Political economy revisited: structures and objectives at the systemic level

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Cardinale, Ivano and Scazzieri, Roberto. 2024. Political economy revisited: structures and objectives at the systemic level. Economia Politica. Journal of Analytical and Institutional Economics, 41(1), pp. 153-171. ISSN 1120-2890 [Article]

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Abstract or Description

Political economy, understood both as an object of study and as a type of investigation, developed from the widening and deepening of production interdependencies deriving from division of labour, and the need to pursue systemic objectives in larger and more complex political-economic systems. A central theme of political economy is therefore the intertwining of systemic objectives and the structure of interdependencies, which shape the constraints on the pursuit of those objectives. Economic theory has seldom addressed this intertwining, as it has typically focussed either on means-ends reasoning at the individual level or on the properties associated with economic structure. This paper calls for revisiting political economy by explicitly addressing the pursuit of objectives at the systemic level, which requires analysing how different representations of economic structure lead to identifying different objectives and conditions for their achievement.

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Article

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https://doi.org/10.1007/s40888-024-00331-4