As in economics, a characteristic of political economy analysis is the assumption that individual (political) agents are each self-seeking and rational. Economics examines how rational people use the assets at their disposal (capital, labour, land and so forth) to maximise some utility perform (for example, maximising earnings, revenue or consumption) by producing items and services and participating in markets. In an analogous vein, political economy examines how such individuals maximise their utility by collaborating in political exercise. Again they’ve capital and labour (time) at their disposal and they can use these to influence political processes so as to generate policy outcomes that benefit them (most notably, by producing rents for them).
The English Civil War (1642–1651) was fought between the King and an oligarchic however elected Parliament, during which the idea of a political get together took type with teams debating rights to political illustration during the Putney Debates of … Read More