- published: 13 Nov 2015
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Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy. It developed in the 18th century as the study of the economies of states, polities, hence political economy.
In the late 19th century, the term economics came to replace political economy, coinciding with publication of an influential textbook by Alfred Marshall in 1890. Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science."
Today, political economy, where it is not used as a synonym for economics, may refer to very different things, including Marxian analysis, applied public-choice approaches emanating from the Chicago school and the Virginia school, or simply the advice given by economists to the government or public on general economic policy or on specific proposals. A rapidly-growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of policies, especially as to distributional conflicts and political institutions. It is available as an area of study in certain colleges and universities.
Avram Noam Chomsky (/ˈnoʊm ˈtʃɒmski/; born December 7, 1928) is an American linguist, philosopher,cognitive scientist, historian, and activist. He is an Institute Professor and Professor (Emeritus) in the Department of Linguistics & Philosophy at MIT, where he has worked for over 50 years. Chomsky has been described as the "father of modern linguistics" and a major figure of analytic philosophy. His work has influenced fields such as computer science, mathematics, and psychology.
Ideologically identifying with anarcho-syndicalism and libertarian socialism, Chomsky is known for his critiques of U.S. foreign policy and contemporary capitalism, and he has been described as a prominent cultural figure. His media criticism has included Manufacturing Consent: The Political Economy of the Mass Media (1988), co-written with Edward S. Herman, an analysis articulating the propaganda model theory for examining the media.
According to the Arts and Humanities Citation Index in 1992, Chomsky was cited as a source more often than any other living scholar from 1980 to 1992, and was the eighth most cited source overall. Chomsky is the author of over 100 books. He is credited as the creator or co-creator of the Chomsky hierarchy, the universal grammar theory, and the Chomsky–Schützenberger theorem.