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The Modern Political Economy: Traditional Approaches and New Directions

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  • Stefka Koeva

Abstract

This paper examines the revival of political economy in various forms in the last decades. The first part is dedicated to the evolution of the definition of the economic science to lay the foundation of a better understanding of the current use of the term “political economy”. The second part sets out a typology of the different theories and schools of political economy and relates them to certain characterization of the present day mainstream neoclassical economics. The last part of the paper focuses on one of the latest developments, the theory of public choice as a “new political economy”: methodology, analytical apparatus, major themes and findings.

Suggested Citation

  • Stefka Koeva, 2006. "The Modern Political Economy: Traditional Approaches and New Directions," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 72-88.
    • Handle: RePEc:bas:econth:y:2006:i:7:p:72-88
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    References listed on IDEAS

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    1. Jevons, William Stanley, 1871. "The Theory of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number jevons1871.
    2. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
    3. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    4. Gary J. Miller, 1997. "The Impact of Economics on Contemporary Political Science," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1173-1204, September.
    5. Mueller, Dennis C, 1976. "Public Choice: A Survey," Journal of Economic Literature, American Economic Association, vol. 14(2), pages 395-433, June.
    6. William F. Shughart II & Laura Razzolini (ed.), 2001. "The Elgar Companion to Public Choice," Books, Edward Elgar Publishing, number 459.
    7. Steuart, James, 1757. "An Inquiry into the Principles of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number steuart1757.
    8. Rothschild, Kurt W., 1989. "Political economy or economics? : Some terminological and normative considerations," European Journal of Political Economy, Elsevier, vol. 5(1), pages 1-12.
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    More about this item

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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