Abstract

Before the 20th century, economics was not understood as a distinct discipline from political science. In fact, the most influential economic theorists of the late 18th and 19th century – including Adam Smith, David Ricardo, John Stuart Mill, and Karl Marx – considered themselves as political economists, emphasizing that, because economic and political processes and outcomes are closely connected, they should be studied jointly. The term “political economy” is said to have originated in France in the 17th century, a time and place where the role of the state in shaping national economies was decisive. The first book titled Traité d’économie politique was published by French mercantilist Antoine de Montchrétien in 1615, though some evidence points towards an even earlier use of the expression (Groenewegen, 1991).