ABSTRACT

POLITICAL THEORY AND ECONOMY

*Yash Gupta1

Political theory is the study of the concepts and principles that people use to describe, explain,
and evaluate political events and institutions. Political theory analyzes and interprets the
foundations of political life and evaluates its principles, concepts and institutions.It is just like
the orientation(integrated set of attitudes and beliefs) that characterises the thinking of a group
or nation.
Economy is the result of a set of processes that involves its culture, values, education,
technological evolution , history, social organization, political structure and legal systems, as
well as its geography, natural resource endowment, and ecology, as main factors. An economy
consist of the production, distribution, trade ,consumption of limited goods and services by
different agents in a given geographical location. The economic agents can be individuals,
businesses, organizations, or governments. Transactions occur when two parties agree to the
value or price of the transacted good or service, commonly expressed in a certain currency.
The topic political theory and economy means effect of the political theory or politics on the
economy , it is somewhat equal to the political economy. The political factors or various
elements related to politics has an have great impact as sometime due to some laws or acts
various items are restricted for tradiing purpose or are stop for production , limited to
consumption. Sometimes there are certain political conditions when necassaries becomes costly
or does not get available in the market. For eg There are certain trade policies by the government
which makes the trade weaker and sometimes better.

Keywords: Political theory, Economy, Economic agents

1 Student B.A.LLB. ,1st year, Section-A, Roll.No.-R450215045 ,University of

Petroleum & Energy Studies, Dehradun.