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Political economy most commonly refers to interdisciplinary studies drawing upon economics, sociology and political science in explaining how political institutions, the political environment, and the economic system—capitalist, socialist, communist, or mixed—influence each other. [14]
But environmental effects on political and economic processes were under-emphasised. [14] Conversely, Julian Steward and Roy Rappaport's theories of cultural ecology are sometimes credited with shifting the functionalist-oriented anthropology of the 1950s and 1960s and incorporating ecology and environment into ethnographic study. [17]
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
The term political ecology is sometimes used in academic circles, but it has come to represent an interdisciplinary field of study as the academic discipline offers wide-ranging studies integrating ecological social sciences with political economy in topics such as degradation and marginalization, environmental conflict, conservation and ...
Political feasibility is often an essential criterion for ensuring the adoption of a policy proposal, however depending on the nature of the policy and the environment, alternative components of thorough policy analysis and decision-making processes are necessary to come to this stage of the policy making process.
"The Evaluation of Public Policy: Normative Economic Theories of Government Failure," Journal of Interdisciplinary Economics, 7(1), pp. 27–39. Grier, Robin M. and, Kevin B. Grier "Political cycles in nontraditional settings: theory and evidence from the case of Mexico", JLE vol. XLIII (April 2000), p. 239