ISSN: 2474-8846
Authors: Kenaphoom S*
The fields of political economy and mainstream economics are essential because they provide opposing viewpoints on economic theory and policy formulation. The focus of mainstream economics is on individual rationality and market efficiency, but political economy adds depth to our understanding by integrating institutional dynamics and socio-political contexts into economic analysis. Crafting comprehensive economic policies that strike a balance between equity and efficiency is crucial for promoting sustainable development and improving global societal welfare. This requires integrating insights from both fields. This paper aims to Compare the Mainstream Economics and Political Economy Perspectives. The results found that the comparative analysis of political economy and mainstream economics advances economic theory and policy-making by highlighting the limitations of market-centric approaches and advocating for a broader consideration of institutional structures and historical contexts. This approach underscores the importance of integrating insights from both disciplines to develop more effective economic policies that address both efficiency and equity concerns while promoting sustainable development and societal well-being on a global scale. In conclusion, the comparison of mainstream economics and political economy highlights the need to go beyond purely market-driven approaches. Policymakers can better address economic challenges with a comprehensive approach that balances efficiency, equity, and sustainability by integrating insights from both disciplines. This will ensure that policies are firmly rooted in strong institutional frameworks and historical understanding to improve societal welfare on a global scale.
Keywords: Comparative Perspectives; Mainstream Economics; Political Economy
