Political economy

the political economy (VWL, in former times also political economy or economic political sciences) is a subsection of the economic science. It examines problems, which result from the fundamental phenomenon of the scarceness of goods. The scarceness requires economizing the restaurant subjects.This area of conflict models the VWL both einzelwirtschaftlich and overallally economic.

Table of contents

tools and topics of the VWL

of tools of the VWL

mathematical models playing a substantial role in the VWL, there it clearProof and clearly defined acceptance require and usually not to ambiguous or “softly” interpretable results do not lead. The general economical beginnings can be represented however with simple arithmetic and the shifting of curves, without one deeper mathematical knowledgeto bring along must. The Austrian school represents even the view that each model, which goes beyond simple logic is even unsuitable not only redundantly, but for economic analyses. In the last years an increasing tendency points itself to ökonometrischen work.

fields of the VWL

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In the last twenty years there were attempts again and again to tooth these two basic directions with one another. Today prevails to a large extentAgreement that good macro-economic analyses on founded micro-economic knowledge must construct.

Within these two fields of the political economy are specialized ranges of topics, which cover a broad spectrum of human activities. The quantitative method knowledge of the VWL is summarized in its own field, that Ökonometrie.

topics in the VWL

in the political economy are examined entire and einzelwirtschaftliche connections and processes. Basic questions are trade, resource allocation, the causes of the prosperity, the organization of production, the distribution of the prosperity ina society, causes of economic crises as well as the topics finances, taxes, work and unemployment , right, poverty, environmental protection and many different used thereby.

market -- General equilibrium theory -- Market equilibrium -- Supply and demand -- Price -- Use function -- Factor of production -- Production function -- Development economics --Public finances -- Public goods -- external effects -- Network effects -- national adjustment
job market -- Education economics -- Family economics -- Health economics -- Industrieökonomik -- Regional economics -- Traffic economics -- Environmental economics -- Innovation economics
overall economic consumption -- Overall economic investments -- Fiscal policy -- Monetary policy -- Price level -- Rate of exchange development -- Economic situation theory -- Economic growth -- Unemployment and/or. Overall economic occupation
goods-economical and monetary external trade theory -- Tariff theory -- Commercial policy -- Balance of payments -- International institutions -- Economic integration
  • methodology
decision theory -- Evolutionsökonomik -- Experimental economics -- Ökonometrie -- Game theory -- Wirtschaftsgeografie -- Restaurant economics -- Economic policy

history of the political economy

working on fundamental economic questions of theoretical nature were begun after general view in the mercantilism. Onegenuine academic debate did not give it at this time naturally yet.Thomas Mun was one of the earliest economic authors and wrote bspw. over commercial balance sheets of two countries. Also Jean Baptiste Colbert was one of these earliest authors, it concerned itself with state interventions inthe economy.

Three important early theoretical authors were above all William Petty, John Law and John curl, the first theoretical findings over bspw. Money circulation and money and/or. Notes (Assignaten) published.

After noticing anti-reading tables and physiokratischen epoch developed also Adam Smith, David Ricardo, Jean Baptiste Say and other authors the classical political economy.

Above all Smiths work „at Inquiry into the Nature and Causes OF the Wealth OF nation “is to today important basic work of the national economy theory. Inthis already summarizes it (also of others) developed theories and formulates a structure of economical connections. Smiths most important contribution is the concept of the “invisible hand “, which represents the interaction of supply and demand on a free market.

Ricardodeveloped the concept of the division of labor and the komparativen cost advantages of two countries and described, why trade positively affects the economy and the Faktorallokation of two countries. As a first German economist Friedrich cunning can be marked with its Hauptwerk the nationalSystem of the political economics of 1841. It borders itself from the English classical period on in its theory of the domestic market and its theory of the productive forces. It is considered as a father of the customs union and the building of railways. Starting from beginning 19. Centuryseveral restaurant economics wrote relatively independently important works over the monopoly theory (Cournot and Dupuit) or area planning and location planning (Johann Heinrich of Thünen). Also Karl Marx belonged into this epoch, although one states, Marx has only Ricardoand cunning does not develop further (Schumpeter stated, Marx had thought “the errors Ricardos to end”).

