Political Economy As A Branch Of Social Science Essay

For a long time, political economy as a branch of social science has been used when studying relationships between organisations and also between the market and a country (Veseth, n.d). This can be translated as understanding the management of an institution while at the same time taking into account both the internal and external factors that may influence its operations. With this, there has been proof of significant transformations and the emergence of great political economists from various regions of the world. All had a common goal of studying the function of the society and try to enhance its structure and performance. Political economists have various views but concur on given beliefs and ideologies. They aimed at studying and understanding the different economic strategies used and the related practices which range from the economic interaction between the various fields and the application of the views and ideas that challenge the previous practices. The economist, therefor e, relates this to the strategies making rational decisions. Among the well-known political economists is Max Weber. He was a German nationality well known for his contributions in the fields of sociology, political economy and that of administration (Boundless.com). Between 1800 and 1900, Weber was focussed more on the bureaucratic activities of an institution and the state as a whole. As viewed by Weber, society’s activities were dictated by culture and beliefs which defined the procedure ofShow MoreRelatedPolitical Economy : A Branch Of Social Science1187 Words   |  5 PagesPolitical economy is a branch of social science. The term of political economy has come from Greek word ‘polis’ means city or state and ‘oikonomos’ meaning one who manages a household or state. 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