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Simple English definitions for legal terms
political economy
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A quick definition of political economy:
Political economy is a type of social science that studies how governments handle money and resources, and how their decisions affect the economy. It looks at how politics and economics are connected and how they influence each other. It's like trying to understand how a family budget affects the things they can buy and how much money they have left over.
A more thorough explanation:
Political economy is a social science that deals with the economic problems of government and the relationship between political policies and economic processes. It is concerned with how a community manages or administers its wealth and resources, as well as the sociopolitical organization of those resources.
- Economy: The management or administration of the wealth and resources of a community (such as a city, state, or country).
- Black economy: Also known as the shadow economy, it refers to economic activities that are not reported to the government for tax purposes.
- Overheated economy: An economy that has a high level of economic activity, but can cause interest rates and inflation to rise.
These examples illustrate the different aspects of political economy. The first example shows how a community manages its resources, while the second and third examples demonstrate how economic activities can affect the government and the overall economy. Political economy seeks to understand these relationships and how they can be managed for the benefit of society.