Politics and Policy Framework Politics and Policy Framework

Running head: POLITICS AND POLCY FRAMEWORK
POLTICS AND POLICY FRAMWORKS
Name of the Student
Name of the University
Author Note

POLITICS AND POLICY FRAMEWORK1
Question 19
Political economy is a type of study for production as well as trade. It has some relation
to the law, custom, and government. It is entirely related to the distribution of the national
income as well as wealth. It is initiated with the help of some moral philosophy. In the eighteenth
century, it is used to explore the administrative states. The study of this subject helps to know
how some of the economic theories such as capitalism, socialism and communism work in real
life. Any adopted economic theory is directed to the distribution of the final amount of the
available resources in such a manner that it is beneficial for a large number of individual persons.
It is a very common term that is currently used in the subject called Economics. Various groups
in the economy believe in their own theory on how an economy should be developed. The
political economy is a very complicated area that covers a wide range of political interests. It
helps the economists to provide some suggestion regarding the general economic policies or
some predefined proposals created by many politicians of a country. There are two main sections
of the political economy1. These are classical political economy and modern political economy.
Classical political economy is totally based on the works of the philosophers such as Adam
Smith, Karl Marx and many others. Modern Political Economy was totally based on the works
performed by the modern philosophers2. The study of the political economy is totally related to
the game theory because it includes various groups competing for achieving some finite
resources. It also relates with the capability of the economy for achieving the required outcome.
1 Andong, Sandrine, and Symphorien Ongolo. "From global forest governance to domestic politics: The European
forest policy reforms in Cameroon." Forest Policy and Economics 111 (2020): 102036.
2 Bache, Ian. Evidence, Policy and Wellbeing. Palgrave Macmillan, 2020.