Political Economy

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word "okonomie" (household management). The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).

In the late 19th century, the term "economics" gradually began to replace the term "political economy" with the rise of mathematical modelling coinciding with the publication of an influential textbook by Alfred Marshall in 1890. Earlier, William Stanley Jevons, a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of a science". Citation measurement metrics from Google Ngram Viewer indicate that use of the term "economics" began to overshadow "political economy" around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term "economics" usually refers to the narrow study of the economy absent other political and social considerations while the term "political economy" represents a distinct and competing approach.

Political economy, where it is not used as a synonym for economics, may refer to very different things. From an academic standpoint, the term may reference Marxian economics, applied public choice approaches emanating from the Chicago school and the Virginia school. In common parlance, "political economy" may simply refer to the advice given by economists to the government or public on general economic policy or on specific economic proposals developed by political scientists. A rapidly growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of economic policies, especially as to distributional conflicts and political institutions. It is available as a stand-alone area of study in certain colleges and universities.

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Matching Political Economy Colleges

University of Washington-Bothell Campus

Four or more years; Public; $38,757 average out-state tuition; $10,927 average in-state tuition

SUNY College at Old Westbury

Four or more years; Public; $16,980 average out-state tuition; $7,070 average in-state tuition

Georgetown University

Four or more years; Private not for profit; $59,784 average out-state tuition; $59,784 average in-state tuition

Tulane University of Louisiana

Four or more years; Private not for profit; $56,684 average out-state tuition; $56,684 average in-state tuition

University of Southern California

Four or more years; Private not for profit; $60,446 average out-state tuition; $60,446 average in-state tuition

University of Puget Sound

Four or more years; Private not for profit; $55,390 average out-state tuition; $55,390 average in-state tuition

Rhodes College

Four or more years; Private not for profit; $50,600 average out-state tuition; $50,600 average in-state tuition

Scholarships for Political Economy Majors

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Ohio LSC Legislative Fellowship

Ohio Legislative Service Commission

$42,000 Varies See Details

Description

The Ohio LSC Legislative Fellowship is available to college seniors who wish to gain practical experience in the legislative process. Duties may include handling constituent inquiries, writing (newsletter articles, press releases, letters, speeches, etc.), and general administrative duties.

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Ohio LSC Legislative Fellowship

Ohio Legislative Service Commission

award

$42,000

deadline

Varies
See Details

Description

The Ohio LSC Legislative Fellowship is available to college seniors who wish to gain practical experience in the legislative process. Duties may include handling constituent inquiries, writing (newsletter articles, press releases, letters, speeches, etc.), and general administrative duties.

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Voyager Scholarship for Public Service

Obama Foundation

Up to $25,000 April 01, 2025 See Details

Description

The Voyager Scholarship is open to students who plan to enroll full-time in their junior year of study at an accredited four-year college or university in the United States in the fall or be transferring from a two-year to a four-year college for their junior academic year, have a minimum grade point average of 3.0, have a demonstrated...

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Voyager Scholarship for Public Service

Obama Foundation

award

Up to $25,000

deadline

April 01, 2025
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Description

The Voyager Scholarship is open to students who plan to enroll full-time in their junior year of study at an accredited four-year college or university in the United States in the fall or be transferring from a two-year to a four-year college for their junior academic year, have a minimum grade point average of 3.0, have a demonstrated...

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Herbert Scoville Jr. Peace Fellowship

Scoville Peace Fellowship Program

Up to $27,000 October 06, 2025 See Details

Description

The Herbert Scoville Jr. Peace Fellowship is available to graduate students with a strong interest in peace and security issues. In this six - to nine - month program, you will be placed with one of 26 non - profit, public interest organizations to address issues such as arms control, conflict resolution, defense budgets, economic conversion,...

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Herbert Scoville Jr. Peace Fellowship

Scoville Peace Fellowship Program

award

Up to $27,000

deadline

October 06, 2025
See Details

Description

The Herbert Scoville Jr. Peace Fellowship is available to graduate students with a strong interest in peace and security issues. In this six - to nine - month program, you will be placed with one of 26 non - profit, public interest organizations to address issues such as arms control, conflict resolution, defense budgets, economic conversion,...

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Travers Undergraduate Scholarship in Ethics and Politics

University of California, Berkeley

$12,000 Varies See Details

Description

The Travers Undergraduate Scholarship in Ethics and Politics is available to political science majors at University of California, Berkeley. To be considered for this award, you must have at least one year of studies left. Selection is based on an 800-word maximum essay that discusses the applicant's interest in and plans for public service or...

