An Analysis of the theories of Neoclassical and Political Economy and the practicality of each.

Paradigms of Neoclassical And Poltical Economy In our society today, there are great disparities between different groups of people. The gaps exist between those in every segment of the world, from those of different religions or nationalities, those of rich or poor families, to those who may or may not be educated. The ways in which economics and societies intermingle dictates virtually every part of our lives, from what we wear and eat, to what …

…economy looks at the exploitation of certain groups by other groups as a means of understanding change, and of how market forces are then driven. What a Neoclassicist might view as inefficiency, a Political Economist very well might look at as progress and a means of eliminating inequality. While distinctly different, it seems that Political Economy is much more comprehensive way of studying the effects of social change, and how markets develop as a result.