Political economy  From Wikipedia, the free encyclopedia Jump
to: navigation, search  Political economy was the original term
for the study of production, the acts of buying and selling, and
their relationships to laws, customs and government.  It
developed in the 17th century as the study of the economies of
states which placed the theory of property in the theory of
government.[1] Some political economists proposed the labour
theory of value (first introduced by John Locke, developed by
Adam Smith and later Karl Marx), according to which labour is
the real source of value. Many political economists also looked
at the accelerating development of technology, whose role in
economic and social relationships grew ever more important.  In
late 19th century, the term "political economy" was generally
replaced by the term economics, which was used by those seeking
to place the study of economy on a mathematical basis, rather
than studying the relationships within production and
consumption.  In the present, politic