Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Political Economy

Living reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7883-6_367-1

Definition

The term “political economy” (PE) is mainly used in two related contexts. First, it is used to denote a multidisciplinary research field in which political scientists, economists, legal scholars, and other social scientists investigate the relationship between the political sphere (most notably “the state”) and the economic system of different societies on Earth at different points in time. Second, social scientists, journalists, and other observers sometimes use the term PE to refer to the observable interaction of politics and business in real-world societies. Focusing on the first context, this entry gives an overview of the research field of political economy (PE) and discusses its relationship to law and economics as a research program.

Positive Political Economy: Analyzing What Is

Within the toolkit of PE, there are basically two different approaches which are currently used to analyze the relationship between politics and the economy: positive PE (explained in this...

Keywords

Political Economy Monetary Policy Market Failure Public Choice Theory Constitutional Political Economy 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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Copyright information

© Springer Science+Business Media LLC 2017

Authors and Affiliations

  1. 1.Department of Political Science (IfPol)University of MünsterMünsterGermany