Who is the author of the book The Political Economy of

Solution

Following thinkers have given the definition of Political Economy: Adam Smith: Political Economy describes the actual working of the economy (positive aspect), and also the way the economy should work (normative aspect). Lionel Robbins: Political Economy analyses the political effects of economic actions, and economic effects of political actions. Shows interaction between economic and political systems. The term political economy first used by Antonine Montchiestien (1575-1621). Later used by Sir James Steuart (1767).