ECON 105 Lecture 5: Poli econ lecture 5
Document Summary
Economy= the means whereby goods and services are produced, exchanged and distributed among the members of a society. The most important thing, though, is the use of tangible resources. Economics analyzes the production and exchange of goods and services, the distribution of income and wealth, and the material factors shaping social progress or social regress. Political economy emphasizes that economic issues cant be studied independently of their social context. It adopts a broader definition of the subject than mainstream economics, seeking links with insights drawn from other fields such as sociology, political science, industry, history, and geography. Political economy emphasizes that the way in which economic issues are analysed cannot be wholly value-free. The selection of issues for study, thedistinctive assumptions made, and the form of investigation are all pervaded by judgements. The state in this respect can be considered as comprising all the institutions of national and regional administration, including the government, the public service, and the judiciary.
