Doubtless it is difficult to help feeling that opinions adopted and confirmed by such eminent men have much weight of probability in their favour. 2 : the theory or study of the role of public policy in influencing the economic and social welfare of a political unit Other Words from political economy Example Sentences Learn More about political economy Other Words from political economy 1. In his study of the laws of development of imperialism, Lenin drew heavily on the abundant information collected by J. The political economy of socialism studies the economic role and function of the state and the forms and methods of socialist economic management. The crisis of contemporary bourgeois political economy is also evident in the rise of “radical” political economy in the capitalist countries. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Had Mr. Mill contented himself with asserting the unquestionable truth of the Laws of Supply and Demand, I should have agreed with him. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! During the transition from cooperation to manufacture and from manufacture to the capitalist factory, the formal subordination of labor to capital gives way to actual subordination. The representatives of this school, who reject the political dogmas of bourgeois scholars, have done some useful, practical research. Its value is transferred, unchanged, to the finished commodity. Yet, in the other sciences this weight of authority has not been allowed to restrict the free examination of new opinions and theories; and it has often been ultimately proved that authority was on the wrong side.There are many portions of Economical doctrine which appear to me as scientific in form as they are consonant with facts. The political economy of precapitalist formations studies primitive communal society, slaveholding society, and feudalism. In that sense economics is both political and social and historical. Political economy as a science has a partisan, class character, because it studies production relations that are closely linked with the economic interests of classes (the proletariat, the bourgeoisie, and the petite bourgeoisie). In addition, the party encourages economic scholars to concentrate on improving long-term planning, on accelerating scientific and technological progress, on intensifying and maximizing the efficiency of social production, and on solving the most important problems in the development of socialist economic integration. A. Hobson (Great Britain) and a number of other bourgeois scholars. The most prominent representatives of the convergence theory are Galbraith, Aron, and J. Tinbergen (the Netherlands). Unable to rise to the level of understanding attained by Marxism, bourgeois political economy studied production, distribution, exchange, and consumption in isolation from each other and replaced the analysis of economic relations with research into the technical aspects of social production, as well as into legal institutions and psychological factors. Mr. Mill appears to have had a similar notion; for he distinctly asserts that there was nothing; in the Laws of Value which remained for himself or any future writer to clear up. sobr. Capitalism. More from Merriam-Webster on political economy, Britannica.com: Encyclopedia article about political economy. The mercantilists studied primarily foreign trade (the circulation of commodities), which they regarded as the main source of wealth, and they substantiated the policy of protectionism. The gradual improvement of the instruments of labor increasingly conflicted with the slaveholding form of property and with the total absence of any interest for the worker in the product of his labor. National and comparative political economy. It discloses the laws of development of social production inherent in the first phase of the communist mode of production (the system of socialist production relations, the operation of economic laws, and the application of these laws in the planned management of the national economy). The practical function of the political economy of socialism is to elaborate scientific principles for economic policies and for the planned management of the national economy. The acceleration principle, which was proposed in 1913 by the French economist A. Aftalion and in 1919 by the American economist J. M. Clark, states that any increase or reduction in income, supply, or demand causes (or requires) a relatively greater (percentage) increase or reduction in “induced” investments (seeACCELERATOR). The political economy of socialism studies the specific features of the ways in which the economic laws characteristic of some or all socioeconomic formations operate under socialist conditions. The Theory of Economy thus treated presents a close analogy to the science of Statical Mechanics, and the Laws of Exchange are found to resemble the Laws of Equilibrium of a lever as determined by the principle of virtual velocities. Thus, the task of working out the problems of the economics of precapitalist modes of production is both urgent and timely.

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