“The payment made by a manufacturer to a patentee for the privilege of using the patent process, is usually termed, in commercial language, a rent; and under the same head must be ranked all extraordinary qualities of body and mind.”
Political economy refers to the interdisciplinary study of how economic theories, markets, and resource distribution relate to political structures, governance, and social power. The term historically encompassed what is now called economics, and remains central to understanding policy formation, international trade, development, inequality, and the role of states versus markets. Scholars in this field analyze how political decisions affect economic outcomes and how economic conditions influence political behavior, institutions, and conflict. Major subfields include comparative political economy, international political economy, and political economy of development, drawing from economics, political science, sociology, and history. more
Nassau William Senior was a prominent British economist born on September 26, 1790, and died on June 4, 1864. He made significant contributions to the field of economics, particularly in labor theory of value and tax theory. more
“If I had a spreadsheet on my computer, it looked like I was busy.”
“If you aren't taking a representative sample, you won't get a representative snapshot.”