There is the interplay between politics and economics but both fields are sciences i.e. Political Science and Economic Science as expressed by the human behavior via the various institutions in different nations.
Albert Einstein once put it,"The whole of science is nothing more than the refinement of everyone's thinking."
Political economy is an inquiry into analysis, institutions, policy with various options. As "economics" progressed through the 19th and 20th centuries,some institutions have regarded "economics" as a branch of applied mathematics than as a social science. Such fallacy may be evidenced from the real happenings in the world.
New developments relating to human behavior,dot the landscape of modern contemporary economics as I have witnessed and have sent my past blogs.
The traditional economic theories may be irrelevant but "Work and Study Cycle Theory" can be established from empirical evidence in the 21st century. www.ask.com for reference.
In a market economy the division of labor is vented in an incredible array of activities based upon the skills and talents of individuals. I have noted the activities in China and in the United States for many decades and have come to the conclusion that skilled labor is the source of economic growth as per my publications entitled "Keys for Economic Understadning" with focus on apprenticehip programs developed for the United States Department of Labor needed in the US and can be useful in China as well. Such is the common ground for mutual benefit to promote the skills of folks in USA and in China regardless of economic systems.
Family is seen as a set of interpersonal activities and a form of economic organization. Matrimony is a two-party contract with obligations. Pre-wedding dating may be viewed as an investment in resource about prospective mates. Being "in love" implied interdependent utility functions: Successful marriages are made by folks whose preferences and values are related regardless of race,color or creed as long as their sense of mutual caring with real love. Such is the Sino-American Economics of Union in the medical and philosophical context.
Francis Shieh aka Xie Shihao,a product of Eastern and Western cultures from the 20th century to the 21st century and as a blogger to share my thoughts with readers.
February 1, 2010 at 10.50 a.m.