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Political Theory by Ranajay Kumar, Hoveyda Abbas

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Theories of Political Economy

Introduction: Economics of Politics

Political economy relates to application of economic concepts and assumptions in understanding aspects of politics, political behaviour of citizens, decision-makers, interest groups and the states in their interaction with other states.

Political economy approach offers economic explanation for public policy; that decision and policy-makers would choose or formulate such policies that would present an optimal solution, i.e., it would meet or satisfy various objectives and be acceptable in each case.1

For example, a public policy designed to provide food security for the people below the poverty line (BPL) in India may be required to balance or relate to various other policies ...

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