Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy Ethics is a branch of philosophy which seeks to address questions about morality, such as what the fundamental semantic, ontological, and epistemic nature of ethics or morality is (meta-ethics), how moral values should be determined (normative ethics), how a moral outcome can be achieved in specific situations (applied ethics), how moral capacity. It developed in the 18th century as the study of the economies of states—polities, hence political economy.
In late nineteenth century, the term "political economy" was generally replaced by the term economics Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current economic, used by those seeking to place the study of economy upon mathematical and axiomatic bases, rather than the structural relationships of production and consumption (cf. marginalism Marginalism is the use of marginal concepts within economics. The central concept of marginalism proper is that of marginal utility, but marginalists following the lead of Alfred Marshall were further heavily dependent upon the concept of marginal physical productivity in their explanation of cost; and the neoclassical tradition that emerged from, Alfred Marshall Alfred Marshall was an English economist and one of the most influential economists of his time, being one of the founders of neoclassical economics. His book, Principles of Economics (1890), brings the ideas of supply and demand, of marginal utility and of the costs of production into a coherent whole. It became the dominant economic textbook in).
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