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

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Ohio LSC Legislative Fellowship

Ohio Legislative Service Commission

$42,000 Varies See Details

Description

The Ohio LSC Legislative Fellowship is available to college seniors who wish to gain practical experience in the legislative process. Duties may include handling constituent inquiries, writing (newsletter articles, press releases, letters, speeches, etc.), and general administrative duties.

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Ohio LSC Legislative Fellowship

Ohio Legislative Service Commission

award

$42,000

deadline

Varies
See Details

Description

The Ohio LSC Legislative Fellowship is available to college seniors who wish to gain practical experience in the legislative process. Duties may include handling constituent inquiries, writing (newsletter articles, press releases, letters, speeches, etc.), and general administrative duties.

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Herbert Scoville Jr. Peace Fellowship

Scoville Peace Fellowship Program

Up to $27,000 October 06, 2025 See Details

Description

The Herbert Scoville Jr. Peace Fellowship is available to graduate students with a strong interest in peace and security issues. In this six - to nine - month program, you will be placed with one of 26 non - profit, public interest organizations to address issues such as arms control, conflict resolution, defense budgets, economic conversion,...

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Herbert Scoville Jr. Peace Fellowship

Scoville Peace Fellowship Program

award

Up to $27,000

deadline

October 06, 2025
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Description

The Herbert Scoville Jr. Peace Fellowship is available to graduate students with a strong interest in peace and security issues. In this six - to nine - month program, you will be placed with one of 26 non - profit, public interest organizations to address issues such as arms control, conflict resolution, defense budgets, economic conversion,...

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Travers Undergraduate Scholarship in Ethics and Politics

University of California, Berkeley

$12,000 Varies See Details

Description

The Travers Undergraduate Scholarship in Ethics and Politics is available to political science majors at University of California, Berkeley. To be considered for this award, you must have at least one year of studies left. Selection is based on an 800-word maximum essay that discusses the applicant's interest in and plans for public service or...

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Travers Undergraduate Scholarship in Ethics and Politics

University of California, Berkeley

award

$12,000

deadline

Varies
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Description

The Travers Undergraduate Scholarship in Ethics and Politics is available to political science majors at University of California, Berkeley. To be considered for this award, you must have at least one year of studies left. Selection is based on an 800-word maximum essay that discusses the applicant's interest in and plans for public service or...

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Alfred and Frances Escherich Endowed Scholarship

University of California-Los Angeles (UCLA)

$5,000 Varies See Details

Description

The Alfred and Frances Escherich Endowed Scholarship is available to undergraduate students at the University of California-Los Angeles who are studying business economics. This is a renewable award.

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Alfred and Frances Escherich Endowed Scholarship

University of California-Los Angeles (UCLA)

award

$5,000

deadline

Varies
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Description

The Alfred and Frances Escherich Endowed Scholarship is available to undergraduate students at the University of California-Los Angeles who are studying business economics. This is a renewable award.

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Ruth Segal Scholarship

Out of Home Advertising Association of America, Inc. (OAAA)

$5,000 June 02, 2025 See Details

Description

The Ruth Segal Scholarship is available to undergraduate and graduate students. You must be studying government affairs, urban affairs, public affairs, or political science to be eligible for this award.

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Ruth Segal Scholarship

Out of Home Advertising Association of America, Inc. (OAAA)

award

$5,000

deadline

June 02, 2025
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Description

The Ruth Segal Scholarship is available to undergraduate and graduate students. You must be studying government affairs, urban affairs, public affairs, or political science to be eligible for this award.

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Marine Corps Essay Contest

U.S. Naval Institute

Up to $5,000 June 30, 2025 See Details

Description

The Marine Corps Essay Contest is open to active duty military, reservists, veterans, and civilians. To be considered, you must submit a 2,500 - word essay on the following topic: "Bring new thinking about how the U.S. Marine Corps will tackle the security challenges of the coming decades."

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Marine Corps Essay Contest

U.S. Naval Institute

award

Up to $5,000

deadline

June 30, 2025
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Description

The Marine Corps Essay Contest is open to active duty military, reservists, veterans, and civilians. To be considered, you must submit a 2,500 - word essay on the following topic: "Bring new thinking about how the U.S. Marine Corps will tackle the security challenges of the coming decades."

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Florida Supervisors of Elections Scholarship

Florida Supervisors of Elections, Inc.

$1,200 March 07, 2027 See Details

Description

The Florida Supervisors of Elections Scholarship is available to junior and senior students who are majoring in political science, public / business administration, or journalism / mass communications at an institution within the state of Florida. You must be a resident of Florida for two years, be a registered voter, and have at least a "C"...

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Florida Supervisors of Elections Scholarship

Florida Supervisors of Elections, Inc.

award

$1,200

deadline

March 07, 2027
See Details

Description

The Florida Supervisors of Elections Scholarship is available to junior and senior students who are majoring in political science, public / business administration, or journalism / mass communications at an institution within the state of Florida. You must be a resident of Florida for two years, be a registered voter, and have at least a "C"...

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Kirsten C. Feldman Memorial Scholarship

West Los Angeles College

$1,000 Varies See Details

Description

The Kirsten C. Feldman Memorial Scholarship is available to students at West Los Angeles College who are majoring in social sciences. Preference will be given to students majoring in anthropology.

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Kirsten C. Feldman Memorial Scholarship

West Los Angeles College

award

$1,000

deadline

Varies
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Description

The Kirsten C. Feldman Memorial Scholarship is available to students at West Los Angeles College who are majoring in social sciences. Preference will be given to students majoring in anthropology.

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NSHSS Business and Public Policy Scholarship

National Society of High School Scholars (NSHSS)

$1,000 September 22, 2025 See Details

Description

The NSHSS Business and Public Policy Scholarship is available to students who are pursuing a degree in a business, economics or public policy related field. You must be a graduating high school senior and have a minimum GPA of 3.0 to be considered for this award.

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NSHSS Business and Public Policy Scholarship

National Society of High School Scholars (NSHSS)

award

$1,000

deadline

September 22, 2025
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Description

The NSHSS Business and Public Policy Scholarship is available to students who are pursuing a degree in a business, economics or public policy related field. You must be a graduating high school senior and have a minimum GPA of 3.0 to be considered for this award.

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Political Science Endowed Scholarship - Sam Houston State University

Sam Houston State University

$1,000 August 20, 2025 See Details

Description

The Political Science Endowed Scholarship is available to students at Sam Houston State University who are majoring in political science.

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Political Science Endowed Scholarship - Sam Houston State University

Sam Houston State University

award

$1,000

deadline

August 20, 2025
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Description

The Political Science Endowed Scholarship is available to students at Sam Houston State University who are majoring in political science.

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