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Travers Undergraduate Scholarship in Ethics and Politics

University of California, Berkeley

award

$12,000

deadline

Varies
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Description

The Travers Undergraduate Scholarship in Ethics and Politics is available to political science majors at University of California, Berkeley. To be considered for this award, you must have at least one year of studies left. Selection is based on an 800-word maximum essay that discusses the applicant's interest in and plans for public service or...

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Alfred and Frances Escherich Endowed Scholarship

University of California-Los Angeles (UCLA)

$5,000 Varies See Details

Description

The Alfred and Frances Escherich Endowed Scholarship is available to undergraduate students at the University of California-Los Angeles who are studying business economics. This is a renewable award.

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Alfred and Frances Escherich Endowed Scholarship

University of California-Los Angeles (UCLA)

award

$5,000

deadline

Varies
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Description

The Alfred and Frances Escherich Endowed Scholarship is available to undergraduate students at the University of California-Los Angeles who are studying business economics. This is a renewable award.

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Building Better Futures Grant - UNCF

UNCF, Inc

$5,000 April 01, 2025 See Details

Description

The Building Better Futures Grant is available to college seniors who are attending UNCF member HBCUs. You must have a minimum GPA of 2.75, be a U.S. citizen/permanent resident, and identify as an underrepresented minority to be eligible for this award. Preference will be given to students majoring in Social Enterprise/Impact, Education,...

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Building Better Futures Grant - UNCF

UNCF, Inc

award

$5,000

deadline

April 01, 2025
See Details

Description

The Building Better Futures Grant is available to college seniors who are attending UNCF member HBCUs. You must have a minimum GPA of 2.75, be a U.S. citizen/permanent resident, and identify as an underrepresented minority to be eligible for this award. Preference will be given to students majoring in Social Enterprise/Impact, Education,...

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Gerald J. Swanson Endowed Scholarship for Undergraduate Excellence in Economics

University of Arizona - Eller College of Management

$5,000 April 01, 2025 See Details

Description

The Gerald J. Swanson Endowed Scholarship for Undergraduate Excellence in Economics is to available to undergraduate students at the University of Arizona - Eller College of Management. To be considered for this award, you must be majoring in economics and have a minimum GPA of 3.0.

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Gerald J. Swanson Endowed Scholarship for Undergraduate Excellence in Economics

University of Arizona - Eller College of Management

award

$5,000

deadline

April 01, 2025
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Description

The Gerald J. Swanson Endowed Scholarship for Undergraduate Excellence in Economics is to available to undergraduate students at the University of Arizona - Eller College of Management. To be considered for this award, you must be majoring in economics and have a minimum GPA of 3.0.

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Judge Beverly Reid O’Connell Scholarship

Women Lawyers Association of Los Angeles

Up to $5,000 April 30, 2025 See Details

Description

The Judge Beverly Reid O’Connell Scholarship is available to female graduating high school senior students in the Los Angeles, CA, area. To be considered for this award, you must be a WLALA member who is interested in the field of law or public service and was inspired in this career choice by WLALA Foundation’s Power Lunch Program, the WLALA...

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Judge Beverly Reid O’Connell Scholarship

Women Lawyers Association of Los Angeles

award

Up to $5,000

deadline

April 30, 2025
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Description

The Judge Beverly Reid O’Connell Scholarship is available to female graduating high school senior students in the Los Angeles, CA, area. To be considered for this award, you must be a WLALA member who is interested in the field of law or public service and was inspired in this career choice by WLALA Foundation’s Power Lunch Program, the WLALA...

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Frank L. Roberts Community Service Endowed Scholarship

Portland State University - School of Urban and Public Affairs

Up to $5,000 May 15, 2025 See Details

Description

The Frank L. Roberts Community Service Endowed Scholarship is available to graduate students at Portland State University-College of Urban and Public Affairs whose activities reflect the importance of civic responsibility either through career choice or desire to use higher education to achieve specific goals shared by a community.

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Frank L. Roberts Community Service Endowed Scholarship

Portland State University - School of Urban and Public Affairs

award

Up to $5,000

deadline

May 15, 2025
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Description

The Frank L. Roberts Community Service Endowed Scholarship is available to graduate students at Portland State University-College of Urban and Public Affairs whose activities reflect the importance of civic responsibility either through career choice or desire to use higher education to achieve specific goals shared by a community.

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Carl Abbott Fellowship

Portland State University - School of Urban and Public Affairs

Up to $5,000 May 15, 2025 See Details

Description

The Carl Abbott Fellowship is available to doctoral students at Portland State University-College of Urban and Public Affairs.

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Carl Abbott Fellowship

Portland State University - School of Urban and Public Affairs

award

Up to $5,000

deadline

May 15, 2025
See Details

Description

The Carl Abbott Fellowship is available to doctoral students at Portland State University-College of Urban and Public Affairs.

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