellowshipIntercollegiate Studies Institute (ISI) |
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award Up to $15,000 |
deadline January 19, 2024 |
Political Economy Related Majors
- Political Science and Government
- Sociology
- Economics
- Criminology
- International Relations and National Security Studies
- Anthropology
- Social Sciences
- International Relations and Affairs
- Archeology
- American Government and Politics (United States)
- Geography
- Development Economics and International Development
- Cultural Anthropology
- International Economics
- Urban Studies/Affairs
- Physical and Biological Anthropology
- Applied Economics
- Econometrics and Quantitative Economics
- Medical Anthropology
- Geographic Information Science and Cartography