3 ms·
I have read that the modern usage of the word "economics" is a replacement for the older term "political economy." It seems our ancestors were more wordy but al
by runako 10y ago
I have read that the modern usage of the word "economics" is a replacement for the older term "political economy." It seems our ancestors were more wordy but also more accurate.
- hkt 10y agoThe term isn't dead: at the very least, British social democrats still use it.
- dredmorbius 10y agoBoth were originally "moral philosophy". "Political economy" mostly split into "economics" and "political science" in the 1880s, though the odd department of political economy can still be found. One of Adam Smith's shortest sentences in Wealth of Nations is "Wealth, as Mr Hobbes says, is power." It's all about power and its distribution.