Question

what is political economy and its economy and its economic importance to the economic development .identify and explain any five elements of political economy

Answer 1

EXPLANATION:

The context can vary from author to author, but it is important to understand how policy intersects with economy. Things such as how political-economic (state) structures develop over the years, the ways in which countries grow economically, or other sectors can then be represented. This is like an economist researching the political situation in a region , country, group or other organization of citizens. Political economists such as Adam Smith, Marx and Alperovitz are the founding elements of a political economy, where state politics are educated and observated.

The relation between consumer behavior and outcomes and their reaction in the political process is important because it shows. Relevant is the political economy. If you want a career that focuses on political growth and economic forecasts, this is a useful subject. It can be government, non-governmental organizations or the media. For starters, you have to understand how all economic news can affect national , local and global politics, be it a politician or an economic writer.Political economics provides you with tools to understand the problems of the world and to work on them. It is one of the greatest analytical abilities and experience.

Classical political economy and the modern political economy are divided into two sections. Thinkers such as Machiavelli, Adam Smith, and Karl Marx's works are studied in classical politics. Modertory political theory has been studied by scientists including John Maynard Keynes, Milton Freidman and Friedrich Hayeg.The political economy analyzes rely on the theory of games as various groups fight for scarce resources and power that decide the most beneficial outcomes in politics. The ability to achieve the desired result often affects the economy. The political economic analysis covers three main areas:

Interdisciplinary study

From an interdisciplinary point of view, economics, societies and political science are central to political economics and to understanding the impact and influence of economic systems , political institutions and the environment. The three interdisciplinary fields of study include economic patterns of political processes, the international political economy and its effects on international relations, and the allocation of resources in various economic systems.

New political economy

The new area of political economy treats economic policy as a faith or action that needs to be discussed further rather than analyzed. This unites traditional liberal traditions and modern political and economic trends. The method rejects the old ideas on agencies and the desires of states and markets and aims to promote public discussions on the needs and wishes of society.

International political economy

A global political economy analysis analyzes the connections between economics and international affairs, also called the global political economy. It uses economic, sociological and political science concepts. The international political economy focuses on the use of states and institutions to shape political systems through global economic interactions.