With running out 19. Three of each other independent schools the marginal utility theory, which caused the so-called marginalistic revolution, developed for century: The Austrian school by Carl Menger, the Cambridge School of William Stanley Jevons and the Lausanner school around Leon whale-race. All three schools developed the theories further of the marginal utility and the general equilibrium. However substantial bases of the marginal utility theory became already approximately 20 years before (over1850) from the German economist Hermann Heinrich Gossen develops, which however until far after its death unknown remained. Only larger attention found Gossen after its death.

The three neoclassical schools brought a multiplicity out of important economists, who up to the Second World Warthe economic theory crucially coined/shaped: The Austrian school still consisted beside Carl Menger of Eugen of Böhm Bawerk, Friedrich of Wieser, Joseph Schumpeter and Ludwig of bad. To Cambridge the School Alfreds marshal belong beside Jevons the outstanding English economist, which as the first used the term “Economics” instead of “Political economy” and which economic theory transferred thus term-moderately into its own science. Further belonged to the Cambridge School Francis Edgeworth, Arthur Cecil Pigou and John May pool of broadcasting corporations Keynes. To the Lausanner school, whichfor a stronger mathematical arrangement of the economic theory, counts beside whale-races above all Vilfredo Pareto, Eugenius Slutsky and Irving Fisher was coining/shaping, a probably most important US-American economist in the first half 20. Century. Know school to the Lausanneralso still Heinrich of Stackelberg as well as Paul Samuelson to be counted.

The neoclassical and the keynesianische theory have at present the strongest influence on the scientific theory formation, the monetarism and the Neoliberalismus affect at present most strongly the economic policy. The current differentViews to the economic policy leave themselves at the best by the annual appraisals of the board of experts for the investigation of the overall economic development (15. November) and the working group alternative economic policy (1. May) pursue.

The outsider positions debitism and free economics are two thinking schools, those in the universitären trainingto be hardly taught.

people pictures in the VWL

in the political economy one works frequently with the model acceptance homo oeconomicus to maximize after which humans rationally acts, in order his well-being under given status of information. This model seems formany investigations sufficiently, since the irrational preferences of the individual individuals in the sum adjust themselves.

Newer research models extend increasingly the acceptance and refer irrational behavior into their models for further discussion of the behavior economics also, thus z. B. in the game theory.Some researchers already received the Wirtschaftsnobelpreis for these beginnings lent. The moreover one newer economic people pictures consider opportunistisches behavior (opportunism, Williamson), under what self-interested thinking paired with cunning and Tücke is understood, and the limitness of the human Rationalität due tolimited cognitive capacities (bounded rationality, Simon). Thus such human characteristics are considered in the new Institutionenökonomik.

Over it going out developments like those of the so-called. REMM (resourceful, evaluating, maximizing one, Meckling) refer besides the adaptability of humans into the viewalso.Helmut Woll showed that the economics knows variety of different people pictures.

acquaintance of political economists

  • 18. Century
  • 19. Century
  • 20. Century

organizations, federations and associations

see also


  • N. Gregory Mankiw: Fundamentals thatPolitical economy. Schäffer Poeschel publishing house, Stuttgart 2001 ISBN 3-7910-1853-1 (explains complex connections in easily understandable language and gives a detailed entrance to the subject, 868 sides)
  • Paul A. Samuelson, William D. North house: Political economy. ISBN 3-636-03033-7 (a well-known standard work)
  • Ulrichvan Suntum: The invisible hand. Springer publishing house, Berlin Heidelberg New York 2000 ISBN 3540252355 (overview-providing entrance into the political economy, particularly also for interested specialized foreigner suitably)
  • Gilberto Granados/Eric Gurgsdies: Economics - a systematic overview of the Grundprobleme developed market managing toExample of the Federal Republic of Germany. Particularly suitably for interested laymen. Dietz 1999, ISBN 3-8012-0270-4
  • yokes Schumann: History of the economic theory. In: The restaurant study (WISU), 19. Jg., number 10 (October 1990), S. 586-592.
  • Steve Keen: Debunking Economics The Naked Emperor OFthe Social Sciences, Zedbooks, London, ISBN 1-85649-992-8, 3. Edition 2004 (describes in detail and descriptive the bases of the political economy. The author examines their acceptance, the consistency of its models and its ability to the forecast and comes to a destroying result.The book gives in addition a view of the history of the economic science and alternative theory beginnings. 335 sides, z.Zt. only in English language available.)

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Wiktionary: Political economy - word origin, synonyms and translations

History OF Economic Thought - dogma history thatPolitical economy


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