Aspects on economics and politics relationship

Abstract

The relationship between politics and economic knowledge is highly debated. One general view states that economics should be lacking of politics because of its corrupting effects, while another view conversely argue that politics can be distorted by the impact of economic knowledge. Both views indicate that the solution is to eliminate the influence of one over the other. The relationship between economics and politics can be discussed in two distinct but also intertwined ways, demonstrating a classical and modern relationship. The first arises from the emergence of economic science itself. Because of the natural relationship between economics and politics, economics has been called "political economy." The second relationship between economics and politics is highly novel compared to the first and analyzes politics using an economic method. However, both of the approaches mentioned above are in the context of the famous phrase "political economy". Seen interdisciplinary, the potential relations between economics and politics are emphesized.