Political economy is the theory of wealth and of how wealth is created and shared out in society. Its key concepts are production, distribution, exchange, and consumption. The word “economy”, originally spelt “oeconomy”, derives from

, a household, and

, law. The

in ancient Greece is one who manages and sets the laws of the household. In Homer's

Odysseus's real identity is inseparable from his status as ruler of his

in Ithaca, with its house, land, slaves, cattle and stored produce. The term

, first coined by the

of the French Enlightenment, included the earlier meaning of state economic policy or the “art of managing the resources of a people and its government” (Adam Smith). It also included the key principle…

4632 words

Citation: Crehan, Stewart. "Political Economy". The Literary Encyclopedia. First published 05 October 2004 [https://www.litencyc.com/php/stopics.php?rec=true&UID=1482, accessed 23 November 2024.]