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105. Political Economy

The study of production and trade and their relations with law, custom and government; and with the distribution of value and wealth. As a discipline, economics originated in ethics, within the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy” signifies the Greek word "okonomie" (household management). The earliest works of economics are usually attributed to British scholars Smith , Malthus , and Ricardo , although they were preceded by the work of the French physiocrats, like François Quesna) and Anne-Robert-Jacques Turgot within the late 19th century, the term "economics" gradually began to exchange the term "political economy" with the increase of mathematical modelling coinciding with the publication of an influential textbook by Alfred Marshall in 1890.[4] Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the topic , advocated economics for brevity and with the hope of the term becoming "the recognised name of a science".[5][6] Citation measurement metrics from Google Ngram Viewer indicate that use of the term "economics" began to overshadow "political economy" around roughly 1910, becoming the well-liked term for the discipline by 1920.[7] Today, the term "economics" usually refers to the narrow study of the economy absent other political and social considerations while the term "political economy" represents a definite and competing approach.

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