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Unfolding the relation between politics and economics
Society and the interaction of people are becoming complex as days are passing. New kinds of rights and liabilities are evolving and discovered to be existing amongst people concerning the individuals, society, and the state. The contrary belief is also true.
With this dynamism, novel disciplines are emerging and pursued academically to have a bird's eye view on the topic. Human civilization has covered many milestones and developed systems of administration that control our day to day life like economics and politics.
One of our Political Economics Assignment Expert reveals that both the disciplines, like pure sciences, can be pursued exclusively but in the real world they are convoluted on a higher level. You will be astonished to know that the term political economy is far old than the term economics. The former was coined in France in 1615. John Stuart Mill was the first English economists to propound ideas under it. Therefore, one can assume that politics and economics are two sides of the same coin.
But, this separation was important as this leads to the methodological development of economics away from the theoretical and amorphous style of political thought. But, we cannot say that the old approach to political economy is similar to the idea of the new political economics.
Again, owing to the intermingling of these distinct themes that a student studies under different genres till high school, a head start with Political Economics Academic Assistance through Online Tutoring is imperative.
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The dynamics of political economics in the words of our experts
The main point of distinction between political economy and political economics is that the focal point of the latter's approach is the utilisation of technical, novel, and analytical tools of modern-day economics. It encompasses all the mathematical, statistical, and theoretical concepts. Here politics is overlooked as a means of achieving some end rather than the end itself like optimisation, subsidisation, restrictions et cetera.
A deep insight into the subject throws some light on the relationship between two diverse disciplines of economics and politics. It can be said that Political Economics is the study of the inter-relationship between the two. Our experts have thrown some light on this with their Economics Essay Writing Help.
According to an expert providing Political Economics Assignment service, economics is the scientific study of human interaction with resources that may be scarce or abundant. It is the desired and sustainable use of resources that are rare and scarce.
Similarly, if we are to define politics, we will have to go into the realms of political philosophy. It is the study of the relationship between individuals concerning power and control. One of them has the ultimate and unbridled power and authority over others that he can delegate to others.
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The authority becomes infructuous if the recognition subsides or the power is disputed or conflicted unless resolved. For having effective control, the power must be absolute in political terms. Therefore, collective recognition of society constitutes political power.
Political economy is the system of decision-making that affects the economics in society. In this context, society would include sovereign or suzerain states, associations, firms, communities, social groups and other organisations.
So, we can say that any economic policy that suffices to the political needs at large and that could be implemented and followed with minimal conflict is the subject matter for political economics. The policymakers are the ones in authority that are recognized by the people. So, naturally, they need to have an understanding of allied sciences that are applied and adopted while making a utilitarian policy based on felicific calculus i.e. maximisation of pleasure and minimisation of pain.
In the light of modern political structure, political policies may or may not be technically sound. Legislators have to take into view the rights of the masses vis-a-vis individual and sometimes a class of persons to maintain the cardinal principle of equality among equals.
For example, socialist countries do not encourage private ownership of resources and private sector units to ensure that resources are not concentrated and evenly distributed among the masses. This may or may not ensure equality in the real world but this ideology-driven approach would fail on the scales of analytical economics. The dichotomy has been addressed in detail in the Economics Academic Assistance through Online Tutoring.
Where a politically motivated policy is adopted that is not advisable on the lines of economics, it is known as Political Constraint. These are conflicts of interest that generate when there is an apparent contradiction in the implemented policy and the ideal policy. This concept is adequately addressed in our Political Economics Assignment sample online.
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