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30-517: The library's origins date to 1758, when the archdeacon and local economist Sallustio Bandini donated his library to the University of Siena , on the condition that it grant public access. The university at this time lacked a formal library. In 1774, the library already included 13,000 objects. In 1798 an earthquake closed the library; it soon reopened but was closed by the French in 1808, along with

60-451: A distinct and competing approach. Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis on economics, which comes from the Greek oikos (meaning "home") and nomos (meaning "law" or "order"). Political economy was thus meant to express

90-424: A favourable report upon Bandini’s suggestions. Bandini is memorialised for his enlightened discourse on economics with a statue in the centre of Siena's Piazza Salimbeni , by the main entrance to Banca Monte dei Paschi di Siena , who commissioned the work. The statue was completed by Italian sculptor Tito Sarrocchi in 1880, more than a century after Bandini's death. Political economy Political economy

120-418: A modern precursor to Classical Economic thought. Leading on from this, the French physiocrats were the first major exponents of political economy, although the intellectual responses of Adam Smith , John Stuart Mill , David Ricardo , Henry George and Karl Marx to the physiocrats generally receive much greater attention. The world's first professorship in political economy was established in 1754 at

150-402: A science". Citation measurement metrics from Google Ngram Viewer indicate that use of the term economics began to overshadow political economy around roughly 1910, becoming the preferred term for the discipline by 1920. Today, the term economics usually refers to the narrow study of the economy absent other political and social considerations while the term political economy represents

180-651: Is a microfoundations theory closely intertwined with political economy. Both approaches model voters, politicians and bureaucrats as behaving in mainly self-interested ways, in contrast to a view, ascribed to earlier mainstream economists, of government officials trying to maximize individual utilities from some kind of social welfare function . As such, economists and political scientists often associate political economy with approaches using rational-choice assumptions, especially in game theory and in examining phenomena beyond economics' standard remit, such as government failure and complex decision making in which context

210-487: Is a branch of political science and economics studying economic systems (e.g. markets and national economies ) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within the discipline are systems such as labour markets and financial markets , as well as phenomena such as growth , distribution , inequality , and trade , and how these are shaped by institutions, laws, and government policy. Originating in

240-463: The Santa Maria della Scala (Siena) , among them the precious Byzantine lectionary Gospels (designated by ℓ 283 on the list Gregory-Aland ) already part of the treasure of the same institution (X. IV. 1). In 1866, the editor Giuseppe Porri left to the library his collection of stamps, signatures, coins, medals and signature seals. In 1932 the podestà of Siena, Fabio Bargagli Petrucci, became

270-609: The University of Naples Federico II in southern Italy . The Neapolitan philosopher Antonio Genovesi was the first tenured professor. In 1763, Joseph von Sonnenfels was appointed a Political Economy chair at the University of Vienna , Austria. Thomas Malthus , in 1805, became England's first professor of political economy, at the East India Company College , Haileybury, Hertfordshire . At present, political economy refers to different yet related approaches to studying economic and related behaviours, ranging from

300-519: The University of Siena , under the agreement that the almost 3000 volumes would be made publicly available. From this donation the Biblioteca della Sapienza was formed, now known as Biblioteca Comunale degli Intronati . Bandini was born Sallustio Antonio Bandini in Siena to a prominent local family. His father was Patrizio Bandini and his mother was Caterina Piccolomini di Modanella, a member of

330-595: The political business cycles , central-bank independence and the politics of excessive deficits. An interesting example would be the publication in 1954 of the first manual of Political Economy in the Soviet Union, edited by Lev Gatovsky , which mixed the classic theoretical approach of the time with the soviet political discourse. A rather recent focus has been put on modeling economic policy and political institutions concerning interactions between agents and economic and political institutions , including

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360-403: The 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics . Political economy originated within 16th century western moral philosophy , with theoretical works exploring the administration of states' wealth; political signifying

390-457: The Greek word polity and economy signifying the Greek word οἰκονομία ; household management. The earliest works of political economy are usually attributed to the British scholars Adam Smith , Thomas Malthus , and David Ricardo , although they were preceded by the work of the French physiocrats , such as François Quesnay and Anne-Robert-Jacques Turgot . In the late 19th century,

420-459: The Sienese marshes , Discorso Economico , offered in manuscript to the grand-duke Francis II in 1739; but not printed till 1775 ( Prima edizione di Firenze per Gaetano Cambiagi stampator granducale ), fifteen years after Bandini’s death. A second edition was issued by Pietro Custodi, Scrittori classici italiani di economia politica , Milan, 1803, Parte moderna , Tomo I. Bandini’s essay contains

450-484: The University of Siena. The library was restarted by the commune in 1810, and amassed further manuscripts from the suppressed convent of Sant'Agostino . The collection over the centuries has been greatly enhanced by additional donors, including the manuscripts and designs owned by Giuseppe Ciaccheri (1724-1804), pupil of Bandini, and the first librarian of the collection. In 1786 the library received works housed in

480-654: The administrator and added his collection of public documents, christening it with the name "Intronati", in memory of the Accademia degli Intronati of the 18th century. Atop the entrance to the Historical Reading room of the library is a plaque with the six statutes of the old Accademia in Latin: In the 1990s reconstruction led to designation of a specific hall. Some material of the Museo archeologico nazionale

510-457: The adoption of these maxims, constitute the lower part of the province of Siena and about two-fifths of the whole of Tuscany . His maxims, neglected by Francis, inspired the policy of the grand-duke Peter Leopold of Tuscany , but the Maremma benefited by it only after the granduke had charged the mathematician Leonardo Ximenes to investigate the hydrostatical problems of the case, and received

540-513: The better for the consumers, because more produce will be produced for them.” — (4) “The want of commercial and industrial liberty causes famines .” — (5) “ Laws against monopolies (natural) and corners are based on prejudices.” — (6) Rapidity and facility of exchange, not abundance of money, are the causes of wealth. — (7) A single tax is easier and cheaper for all parties concerned than a great many; it ought to be imposed on land and farmed out. The Sienese marshes, which Bandini hoped to reclaim by

570-554: The combination of economics with other fields to the use of different, fundamental assumptions challenging earlier economic assumptions. Political economy most commonly refers to interdisciplinary studies drawing upon economics , sociology and political science in explaining how political institutions, the political environment, and the economic system — capitalist , socialist , communist , or mixed —influence each other. The Journal of Economic Literature classification codes associate political economy with three sub-areas: (1)

600-556: The distinction between "profit" and "sustenance", in modern political economy terms, surplus and that required for the reproduction of classes respectively. He also calls for the creation of a science to explain society and goes on to outline these ideas in his major work, the Muqaddimah . In Al-Muqaddimah Khaldun states, "Civilization and its well-being, as well as business prosperity, depend on productivity and people's efforts in all directions in their own interest and profit" – seen as

630-445: The following leading principles of political economy . (1) “Human nature gives its best when it can act unfettered; consequently, the fewer and simpler the laws the better.” — (2) As a corollary from the preceding principle, “abolition of all vexatious taxes and reduction of state officials to a minimum.” — (3) Abolition of laws regulating prices; “if proprietors and peasants grow rich through high prices of agricultural produce, so much

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660-421: The importance of institutions , backwardness , reform and transition economies , the role of culture , ethnicity and gender in explaining economic outcomes, macroeconomic policy , the environment , fairness and the relation of constitutions to economic policy , theoretical and empirical. Other important landmarks in the development of political economy include: Because political economy

690-412: The influential Piccolomini nobility. He was their third son. Brought up as a soldier , he preferred retiring into the country and giving himself up to agriculture . In 1705, he took holy orders , and became an archdeacon in 1723. He was president of the Accademia dei Fisiocritici, a learned society intended to promote natural sciences rather than literature . In 1737, he wrote his famous essay on

720-581: The laws of production of wealth at the state level, quite like economics concerns putting home to order. The phrase économie politique (translated in English to "political economy") first appeared in France in 1615 with the well-known book by Antoine de Montchrétien , Traité de l'economie politique . Other contemporary scholars attribute the roots of this study to the 13th Century Tunisian Arab Historian and Sociologist , Ibn Khaldun , for his work on making

750-557: The role of government and/or class and power relationships in resource allocation for each type of economic system ; (2) international political economy , which studies the economic impacts of international relations ; and (3) economic models of political or exploitative class processes. Within the field of political science, there is generally a distinction between international political economy (studied by international relations scholars) and comparative political economy (studied by comparative politics scholars). Public choice theory

780-476: The seeming discrepancy of economic policy and economist's recommendations through the lens of transaction costs . From the mid-1990s, the field has expanded, in part aided by new cross-national data sets allowing tests of hypotheses on comparative economic systems and institutions. Topics have included the breakup of nations, the origins and rate of change of political institutions in relation to economic growth , development , financial markets and regulation,

810-427: The term economics gradually began to replace the term political economy with the rise of mathematical modeling coinciding with the publication of the influential textbook Principles of Economics by Alfred Marshall in 1890. Earlier, William Stanley Jevons , a proponent of mathematical methods applied to the subject, advocated economics for brevity and with the hope of the term becoming "the recognised name of

840-409: The term "positive political economy" is common. Other "traditional" topics include analysis of such public policy issues as economic regulation , monopoly , rent-seeking , market protection , institutional corruption and distributional politics. Empirical analysis includes the influence of elections on the choice of economic policy, determinants and forecasting models of electoral outcomes,

870-511: The time of Renaissance and Reformation. Among the collections are: Sallustio Bandini Sallustio Bandini (19 April 1677 – 8 June 1760) was an Italian archdeacon , economist, and politician. He was an advocate of free trade , and removal of local feudal tariffs and tolls. He wrote an influential piece on this subject, titled Discorso Economico sopra la Maremma di Siena , published posthumously in 1775. Approximately two years before his death, Bandini donated his private library to

900-443: Was transferred to the former monastery adjacent to Santa Maria della Scala . In 1935 the collection of the library was estimated at 120,000 volumes, 86,000 brochures, 820 incunabula, 5,226 manuscripts, 20,000 autographs, and stamps. Currently, the library's collection of printed books and manuscripts is estimated at over half a million units. The archive of the library is divided in twenty-nine series. Special value have documents from

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