Synopsis
Excerpt
In all the political systems of the world, much of politics is economics, and most of economics is politics. Charles Lindblom
Economics does not usefully exist apart from politics. John Kenneth Galbraith
There is no such thing as a purely economic issue. Milton Friedman
POLITICS AND ECONOMICS
As a prelude to the study of political economy, a firm grasp of the words politics and economics is essential. Unfortunately, these widely used terms lack clear definition. As depicted below, politics and economics can be distinguished with reference to three characteristics: the primary goal being pursued, the institutional arena within which the goal is pursued, and the primary actor who chooses the goal.