Political Economy
Society in the broad sense. Despite many differences of emphasis, economics was once understood in this way, as including the whole range of society, politics and economy.
That understanding held in the period roughly between the publication of a coherent theory of value (based on labour) by Francis Hutcheson (1694–1746), Professor of Moral Philosophy at Glasgow, and the launch in 1891 of the narrower interpretation of “positive economics” by John Neville Keynes (1852–1949). Before that period, economics had been discussed as a question of moral philosophy; after it, economics became separated into a much more technical question, opening up the gap between the economy and society, and providing the symbology and mathematics for economism.P45
As it is used in Lean Logic, “political economy” means more than the more usual “society”. It links it up with economics, politics, the environment, the past and the future—that is, the society and ecology which economics exists to serve.
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