Question

1. the credit of separating economics from political economy goes to _____

2. welfare definition gave primary importance for and secondary importance for _____​

Answer 1

1.Political economy is a social science that studies production, trade, and their relationship with the law and the government. ... Different groups in the economy adhere to their own theory on how the economy should be developed; hence, political economy is a complex field that covers a broad range of political interests.

2.Welfare Definition (Neo-classical definition): Alfred Marshall. ... But, he has given primary importance to mankind and secondary importance to wealth justifying wealth should be used for the welfare of mankind.

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