Political Economy

Literary/ Cultural Context Essay

Stewart Crehan (University of Zambia)
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Political economy is the theory of wealth and of how wealth is created and shared out in society. Its key concepts are production, distribution, exchange, and consumption. The word “economy”, originally spelt “oeconomy”, derives from

oikos

, a household, and

nomos

, law. The

oikonomos

in ancient Greece is one who manages and sets the laws of the household. In Homer's

Odyssey

Odysseus's real identity is inseparable from his status as ruler of his

oikos

in Ithaca, with its house, land, slaves, cattle and stored produce. The term

économie politique

, first coined by the

philosophes

of the French Enlightenment, included the earlier meaning of state economic policy or the “art of managing the resources of a people and its government” (Adam Smith). It also included the key principle…

4632 words

Citation: Crehan, Stewart. "Political Economy". The Literary Encyclopedia. First published 05 October 2004 [https://www.litencyc.com/php/stopics.php?rec=true&UID=1482, accessed 19 March 2024.]

1482 Political Economy 2 Historical context notes are intended to give basic and preliminary information on a topic. In some cases they will be expanded into longer entries as the Literary Encyclopedia evolves.

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