I was asked recently what I thought the difference between economics and political economy was.<\/p>\n
I explained that in my opinion when an economist stands in front of a car they think:<\/p>\n
How can we make this thing work with the tools that we have got?<\/p><\/blockquote>\n
A political economist standing in the same position thinks something quite different. They ask four questions. \u00a0The first is:<\/p>\n
\u00a0Do we need a means of transport?<\/p><\/blockquote>\n
Then they ask:<\/p>\n
\u00a0Is this the best means of transport available to us?<\/p><\/blockquote>\n
After which they muse on:<\/p>\n
How can we improve on that best option?<\/p><\/blockquote>\n
Befoe finally considering:<\/p>\n
\u00a0What new tools might we need to achieve these goals?<\/p><\/blockquote>\n
Economists and political economists are very different indeed in that case.<\/p>\n","protected":false},"excerpt":{"rendered":"