Not so long ago, the study of economics was referred to as "political economy." The term bore the recognition among scholars that economic behavior and activity could not be studied without consideration of the political context. It was understood that politics and economics shaped each other in intricate ways, and that choices in one area influence choices in the other. Subsequently, however, the economics profession chose the pathway of methodological individualism, and the study of economic behavior became mostly dissociated from consideration of politics.
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