Political economy Essay Example | Topics and Well Written Essays - 1750 words - 1

Political thriftiness - Essay ExampleAccording to the history of economics, political economy is a terminology that was originally used to describe the processes of production and trade in confused goods and services, as well as their associations with the law, custom and the government. The government came into the picture because of its key objective to its citizens- that is distribution of national income and wealthiness to all people in all its regions within its boundaries.The term political economy is said to meet found its origin in the 18th century, during this time, it was referred to as the study of states or polities, and hence its present denomination political economy. Following this historical development, it is evident that political economy in modern times deals with the representation governments books decisions on distribution of income and wealth to its citizens to spur growth and development.In addition, political economics looks at how various political fo rces play a role shaping various economic policies of a country, especially with pick up to distributional conflicts relating resources and management of political institutions. It examines how governments make their overall expenditure, investing in various sectors with an objective of up(p) the citizens well being.In general, there are multiple components to economic systems that are characteristics of different countries, it is important to direct this understanding since the interaction of these different economic systems can be coherent or result in some kinds of instabilities. The process of decision making over various economic factors determines the use of economic inputs, which invent of factors of production, distribution of the resulting output, the level and extent of centralization in the process of decision-making as well as those who make the particular decisions.Decisions regarding economic factors and their characteristics can be carried out and effected by