difference between political economy and economics
Economics is the study of economic transactions between people and groups and politics is the practice of governing.But with a closer look, we can see that the differences are rather superficial after all and that the two are closer than most lead on.henever a politician, government, or activist aims to make some political action, it is always based in an economic foundation and seeks to alter the economic situation in the end. Likewise, when one makes economic decisions, the underlying premise is that he is politically free to do so.
DEFINITION of 'Political Economy'. The study and use of how economic theory and methods influences political ideology. Political economy is the interplay between economics, law and politics, and how institutions develop in different social and economic systems, such as capitalism, socialism and communism.Political economy analyzes how public policy is created and implemented.olitical economy is the interplay between economics, law and politics, and how institutions develop in different social and economic systems, such as capitalism, socialism and communism. Political economy analyzes how public policy is created and implemented.