Re: the expression "political economy"

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

The key to the use of the term is Marshall.

Editorial note from Marshall's principles

Vol. 2, p. 160, editorial note: "It may be noted that Marshall was largely
responsible for the replacement in common usage of the older term "Political
Economy" by the single word "Economics".  His reasons for adopting the latter
word were set out in detail in The Economics of Industry (1879), p. 2: "The
nation used to be called 'the Body Politic'.  So long as this phrase was in
common use, men thought of the interests of the whole nation when they used the
word 'Political'; and then 'Political Economy' served well enough as a name for
the science.  But now 'political interests' generally mean the interests of only
some part or parts of the nation; so it seems best to drop the name 'Political
Economy', and to speak simply of {italics} ?Economic Science?, or more shortly,
?Economics?".

Also see Groenewegen, Peter D. 1988. "Alfred Marshall and the Establishment of
the Cambridge Economic Tripos." History of Political Economy, 20: 4 (Winter):
pp. 627-67.

Arndt, H. W. 1984. "Political Economy." The Economic Record, 60: 170
(September): pp. 266-73.
  267: Marshall was author of the first major treatise called Principles of
economics although the term had appeared earlier in titles of less known books
by J. M. Sturtevant (1877) and H. D. Mcleod (1878); also Marshall and his wife,
Economics of Industry, 1879. They explained, p. 2, better to drop "political"
since "political interests generally mean the interest of some part or parts of
the nation". Note: before term meant society as a whole, now political referred
to struggles among the parts.

Groenewegen, P. D. 1985. "Professor Arndt on Political Economy: A Comment."
Economic Record 61: 175 (December): pp. 744-51.   748: On Marshall's support of
the use of the term, "economics."  Marshall was very concerned with labor
problems when he first began to lecture on economics. He wished to emphasize the
scientific basis of economics.  In 1869, Seeley was appointed to Regius
Professorship in Modern History by Gladstone as Prime Minister.  Seely
emphasized both the policy role of the chair and an association with the
teaching of political economy.   Marshall's 1873 lecture notes suggest
opposition to Seely's approach. Marshall seems to have taken the term from
Macleod, H. D. 1875. "What is Political Economy." ?Contemporary Review?, 25, pp.
871-93, because Macleod linked the science of economics with exchange.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx