Traditional Economics Vs Political Economy (ECN. 361—Question 1)—Mon.14/8/2017

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ECONS 361
QUESTION: WHAT IS THE REAL MEANING OF DEVELOPMENT
ANSWER:
Development’ is a concept which is contested both theoretically and politically, and is inherently both complex and ambiguous. Recently it has taken on the limited meaning of the practice of development agencies, especially in aiming at reducing poverty and the Millennium Development Goals. (Thomas, 2004: 1, 2)
It would be an understatement to say that the definition of ‘development’ has been controversial and unstable over time. As Thomas (2004: 1) argues, development is ‘contested, complex, and ambiguous’. Gore (2000: 794–5) notes that in the 1950s and 1960s a ‘vision of the liberation of people and peoples’ dominated, based on ‘structural transformation’. This perception has tended to ‘slip from view’ for many contributors to the development literature. A second perspective is the definition embraced by international development donor agencies that Thomas notes. This is a definition of development which is directly related to the achievement of poverty reduction and of the Millennium Development Goals (MDGs). There is a third perspective from a group of writers that Hickey and Mohan (2003: 38) broadly identify as ‘post-modernists’. The ‘post-modern’ position is that ‘development’ is a ‘discourse’ (a set of ideas) that actually shapes and frames ‘reality’ and power relations. It does this because the ‘discourse’ values certain things over others. For example, those who do not have economic assets are viewed as ‘inferior’ from a materialistic viewpoint. In terms of ‘real development’ there might be a new ‘discourse’ based on ‘alternative value systems’ which place a much higher value on spiritual or cultural assets, and within which those without significant economic assets would be regarded as having significant wealth. We would argue that there are three discernable definitions of ‘development’. The first is historical and long term and arguably relatively value free ‘development’ as a process of change. The second is policy related and evaluative or indicator led, is based on value judgements, and has short- to medium-term time horizons – development as the MDGs, for example. The third is post-modernist, drawing attention to the ethnocentric and ideologically loaded Western conceptions of ‘development’ and raising the possibilities of alternative conceptions.
The first conceptualization is that ‘development’ is a process of structural societal change. Thomas (2000, 2004) refers to this meaning of development as ‘a process of historical change’. This view, of ‘structural transformation’ and ‘long-term transformations of economies and societies’, as Gore noted, is one that predominated in the 1950s and 1960s in particular. Today, one might argue that this definition of development is emphasized by the academic or research part of the development community but that there is less emphasis on this perspective in the practitioner part of the development community.
From:
Ome Anthonia Ijeoma
Reg.No: 2016/SD/36576
Department of Education Economics

NAME: EZE FIDELIA CHINELO
REG NO.: 2013/SD/32573
DEPARTMENT: EDU/ECO

If economics is the study of the optimal use of scarce resources, political economy begins with the political nature of decision-making and is concerned with how politics will affect economic choices in a society. Society should be defined broadly to include not only countries or other such jurisdictions, but also firms, social groups, or other organizations. Obviously, we cannot go much further without being more precise about what we mean by the term ‘‘politics.’’ In the political science literature politics is defined as the study of power and authority, and the exercise of power and authority. Power, in turn, means the ability of an individual or group to achieve outcomes which reflect his objectives. Similarly, authority ‘‘exists whenever one, several, or many people explicitly or tacitly permit someone else to make decisions for them in some category of acts. Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy. Political economy is fundamentally about how we organize our lives and provide for our basic (and more complex) needs. While in Traditional Economy, the use of scarce resources and nearly all other economic activity stems from ritual, habit, or custom. Habit and custom dictate most social behavior. Individuals are generally not free to make decisions on the basis of what they want or would like to have. Instead, their roles are defined by the customs of their elders and ancestors. Community interests take precedence over the individual. Traditional economies tend to discourage new ideas and new ways of doing things. These strict roles punish people for acting differently or break rules. This lack of progress leads to economic stagnation and a lower standard of living than in other economic systems (such as political economy). Examples of a traditional economy would be the central African Mbuti, Australian Aborigines, and other indigenous peoples around the world.
In summary political economy is concerned with how politics will affect economic choices in a society. While in traditional economy customs of their elders and ancestors defines the role an individual i.e. Individuals are generally not free to make decisions on the basis of what they want or would like to have.

OKORIE UKAMAKA SARAH
2013/SD/32600
5/5
Development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues.

Difference between traditional economy and political economy
In this brand of economy, the closeness of the societal structure generally insures that every member of society has a purpose and as well, a participatory function in society.
This brand of economics also provides less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic systems.
While in political economy may seem like a utopian form of economics, they also have many disadvantages. In command economies there is very little freedom.
The individual usually doesn't have the opportunity to decide what they want to do for a career, and they have no control over the goods they receive.
Another major problem is that there is little reason for innovations, hard work, or quality of the work. Also, political economy owns the companies, so if production needs need to be shifted into a different area, the government is capable of doing it rather quickly.
Why study development
A study of Development presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. Also, the study of development helps us to;
• Understand the extent rapid population growth help or hinder development.
• Whether is it necessary for economies to go through a process of structural transformation – and how does this take place.
• the role of education and health care provision in contributing to the process of development.
• how important is it for countries to engage in international trade in the context of a globalising economy.
• how less-developed countries achieve sustainable development.

NAME: UGWUATA SAMSON UGOCHUKWU
REG NO: 2013/SD/32704
DEPT: EDU/ECONS
YEAR: 5/5

(1) (No 1 361) THE REAL MEANING OF DEVELOPMENT
The Explanation of Development by Bardor: according to him, complexity science which belatedly getting more attention from the mainstream economists, give the new perspective to the meaning of development.
(2) THE DIFFERENCE BETWEEN POLITICAL ECONOMIC AND TRADITIONAL ECONOMIC: political economy is a term used for studying production and trade, and their relations with law, custom and government, as well as with the distribution of National income and wealth. Political economy originated from moral philosophy, it was developed in 18the century as the study of economics of state, or politics, hence the term political economy. In the late 19th century, the term economics came to replace political economy. Coinciding with the publication of an influence text book by Alfred Marshall in 1890.
While the traditional economy is a system where the allocation of available resources is made on the basis of inheritance as a deep rooted Economic theory with well built social set up. Traditional Economy generally make use of prehistoric instrument and techniques from time immemorial conventional and age old human occupation like Agriculture remain focal point of interest for traditional Economy. This is perhaps the only economic theories which have evolve historically in certain countries. However all nation having traditional Economy this day work had to switch over to more contemporary concept like mixed Economy, command Economy, market Economy to keep the pace with modern Economic trends and happening.
(3) WHY STUDY DEVELOPMENT
(1) Development economics is fascinating because it show how economics analysis can help us to understand the big themes of 21st century-poverty and inequality, globalization and trade and the contrasting experience of success and failure in the economics of different region of the world. One of the most striking characteristics of the world economy in recent decades has been the growing inequality in the distribution of resources between different parts of the world.
(2) Development Economics attempts to explore some of the Economic challenges peculiar to some of the poorest countries in the world, its study solve the following question.
i. To what extent does rapid population growth help to hinder development
ii. Is it necessary for economies to go through a process of structural transformation
iii. What is the role of education and health care provision in contributing to the process of development.
iv. How important is it for countries to engage in international trade
v. How can less developed countries achieve substantial development
(3) By studying Economic development you will have the opportunity to apply the tools of economic analysis to the problem and challenges’ facing less- developed countries and to begin to understand why some countries have been able to go through a process of economic and human development while others have languished in poverty.

THE DIFFERENCES BETWEEN TRADITIONAL ECONOMICS AND POLITICAL ECONOMICS
A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods.
Although this type of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven; over 400 million people across the globe still practice this methodology, as researched by the World Bank.

In this brand of economy, the closeness of the societal structure generally insures that every member of society has a purpose and as well, a participatory function in society.
This brand of economics also provides less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic systems.

One of the few advantages existing in a traditional economy is that the roles of individuals are clearly defined.
Every member of the society knows exactly what they are to do and most don't have any complaints about it.

There are also many disadvantages to this type of society.
These societies are often very slow to change and when new technologies are introduced, these ideas and techniques are discouraged.

Command Economy
Command economies have many advantages to it. One advantage is that equality is focused on.
The government tries to eliminate all private property and distribute its good equally. If done correctly no one is in poverty and no one is wealthier than another. Social services are also emphasized in this type of economy.
The government will provide equal health care, education opportunities, and make sure all people are fed.

A third advantage to this type of economy is that it is capable of rapid change for major problems.
The government owns the companies, so if production needs need to be shifted into a different area, the government is capable of doing it rather quickly.

A final major advantage of command economies is that they are very stable. Command economies will never have sudden depressions

Although command economies may seem like a utopian form of economics, they also have many disadvantages. In command economies there is very little freedom.
The individual usually doesn't have the opportunity to decide what they want to do for a career, and they have no control over the goods they receive.
Another major problem is that there is little reason for innovations, hard work, or quality of the work.

Since no one makes more money than everyone else, the people feel like there is no reason to work hard.
A third disadvantage is that there is little focus on consumer wants.
Finally, when it comes to minor day-to-day changes, the government has a hard time coping with them.

Both of these economies has it's own unique positives and negatives. It may seem like one economic system is better than another, but it all depends on what the viewer deems important.

OBANIJO VICTORIA TAYO
2013/SD/33162

1. WHAT IS THE REAL MEANING OF DEVELOPMENT?
The word development encompasses the need and the means by which to provide better lives for people in poor countries. It includes not only economic growth, although that is crucial, but also human development; providing for health, nutrition, education, and a clean environment.
Development theory first emerged after the second world war with modernization theorists such as WW. Rostow who argued that all countries would go through stages of growth on a path to development, and these stages were defined primarily around economic take-off, ending in an age of mass consumption.

2. CLEARLY DISCUSS THE DIFFERENCES BETWEEN TRADITIONAL ECONOMICS AND POLITICAL ECONOMICS
A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods. Although this kind of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven.
While a political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth.
In traditional economy, the roles of individuals are clearly defined, while political economy involves the use of game theory.
The societies are often very slow to change when new technologies are introduced in a traditional economy, while the political economy rejects old ideas about agencies, structures, material interests, states and markets. It seeks to make normative and explicit assumptions that encourage progressive political debates about societal preferences.

PETER ABEL OBAJE
2013/SD/32860

WHAT IS DEVELOPMENT?
Development means a situation whereby there is persistent growth in an economy over a long period of time. It comes into play when every hindrance to economic growth has been removed. By this, i would agree with the views of Amartya Sen on development.
Amartya Sen on Development
According to him, Development consists of the removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency” (Sen 1999). Sen defines the major factors that limit freedom as ‘poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or over activity of repressive states” (Sen 1999). He argues for the removal of these major factors. Sen focuses on crucial instrumental freedoms: economic opportunities, political freedoms, social facilities, transparency guarantees and protective security.
Sen does acknowledge that increases in poor people’s incomes do contribute to the expansion of their freedoms. Amartya Sen’s concept of Development as Freedom (1999) is highly acclaimed. He argues that human development is about the expansion of citizens capabilities.

DIFFERENCES BETWEEN TRADITIONAL ECONOMY AND POLITICAL ECONOMY
• In a traditional economy, production is mostly subsistence. This means that they are all for immediate consumption and not for commerce. Where as in a political economy, consumption is commercialized.
• Traditional economies are vulnerable to changes in nature, especially the weather. For this reason, traditional economies limit population growth. This is because production is centered on agriculture. Whereas, a political economy has production diversified into different sectors.

OTraditional economic vs political economic
Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering[citation needed][dubious ] and trading. Little surplus is produced[citation needed], and if any excess goods are made, they are typically given to a ruling authority or landowner.

A pure traditional economy has had no changes in how it operates (there are few of these today). Examples of traditional economies include those of the Inuit or those of the tea plantations in South India.[1] Traditional economies are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated.[2] As with the notion of contemporary primitiveness and with modernity itself, the view that traditional economies are backwards is not shared by scholars in economics and anthropology.One example of a traditional or custom based economy is Haiti.

Traditional economies may be based on custom and tradition,[3] with economic decisions based on customs or beliefs of the community, family, clan, or tribe.
Political economy
Not to be confused with Economic policy.

Jean-Jacques Rousseau, Discours sur l'oeconomie politique, 1758
Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy.

In the late 19th century, the term economics came to replace political economy, coinciding with the publication of an influential textbook by Alfred Marshall in 1890.[1] 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 a science."[2][3]

Today, political economy, where it is not used as a synonym for economics, may refer to very different things, including Marxian analysis, applied public choice approaches emanating from the Chicago school and the Virginia school, or simply the advice given by economists to the government or public on general economic policy or on specific proposals.[3] A rapidly growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of economic policies, especially as to distributional conflicts and political institutions.[4] It is available as an area of study in certain colleges and universities.
NAME: BABAKATCHA MOHAMMED ALHAJI
REG N0: 2015/SD/35007

NAME:OGARA RITA ONYEBUCHI
REG NO: 2016/SD/36303
Traditional economy is a system that relies on customs, history and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering or some combination of the above.
WHILE
Political economy is the study of production and trade and their links with custom, government and law. It is the study and use of how economic theory and methods influence and develop different social and economic systems, such as capitalism, socialism and communism, and it analyzes how public policy is created and implemented. Since various individuals and groups have different interests in how a country or economy is to develop, political economy as a discipline is a complex field, covering a broad array of potentially competing interests.

Name : UDIDA THERESA ALORYE
Reg :2016 /SD /36048
Dept: Edu/Econs
Traditional economy is an economic system in which traditions, customs and belief helps to shape the goods and services. The economy produces as well as the rules and manner of their distribution. It depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. Most traditional economies operate in emerging markets and developing countries.

While political economy is a term used for studying productions and trade, and their relations with law, custom and government, as well as with the distribution of natural income and wealth.
The differences between traditional economy and political economy are as follows:

In traditional economy each person understands what they are supposed to do or what their job is, While Political Economy gives you the tools to understand the issues facing the world and allows you to focus on the breakdown of those issues in to their important components.

Traditional economy everyone is aware of the resources and how they will be distributed among the group, While political economy cares about question of class that we don’t often hear about in our daily life i.e (don’t let anybody tell you that we live in a classless society)

In traditional economy there is less destruction to the environment because many of this traditional economy farm and use the land in a positive manner. While Political economy is fundamentally about how we organize our lives and provide for our basic and (more complex) needs it makes a practical difference in peoples’ lives.

Traditional economy depends on agriculture, fishing hunting crafts and livestock they also use trade by barter instead of paper money. While Political economy are concerned with allocation of scarce resources in a world of infinite wants and needs.

Name : UDIDA THERESA ALORYE
Reg :2016 /SD /36048
Dept: Edu/Econs
Traditional economy is an economic system in which traditions, customs and belief helps to shape the goods and services. The economy produces as well as the rules and manner of their distribution. It depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. Most traditional economies operate in emerging markets and developing countries.

While political economy is a term used for studying productions and trade, and their relations with law, custom and government, as well as with the distribution of natural income and wealth.
The differences between traditional economy and political economy are as follows:

In traditional economy each person understands what they are supposed to do or what their job is, While Political Economy gives you the tools to understand the issues facing the world and allows you to focus on the breakdown of those issues in to their important components.

Traditional economy everyone is aware of the resources and how they will be distributed among the group, While political economy cares about question of class that we don’t often hear about in our daily life i.e (don’t let anybody tell you that we live in a classless society)

In traditional economy there is less destruction to the environment because many of this traditional economy farm and use the land in a positive manner. While Political economy is fundamentally about how we organize our lives and provide for our basic and (more complex) needs it makes a practical difference in peoples’ lives.

Traditional economy depends on agriculture, fishing hunting crafts and livestock they also use trade by barter instead of paper money. While Political economy are concerned with allocation of scarce resources in a world of infinite wants and needs.

NAME: UGWU, LOVINA NKEIRUKA
REG. NO: 2013/SD/32794
YEAR OF STUDY: 5/5
COURSE TITLE & CODE: DEVELOPMENT ECONOMICS (ECO 361)
Clearly discus the differences between traditional economics and political economy
In first and foremost, to discuss the differences between traditional economics and political economy, one has to start with the definition of each and so on as follows:
To start with a traditional economy, it can be defined as that economic system in which customs, traditions and beliefs are rich in developing the goods and services for the area, while the political economy is that term that is used for studying production and trade and their relations with law, customs and government as well as with the distribution of national income and wealth.
In other words, traditional economics is the one built around the way a society lives while political economy is referred to the discipline that studies the interface between economics and politics, using the method of rational choice theory
Traditional economics is concerned with the efficient, least cost production of the scarce resources over time so as to produce the maximum possible range of goods and services while political economy is only concerned in the allocation of resources without much regards as to how they are produced or how limited those resources are.
Traditional economics may be based on one or a few of agriculture, hurting, fishing and gathering while political economy is concerned with interaction of political and economic processes within a society.
In traditional economics progress from hunters to farmers where they can place permanent structures and start a society while political economy meant the social custom, practice and knowledge about how to manage, first the household and later the community.
Traditional economics is geared towards individual self orientation in making decisions that concerns economic matters, on the other head, political economic structure is based on the current occupant of power to foresee economics decision makings.
Traditional economic is concerned with the cordial relationship that exists among societies, consumer sovereignty and automatic price adjustment while political economy talks about relationship between politics and the entire economic sectors.
Lastly, traditional economics are popularly conceived of as “primitive” or “undeveloped” economic systems, with tools and techniques seen as outdated while political economy is conceived as economy with modernized tools and techniques regard as developed or developing economy.

THREE REASONS FOR URBAN ECONOMIC
1. A framework for growth: Peoples moving to cities have a vision and follow it through with a framework to develop in an orderly manner. A framework is not about centralized command and control but a way to anticipate needs, coordinate efforts, and draw a path to a horizon that is collectively held. Major efforts to enhance livability, prosperity and equity have taken place in a number of well known cities. Such transformational impact is not a product of spontaneity, instead of constructive planning.
2. Physical Capital: An increased investment in physical capital such as factories, machinery and roads will lower the cost of economic activity. Better factories and machinery are more productive than physical labour. This can increase output.
3. A planned city is a well prepared city: Anticipating the future allows us to be better prepared today. By staying ahead of challenges, city leaders are ready to see opportunities and manage risks from a vantage point. With reliable information on the current situation, they will be able to make connections between the long-term vision and short term actions. On the other hand, cities that don’t actively plan for their future will likely be left behind. An increase in investment in human capital can improve the quality of the labour force. Cities are perceived as places where one could have a better life; because of better opportunities, higher salaries, better services, and better lifestyles. As a result, there is a massive movement of people from rural to urban areas within the country. When these labour forces are empowered, there will be economic growth because skilled labour force has a significant effect on growth.
From:
Ome Anthonia Ijeoma
Reg.No: 2016/SD/36576
Department of Education Economics

Name: Omeke Euphemia O.
Reg. No: 2013/SD/32626
Education/economics
Assignment on Econs 361: Developmental economics
Question:
a. Clearly discuss the different between traditional economy and political economy
b. What is the real meaning of development
Answer:
Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based. Also known as subsistence economy by bartering and trading. Little surplus are produced and if any excess goods are made, they are typically given to ruling authority or landowners.
Traditional economics are popularly conceived of as primitive or undeveloped economic systems, having tools or techniques seen as outdated. While
Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy is the study of the role of economic processes in shaping society and history.
It was developed in the 18th century as the study of the economics of states or polities, hence the term political economy.
In the late 19th century, the term economics came to replace political economy.
1. Difference between traditional economy and political economy
i. Traditional economy uses primitive tools for production while political economy uses modern techniques
ii. Traditional economy is farm-based while political economy is industrialized economy.
iii. In traditional economy, traditions, customs and belief help to shape the economic activities while political economy tries to find out how economic activities relate to laws, customs and belief.
iv. In traditional economics, small quantities of goods are produce while in political economy; goods are produced in large quantity.
2. What is the real meaning of development
Development means sustained improvement in country’s economic and social conditions. More especially it refers to improvements in way of managing an area’s natural and human resources in order to create wealth and improve people’s lives.
Economic development is a sustained increase in the economic standard of living of a country’s population, normally accomplished by increasing its stocks of physical and human capital and improving its technology.

WHAT IS THE REAL MEANING OF DEVELOPMENT
Development can simple be put as an improvement in country’s economic and social conditions development is also refers to improvements in way of managing an area’s natural and human resources. Put differently it is defined as the capacity of a state to increase its human resource with the aim of achieving higher outcome of production for the satisfaction of the basic needs of majority of its citizens and empowering them to make demands on the government. Development is not the sum of well-being of people in the economy and we cannot bring it about simply by making enough people in the economy better off. Development is instead a system-wide manifestation of the way that people, firms, technologies and institutions interact with each other within the economic, social and political system. Specifically, development is the capacity of those systems to provide self-organising complexity. Self-organising complexity in an adaptive system is never designed or deliberately built: it comes about from a process of adaptation and evolution.
from:
Nnechi Paulina Ebere
2016/SD/36090

THREE REASONS FOR URBAN ECONOMIC
1. A framework for growth
Thriving cities have a vision and follow it through with a framework to develop in an orderly manner. A framework is not about centralized command and control but a way to anticipate needs, coordinate efforts, and draw a path to a horizon that is collectively held. Major efforts to enhance livability, prosperity and equity have taken place in a number of well known cities. Such transformational impact is not a product of spontaneity, instead of constructive planning.
2. A planned city is a well prepared city
Anticipating the future allows us to be better prepared today. By staying ahead of challenges, city leaders are ready to see opportunities and manage risks from a vantage point. With reliable information on the current situation, they will be able to make connections between the long-term vision and short term actions. On the other hand, cities that don’t actively plan for their future will likely be left behind.
3. Planning improves impact
Local leaders are elected and appointed to deliver improvement. Given the magnitude of the challenges cities face, it is unlikely that all desired improvements will happen at once. Successful cities build momentum by undertaking priority projects that are aligned with the vision. Planning identifies pressing issues and available resources and makes sure that initiatives are not redundant or going in different directions.
from:
Ugwu Nkechinyere Jamine
2016/SD/36669

AMADI GLORIA ADAEZE
REG:2016/SD/36254
DEPT: EDU.ECONOMICS

Traditional economy is an original economic system in which traditions, customs and belief helps to shape the goods and services. The economy produces as well as the rules and manner of their distribution. It depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. Most traditional economies operate in emerging markets and developing countries.

While political economy is a term used for studying productions and trade, and their relations with law, custom and government, as well as with the distribution of natural income and wealth.
The differences between traditional economy and political economy are as follows:

In traditional economy each person understands what they are supposed to do or what their job is, While Political Economy gives you the tools to understand the issues facing the world and allows you to focus on the breakdown of those issues in to their important components.

Traditional economy everyone is aware of the resources and how they will be distributed among the group, While political economy cares about question of class that we don’t often hear about in our daily life i.e (don’t let anybody tell you that we live in a classless society)

In traditional economy there is less destruction to the environment because many of this traditional economy farm and use the land in a positive manner. While Political economy is fundamentally about how we organize our lives and provide for our basic and (more complex) needs it makes a practical difference in peoples’ lives.

Traditional economy depends on agriculture, fishing hunting crafts and livestock they also use trade by barter instead of paper money. While Political economy are concerned with allocation of scarce resources in a world of infinite wants and needs.

RELATIONSHIP BETWEEN URBAN ECONOMICS AND OTHER SOCIAL SCIENCE
Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society. It in turn has many branches, each of which is considered a "social science". The social sciences include economics, political science, human geography, demography, psychology, sociology, anthropology, archaeology, jurisprudence, history, and linguistics. The term is also sometimes used to refer specifically to the field of sociology, the original 'science of society', established in the 19th century.
Urban economics is essentially the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance.
More narrowly, it is a branch of microeconomics that studies urban spatial structure and the location of households and firms.
Yes, there is relationship because urban economics and other social sciences. They all have in common the aim of studying the society, although urban economics studies a subset of the society which is the urban settlements.
BY
OKEY KINGSLEY NNANNA
DEPT: EDU/ECONOMICS
REG: 2016/SD/36836
ECONS 261

ECONS 361
QUESTION: WHAT IS THE REAL MEANING OF DEVELOPMENT
ANSWER:
Development’ is a concept which is contested both theoretically and politically, and is inherently both complex and ambiguous. Recently it has taken on the limited meaning of the practice of development agencies, especially in aiming at reducing poverty and the Millennium Development Goals. (Thomas, 2004: 1, 2)
It would be an understatement to say that the definition of ‘development’ has been controversial and unstable over time. As Thomas (2004: 1) argues, development is ‘contested, complex, and ambiguous’. Gore (2000: 794–5) notes that in the 1950s and 1960s a ‘vision of the liberation of people and peoples’ dominated, based on ‘structural transformation’. This perception has tended to ‘slip from view’ for many contributors to the development literature. A second perspective is the definition embraced by international development donor agencies that Thomas notes. This is a definition of development which is directly related to the achievement of poverty reduction and of the Millennium Development Goals (MDGs). There is a third perspective from a group of writers that Hickey and Mohan (2003: 38) broadly identify as ‘post-modernists’. The ‘post-modern’ position is that ‘development’ is a ‘discourse’ (a set of ideas) that actually shapes and frames ‘reality’ and power relations. It does this because the ‘discourse’ values certain things over others. For example, those who do not have economic assets are viewed as ‘inferior’ from a materialistic viewpoint. In terms of ‘real development’ there might be a new ‘discourse’ based on ‘alternative value systems’ which place a much higher value on spiritual or cultural assets, and within which those without significant economic assets would be regarded as having significant wealth. We would argue that there are three discernable definitions of ‘development’. The first is historical and long term and arguably relatively value free ‘development’ as a process of change. The second is policy related and evaluative or indicator led, is based on value judgements, and has short- to medium-term time horizons – development as the MDGs, for example. The third is post-modernist, drawing attention to the ethnocentric and ideologically loaded Western conceptions of ‘development’ and raising the possibilities of alternative conceptions.
The first conceptualization is that ‘development’ is a process of structural societal change. Thomas (2000, 2004) refers to this meaning of development as ‘a process of historical change’. This view, of ‘structural transformation’ and ‘long-term transformations of economies and societies’, as Gore noted, is one that predominated in the 1950s and 1960s in particular. Today, one might argue that this definition of development is emphasized by the academic or research part of the development community but that there is less emphasis on this perspective in the practitioner part of the development community.
From:
Ome Anthonia Ijeoma
Reg.No: 2016/SD/36570
Department of Education Economics

OLIYE SHITTU ABBAS
2016/SD/36279
DEPT: EDU/ECONOMICS
QUESTION: WHAT IS THE REAL MEANING OF DEVELOPMENT.
DEVELOPMENT
Since the world war, development has been synonymous with economic, social, and political change in the countries of Africa, Asia, Latin America, the Caribbean and the South Pacific.
Development therefore could be defined as the capacity of a state to increase its human resource with the aim of achieving higher outcome of production for the satisfaction of the basic needs of majority of its citizens and empowering them to make demands on the government.
The questions to ask about a country’s development are three: What has been happeningto poverty? What has been happening to unemployment? What has been happening to inequality? If all three of these have declined from high levels, then beyond doubt this has been a period of development for the country concerned. (Seers, 1977, p. 3) These three things are considered the central challenges that nations battle with and try to combat or at least try to minimize.
TWO MAJOR DIMENSIONS OF DEVELOPMENT
The two major dimensions of development are the economic dimension and the social dimension
The economic dimension tends to equate development with economic growth and is measured by economic indicators such as the GDP and GNP. Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, usually on an annual basis. Gross National Product (GNP) is a measure of a country’s economic performance, or what its citizens produced (good and services) and whether they produced these items within its borders. This economic dimension was adopted by planner in their attempt to ensure development. This idea was so dominant that even the UN believed that economic progress was synonymous with development in general.
On the other hand social dimension looks at development through improvements in the lifestyles of people, health, education, empowerment, mortality rate and a host of other indicators.
Sustainable development, however is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.

Name: Obeta Eric Ikechukwu
Reg. No: 2016/SD/36673
DEVELOPMENT ECONOMY
This is a full course that covers all the major issues and developments in the field of development.
Development economy is the process by which a nation or a country improves the economic, political and social well-being of its citizens.
In development economy, we have economic growth and development economy, when we talk of economic growth, we mean Gross National Products while development economy has an even greater scope in addition to being concern with efficient allocation of existing national scarce resources. Development economy brings about rapid and large scale improvement in the level of the living for the people of a country in a manner that will most efficiently bring the fruit of economic progress to the broadest segments of societies.

Ugwu Benedette chinasa
Reg.no: 2014/SD/34208
Traditional economy is an original Economic system in which customs, beliefs and traditions help shape the goods and services the economy produces as well as the rules and manner of their distribution while political economy is a term used for studying production and trade, and their relations with laws, custom, and government as well as with the distribution of national income and wealth.

OLIYE SHITTU ABBAS
DEPT: EDU/ECONOMICS
2016/SD/36279
ECN 261
RELATIONSHIP BETWEEN URBAN ECONOMICS AND OTHER SOCIAL SCIENCE
Urban economics is essentially the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance.
More narrowly, it is a branch of microeconomics that studies urban spatial structure and the location of households and firms.
Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society. It in turn has many branches, each of which is considered a "social science". The social sciences include economics, political science, human geography, demography, psychology, sociology, anthropology, archaeology, jurisprudence, history, and linguistics. The term is also sometimes used to refer specifically to the field of sociology, the original 'science of society', established in the 19th century.
The Relationship
Yes, there is relationship because urban economics and other social sciences. They all have in common the aim of studying the society, although urban economics studies a subset of the society which is the urban settlements.

THE DIFFERENCES BETWEEN TRADITIONAL ECONOMY AND POLITICAL ECONOMY

BY
NAME: EZE, FIDELIS OKONKWO
REG. NO: 2016/SD/35597
DEPT: SOCIAL SCIENCE EDUCATION
COURSE OF STUDY: EDUCATION/ECONOMICS
LECTURER: DR ORJI
LEVEL: 2/5
Political economy, branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology while Traditional Economy is a system where the allocation of available resources is made on the basis of inheritance.
While political economy deals between individuals and society and between markets and the state traditional economy focuses on social set-up and generally makes use of prehistoric instruments and techniques.
While the traditional economy actually nurtures a feeling of unity among individuals, helping in the development of a social bond and sense within them by reducing mutual hostilities, political economy nurtures a feeling of national unity among the generality of the national interest thereby helping in the development of the nations GDP.
In the traditional economy, the entire population is engaged in activities of some kind or the other, their mind never sit idle to plan criminal activities. Hence, there is a significant decrease in the rates of crime and thus permits people to enjoy more independence against minimum or no financial expenses while in the political economy, the entire populace strive to achieve national economic independence nation wide.
In political economy, emphasis is on the generality of the public but in traditional economy, emphasis is mainly about popular autonomy, where productions take place as per the demand generated.
In traditional economy, all transactions are based on trade or bartering system while in political economy, transaction is based on the exchange of goods and services with money as medium of exchange.
In political economy, political economists attempts to understand domestic macroeconomic policy and its influence on political institutions (e.g., legislatures, executives, and judiciaries) and the levels of implementation of public policy by the bureaucratic agencies but in traditional economy, it is the traditional rulers that determines the societal levels of improvement. In the former, the influence of political and societal actors (e.g., interest groups, political parties, churches, elections, and the media) and ideologies (e.g., democracy, fascism, or communism) also is gauged while in the later, these does not apply.
Conclusion:
In a nutshell, in political economy, the national economic system is being managed and run by political office holders elected on the plat form of political parties, but in the traditional economy, the societal economy system is being run by the traditional rulers that assumed office on the basis of inheritance or societal kingship cultural system.

EZE, FIDELIS OKONKWO
2016/SD/35597

References
Ake, C., (eds) (1985). Political Economy of Nigeria, Longman, London.
Alavi,H.and Shamin, T. (eds)(1982). Sociology of Developing Societies, Macmillan, London.
Aluko, Olajide (1987). Politics of Decolonization in British West Africa, 1945-1969 in J. F. Ajayi and Michael Crowder, History of West Africa, Vol. 11, Longman, London.
Anikpo, Mark (1985). Nigeria’s Evolving Class Structure in C. Alle (ed) Political Survey Of Nigeria, Longman, London.
Art, Robert and Robert Jerris (2007). International Politics. Enduring Concepts and Contemporary Issues. 8th edition, Pearson Longman, NY.
Brett, E. A. (1973). Colonialism and Underdevelopment in East Africa: The Politics of Economic Change, 1919-1934. Nok Publisher, London.
Brighouse, Harry (2006). On Education, London, Rutledge Taylor and Francis’ Group.
Carr, E. H., (1961). What is History? Penguin Book, London.
Cohen, A., (1969). Custom and Politics in Urban Africa, Selected Readings London, Longman, 1981.

A Comparison of Social Capital in Rural and Urban Settings

Introduction
A rapidly expanding literature exists on social capital and its importance to rural and urban communities. Social capital refers to the "…stocks of social trust, norms and networks that people can draw upon in order to solve common problems" (Siranni and Friedland). These networks involve activities of "civic engagement" such as neighborhood associations, service and charitable clubs, volunteerism and the like. In both rural and urban communities, social capital refers to the institutions and mechanisms whereby residents relate to and interact with each other to solve problems for the common good.
This paper examines some of the ways in which social capital networks develop and operate and contrasts the differences between rural and urban settings based on "case study observations" of rural communities and urban subdivisions. A list of potential researchable questions involving social capital is developed and some ideas are proposed for empirically analyzing these questions and issues.
It is widely believed that in neighborhoods where social capital is strong–and, in this instance, those in both rural and urban communities where social networks exist comprising the fabric of social capital–have a very desirable quality of life and have great economic growth potential. In communities where social capital is accumulating, local residents increasingly work with each other to identify problems, share ideas and identify solutions to problems which benefit the entire community. These kinds of activities are essential if communities are to develop comprehensive plans for encouraging economic development. The evaluation of the local community as being either a desirable or undesirable place for employees to live may be an important factor for businesses seeking sites for new facilities.
Sociologists, Economists and Social Capital
Sociologists and economists have taken decidedly different approaches in analyzing social capital issues. Sociologists see social capital from the perspective of how people relate to and form networks with or otherwise interact with each other. In contrast, much of the economic literature has focused on describing social capital by employing series of mathematical equations describing how one person's utility may be influenced by the by the behavior of others The very core of economics is the belief that individuals, acting in their own selfish interest, will, by their selfish actions achieve that which is best for all. The profit motive and utility maximization are inherently "I" oriented. Not surprisingly, then, many economists become uncomfortable when altruistic questions involving "we" rather than "I" are raised. Altruism (that is, the utility of individual i influencing the utility of individual j) is inherent in the concept of social capital. Lynne's discussion of "I" versus "we" provides an excellent overview if this dilemma. An excellent starting point for understanding the sociologists' perspective on social capital can be found by reading the two cited articles by Flora and Flora. In contrast, the economic perspective on social capital is outlined in articles by Robison and Hanson and by Schmid and Robison.

BY UGWU ANGELA ANAYO……..2016/SD/35602

UGWU ANGELA ANAYO

2016/SD/35602

Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy.
In the late 19th century, the term economics came to replace political economy, coinciding with the publication of an influential textbook by Alfred Marshall in 1890.[1] 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 a science."
Today, political economy, where it is not used as a synonym for economics, may refer to very different things, including Marxiananalysis, applied public choice approaches emanating from the Chicago school and the Virginia school, or simply the advice given by economists to the government or public on general economic policy or on specific proposals.[3] A rapidly growing mainstream literature from the 1970s has expanded beyond the model of economic policy in which planners maximize utility of a representative individual toward examining how political forces affect the choice of economic policies, especially as to distributional conflicts and political institutions.[4] It is available as an area of study in certain colleges and universities.WHILE TRADITIONAL ECONOMICSIS
A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods.
Although this type of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven; over 400 million people across the globe still practice this methodology, as researched by the World Bank.

In this brand of economy, the closeness of the societal structure generally insures that every member of society has a purpose and as well, a participatory function in society.
This brand of economics also provides less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic systems.

One of the few advantages existing in a traditional economy is that the roles of individuals are clearly defined.
Every member of the society knows exactly what they are to do and most don't have any complaints about it.

There are also many disadvantages to this type of society.
These societies are often very slow to change and when new technologies are introduced, these ideas and techniques are discouraged.

CHUKWUEMEKA AMARACHI
REG. NO: 2016/SD/
FACULTY OF SOCIAL SCIENCE
DEPARTMENT OF EDUCATION/ECONOMICS
2/5
Discuss the difference between Traditional Economics and Political Economy
Traditional Economy is a system where the allocation of available resources is made on the basis of inheritance. It is found in rural regions with high level survival farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies.
A traditional economy is where people produce most of what they need to survive. Hunting and gathering, farming, and herding cattle are the bases of traditional economy. People hunt for the food they eat or raise it themselves. Often they make their own clothing and tools. If they produce more food than they need, they trade the surplus, or extra food, for goods made by others. While
Political Economy is where the goods and services are available for the purchase and the prices are regulated by the central or state government. The government has a power to take decision regarding the production, utilization of the finished product, and allocation of the revenues earned from the distribution.
The aim of political economy is to gather the resources that can be invested in a country and can get the profit. The government says that controlling the economy will give more jobs to people of the country which will increase the way of living of the people.

NAME: NWAGBALAHIA MARY
REG NO:2016/SD/36395
Traditional economy: is the system of economics originated by the traditions customs and beliefs shapes the goods and services of the economy produce. It is also known as subsistence economy in which the manner of distribution of their produce is typically given by their ruling authority and land owners. Traditional economies countries are conceived as primitive or undeveloped economics systems having tools or techniques as outdated. It is not shared by scholars in economics and anthropology, the final decision in traditional economy is based on their traditions, customs, beliefs and tribes.
WHILE
POLITICAL ECONOMY is the study of production and trade with the connect of customs, government and law. It is the study that uses economics theory and method influences and develops different economics systems: capitalism, socialism and communism and it analyzes how public policy are created and implemented. Groups and individuals have various interest in how a country or economy is to develop. Political economy as a discipline is complex field, covering a broad array of potential competing interest. It can be approached in three different ways:
1. Interdisciplinary studies
2. New political economy
3. International political economy.

NAME: UBOGWU SAMUEL
REG NO: 2016/SD/36449
TRADITIONAL ECONOMY is an economic system that relies on heredity and custom to determine what is produced, how it is produced, who produces it, and how it is distributed.
Traditional economic systems rely on cultural traditions to govern the production, distribution, and consumption of goods and services in a society. In these societies, people primarily rely on bartering, farming, and hunting and gathering. Their family ties are of critical importance to their place or "station" in life. Family and gender determine many facets of individuals' lives, including job, economic status, and social status.
WHILE
POLITICAL ECONOMY is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. 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

NAME; AWOKE BLESSING REG.NO.2016/SD/36225
Question:
Clear discuss the differences between traditional economics and political economics.
Answer:
TR ADITIONAL ECONOMICS:
Traditional economics refers to the more primitive principal of modern economic that are most commonly used in under developed countries that have not yet embraced rapid technological and changes that have occurred in the study of economics over years.
Traditional economics relies on the use of old cultures, trends and customs in allocating scarce resources to obtain a benefit. It is also deals with capitalist world of perfect market, consumer solvent automatic price adjustment decision made on basis marginal private and utility calculation and equilibrium out come in all products.
Traditional economics is also involves the use of farming, hunting and pastoral activities by individuals to meet their daily consumption needs.
POLITICAL ECONOMICS:
Political economics is the study of production and trade and their links with custom, government and law.
It is the study and use of how economics theory and method influence and develop different social and economic system, such as capitalism, socialism and communism and it analyzes how public policy is created and implemented.
Political economics is concerned with relationship between politice and economics with specify influence with role of power in economics decision making. Political economics is also the use of game theory.

NAME; AWOKE BLESSING REG.NO.2016/SD/36225
Question:
Clear discuss the differences between traditional economics and political economics.
Answer:
TR ADITIONAL ECONOMICS:
Traditional economics refers to the more primitive principal of modern economic that are most commonly used in under developed countries that have not yet embraced rapid technological and changes that have occurred in the study of economics over years.
Traditional economics relies on the use of old cultures, trends and customs in allocating scarce resources to obtain a benefit. It is also deals with capitalist world of perfect market, consumer solvent automatic price adjustment decision made on basis marginal private and utility calculation and equilibrium out come in all products.
Traditional economics is also involves the use of farming, hunting and pastoral activities by individuals to meet their daily consumption needs.
POLITICAL ECONOMICS:
Political economics is the study of production and trade and their links with custom, government and law.
It is the study and use of how economics theory and method influence and develop different social and economic system, such as capitalism, socialism and communism and it analyzes how public policy is created and implemented.
Political economics is concerned with relationship between politice and economics with specify influence with role of power in economics decision making. Political economics is also the use of game theory.

Name; Ndukwe Kalu Chioma Reg.No. 2016/SD/36609
Question; State clearly the difference between traditional and political economy
Answer;
1. In societies with a traditional economy, the use of scarce resources and nearly all other economic activities stems from habits or customs while political economy stems from individual interest.
2. In traditional economy, economics activities (resources activities) i.e. habits and customs are the ones that dictate most social behaviour while Power and authority dictates most social behavior under political economy.
3. Traditional economics tends to discourage new ideas and techniques. These may cause lack of progress which may lead to economic stagnation and a lower standard of living than in other economic systems while in political the power holder buys the idea of technological inventions and scientific techniques but not so in that of traditional system.
4. A traditional economy is an economic system whereby resources are allocated by inheritance which has a strong social network and is based on indigenous technology and methods. In this system of economy, the closeness of the societal structure generally ensures that every member of the society has a purpose as well as a participatory function in the society while political economy does not give every member of the society the opportunity to participate fully or function at the helm of affairs pertaining to the allocation of the scarce resources except the person in authority.
5. Traditional economy provides less demand on the resources of the earth(natural resources) because goods are usually only produced if they will be consumed, hence there is lack of consumption and surplus such as can be found in much other economic system while political economy don’t ask whether it is going to be consumed or even less demand on the earth instead, there interest lies on the extraction, processing of these resources without minding its aftermath effect on the earth.
6. one peculiar thing about traditional economy is that the roles of every individuals are clearly defined in the sense that every member of the society knows exactly what to do and most don’t have any complaints while political is not clearly stated but all roles is vested by the ruler to the ruled, hence no individual knows exactly what to do and at times, there are little complaints.

Name; Nkwocha Ebere Joy Reg. No.2016/SD/36103
Question; State clearly the different between political and traditional economy
Answer
1. Traditional is very narrow type while political economy is a wider ,with a more wider economy
2. Traditional economy is concerned primarily the efficient least-cost allocation of scarce productive resources while political economics influence allocation of scarce productive resources now and in the future either for their own benefit, exclusively or for that of the larger population as well
3. Traditional economy may be based on custom and tradition with economy decisions based on customs or belief of the community ,family ,clan etc while political economies goes goes beyond traditional economy to study among other things the social and institutional process
4. Traditional (neo-classical) economy deals with an advanced capitalists world of perfect market, consumer, sovereignty ,automatic price adjustment, decisions made on the bases of marginal private profit while political economy simply means the study of the way in which a government influence or organizes a nations wealth using economics tools to examine political economy
5. Traditional has its emphases on the ability of every individuals n the society towards self satisfactory through hunting ,fishing ,cultivation or planting while political therefore concerns the relationship between politics and economy with special emphasis on the role of power in economy decision making

NAME:OKWORI GODWIN
REG NO:201/SD/36589
Traditional economy is an economic system in which resource are allocated by inheritance, and which y and has a strong social network and is base on indigenous technology and methods. Although this types of economy has been converted to mixed ,command, or market technologies in many societies that were once traditionally driven.
Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income wealth.
In stating the differences, traditional economy generally insures that every member of society has a purpose and as well , a participatory function in society. While in political economies, the government tries to eliminate all private property distribute its goods equally. if done correctly no one in poverty and no one is wealthier than another.
In traditional economy the brand of economics also provide less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic system .While in political economy, government will provide equal health care, education opportunities, and make sure all people are feed.
In traditional economy ,the role of individuals are clearly define. Every member of the society known exactly what they are to do and mostly don’t have any complaints about it. On the other hand political economies usually doesn’t give individual opportunity to decide what they want to do for a career, and the y have no control over goods they receive.
In traditional economic ,the societies are often very slow to change and when new technologies are introduce ,these idea and techniques are discouraged. While in political economic, it is capable of rapid change for major problems. The government owns the companies, so if production need to be shifted into a different area, the government is capable of doing it rather quickly.

OLIYE SHITTU ABBAS
REG:2016/SD/36279
EDU.ECONOMICS

Traditional economy is an original economic system in which traditions, customs and belief helps to shape the goods and services. The economy produces as well as the rules and manner of their distribution. It depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. Most traditional economies operate in emerging markets and developing countries.

While political economy is a term used for studying productions and trade, and their relations with law, custom and government, as well as with the distribution of natural income and wealth.
The differences between traditional economy and political economy are as follows:

In traditional economy each person understands what they are supposed to do or what their job is, While Political Economy gives you the tools to understand the issues facing the world and allows you to focus on the breakdown of those issues in to their important components.

Traditional economy everyone is aware of the resources and how they will be distributed among the group, While political economy cares about question of class that we don’t often hear about in our daily life i.e (don’t let anybody tell you that we live in a classless society)

In traditional economy there is less destruction to the environment because many of this traditional economy farm and use the land in a positive manner. While Political economy is fundamentally about how we organize our lives and provide for our basic and (more complex) needs it makes a practical difference in peoples’ lives.

Traditional economy depends on agriculture, fishing hunting crafts and livestock they also use trade by barter instead of paper money. While Political economy are concerned with allocation of scarce resources in a world of infinite wants and needs.

The difference between traditional economics and political Economics are
1. Traditional economics deals with only micro while political economics deals with macro and micro economics
2. Traditional economics is concerned with theoretical aspects while political economics is a normative science.
3. Political economics considers both economic and noneconomic aspects of a problem while decision making of traditional economics is of culture, values, customs in their practice
4. Political economics assists business in determining pricing strategies while traditional economics has no fixed price
5. Political economics deals with practical aspects of the firm while traditional economics consider only the economics aspects
From:
OGBU THEOPHILUS IKENNA
REG. NO: 2016/SD/36660
Department of Education economics

Omeje Eunice Nkechi Explains ECONOMY as An economy (From Greek οίκος – "household" and νęμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location in various countries. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity.
DIFFERENCES BETWEEN TRADTIONAL AND POLITICAL ECONOMY
TRADITIONAL ECONOMY: is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering[citation needed][dubious – discuss] and trading. Little surplus is produced[citation needed], and if any excess goods are made, they are typically given to a ruling authority or landowner. A pure traditional economy has had no changes in how it operates (there are few of these today). Traditional economies are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated.As with the notion of contemporary primitiveness and with modernity itself, the view that traditional economies are backwards is not shared by scholars in economics and anthropology. Traditional economies may be based on custom and tradition,with economic decisions based on customs or beliefs of the community, family, clan, or tribe. A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods. One of the few advantages existing in a traditional economy is that the roles of individuals are clearly defined. Every member of the society knows exactly what they are to do and most don't have any complaints about it. There are also many disadvantages to this type of society.
POLITICAL ECONOMY : is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities, hence the term political economy. The science devoted to the study of the social relations that take shape in the process of the production, distribution, exchange, and consumption of material goods. In addition, it is the study of the laws governing the development of social relations in the various socioeconomic formations that have succeeded each other historically

Name:Omeje Eunice Nkechi
Reg No:2016/SD/36200
Department:Ecucation Economics

THE DIFFERENCE BETWEEN TRADITIONAL ECONOMY AND POLITICAL ECONOMY
Traditional Economy
A traditional economy is a system that relies on customs, history and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. Some characteristics of traditional economy are; First, traditional economies center around a family or tribe. They use traditions gained from the elders' experiences to guide day-to-day life and economic decisions. Second, a traditional economy exists in a hunter-gatherer and nomadic society. These societies cover vast areas to find enough food to support them. They follow the herds of animals that sustain them, migrating with the seasons. These nomadic hunter-gatherers usually compete with other groups for scarce natural resources. There is little need for trade since they all consume and produce the same things. Third, most traditional economies produce only what they need. There is rarely surplus or leftovers. That makes it unnecessary to trade or create money. Fourth, when traditional economies do trade, they rely on barter. It can only occur between groups that don't compete. For example, a tribe that relies on hunting exchanges food with a group that relies on fishing.
Political Economy
Political economy branch of social science that studies the relationships between individuals and society and between markets and the state, using a diverse set of tools and methods drawn largely from economics, political science, and sociology. Political economy studies interactions between the state, markets, and society, both national and international. Both empirical and normative, it employs sophisticated analytic tools and methodologies in its investigations. Rational-choice theorists, for example, analyze individual behaviour and even the policies of states in terms of maximizing benefits and minimizing costs, and public-choice theorists focus on how policy choices are shaped or constrained by incentives built into the routines of public and private organizations. Modeling techniques adapted from econometrics are often applied to many different political economic questions. Political economists attempting to understand domestic macroeconomic policy often study the influence of political institutions (e.g., legislatures, executives, and judiciaries) and the implementation of public policy by bureaucratic agencies. The study of domestic political economy is concerned primarily with the relative balance in a country’s economy between state and market forces.
From:
Ome Anthonia Ijeoma
Reg.No: 2016/SD/36570
Department of Education Economics

Name: Chukwuma Ngozika Ruth
Reg.no: 2016/SD/36330

TRADITIONAL ECONOMICS:
*This is an original economic system in which traditions, customs and beliefs help shape the goods and services, the economy produces, as well as the rules and manner of their distribution.
*Traditional economics are popularly conceived of as "primitive" or "undeveloped" economic systems, having tools or techniques seen as outdated.
*Countries that use this type of economic system are often rural and farm-based. Also known as subsistence economy.

POLITICAL ECONOMY:
^political economy is a term used for studying production and trade and their relations with law,custom and government as well as with the distribution of national income and wealth.
^political economy is the study and use of how economic theory and methods influence and develop different social and economic system such as Capitalism, Socialism and Communism.
^It analyses how public policy is created and implemented.
^political economy originated in moral philosophy.

The differences between traditional economy and political economy
Traditional economy is an economic system in which resources are allocated by inheritance and which has a strong social network and is based on indigenous technology and methods.
In this branch of economy, the closeness of the society structure generally insures that every member of society has a purpose and as well, a participatory function in society.
This branch of economics also provides less of a demand on the resources of the earth because goods are usually only if they will be consumed, hence there is a lack of over consumption and surplus such as can be found in many other economic systems.
Political Economy
This is a branch of social science that studies the relationships between individual and society and between markets and the state, using a diverse set of tools and methods to draw largely from economic, political science and sociology.
It is a term used for studying production and trade, and government, as well as with the distribution of national income and wealth.
In political economy, government ties to eliminate all private property and distribute its good equally. If done correctly no one is in poverty and no one is wealthier than another. Social services are also emphasized in this type of economy. The government will provide equal health care education opportunities and make sure all people are fed.

Onyenachie Chinenye Happiness
Reg. No 2016/SD/36263
Department of Education Economics

The differences between traditional economy and political economy
Traditional economy is an economic system in which resources are allocated by inheritance and which has a strong social network and is based on indigenous technology and methods.
In this branch of economy, the closeness of the society structure generally insures that every member of society has a purpose and as well, a participatory function in society.
This branch of economics also provides less of a demand on the resources of the earth because goods are usually only if they will be consumed, hence there is a lack of over consumption and surplus such as can be found in many other economic systems.
Political Economy
This is a branch of social science that studies the relationships between individual and society and between markets and the state, using a diverse set of tools and methods to draw largely from economic, political science and sociology.
It is a term used for studying production and trade, and government, as well as with the distribution of national income and wealth.
In political economy, government ties to eliminate all private property and distribute its good equally. If done correctly no one is in poverty and no one is wealthier than another. Social services are also emphasized in this type of economy. The government will provide equal health care education opportunities and make sure all people are fed.

Economics as social science has its root in other social science like political (political economy), geography, sociology and other, as the all try to address the qualities of mankind in relation to the economy. Economic power is the basic structure, while political power is the super structure of the economy.
Traditional economy concerns itself with the conventional or traditional economy activities engaged by man and his behaviors towards economic phenomenon. It deals with the efficient allocation or distribution of scarce productive resource and how man attains maximum satisfaction. It also concerns itself with consumer’s sovereignty, consumer’s equilibrium, and consumer’s surplus. It also emphasis materialistic and individualistic nature of man and his economic decision.
On the other hand, political economy is system were the social and institutional process through which people use politics, power on authority to influence economic decisions of allocating productive resource (capital, land, labour and entrepreneur) for self benefit or welfare of the masses. In this regard, political economy is wider in scope than the traditional economy. This is because political economic system controls other sector of the economy.

NAME; CHUKWU CHRISTIAN OCHI
REG NO; 2016/SD/36139
COURSE; ECONOMICS EDUCATION

The difference between traditional economy and political economy can be discussed as follows;
Traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on indigenous technology and methods.
Although this type of economy has been converted to mixed, command or market technologies in many societies that were once traditionally driven.
In this brand of economy, the closeness of the societal structure generally insures that every member of the society has a purpose and as well a participatory function in a society.
In other hand, traditional economy is an original economic system in which traditions; customs and belief help us to shape the goods and services that the economy produces as well as the rules and manner of their distribution. The countries that use this type of economic system are often rural and farm based. The example of traditional economy includes those in tea plantation in south India.
Finally, traditional economies are usually in places where families grow their own crops and they do not typically sell them at market.
Political economy is a study of production and trade and their links with custom, government and law. It is the study and use of how economic theory and method influence and develop different social and economic system such as capitalism, socialism and communism and it analyzes how public policy is created and implemented. Since various individuals and groups have different of interests in how a country or economy is to develop, political economy as a discipline is a complex field covering a broad array of potentially competing interests.
Finally, political economy is when the government controls the economy and they decide what and how much of it will be produced.

NAME; NWIBO BONIFACE
REG NO; 2016/SD/36364
COURSE; EDUCATION ECONOMICS

Difference between traditional economy and political economy are:
1.traditional economy is control by citizen while political economy is ruled be the government.
2.traditional economy is an economic system in which resources are allocated by inheritance while political economy is focused on government.
3.traditional economy is owned by individual citizen while political economy is owned by the government.
4.traditional economy decision are made based on custom, faith, culture and and tradition while political economy decision are made by the government.
5.traditional economy is really primitive where most of the agricultural work are been done with the use of cultlas, hoe, while political economy is modernised where most of the work is been done by the use of machine.

NAME:OGARA RITA ONYEBUCHI
REG NO: 2016/SD/36303
Traditional economy is a system that relies on customs, history and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering or some combination of the above.
WHILE
Political economy is the study of production and trade and their links with custom, government and law. It is the study and use of how economic theory and methods influence and develop different social and economic systems, such as capitalism, socialism and communism, and it analyzes how public policy is created and implemented. Since various individuals and groups have different interests in how a country or economy is to develop, political economy as a discipline is a complex field, covering a broad array of potentially competing interests.

NAME; Ogbodo Chukwuemeka Stephen. REG.NO. 2016/SD/35174
ANSWER; I will start by saying that the meaning of economic system is simply the way in which a country manages their production of goods and services, also known as economic resources
1. Traditional economy is concerned with the efficient, least cost production of the scarce resources over time so as produce the maximum possible range of goods and service while political economic is concerned with how political policies or forces influence the economy and it predicts, controls and manipulates economic outcomes.
2. Traditional economy asked the question: How can we make use of the available resources to produce the greatest possible products? While political economy is only concerned in the allocation of these resources without much regards as to how they are produced or how limited those resources are.
3. Traditional economy is limited only to and at the control of minor agricultural activities which includes hunting, fishing and gathering at the topmost according to the peoples customs, norms and belief while political economic has wider coverage than traditional economy due to the fact that it controls every other sectors of the economy.
4. Traditional economy is geared towards individual self orientation in making decisions that concerns economic matters, on the other hand, political economic structure is based on the current occupant of power to foresee economics decision makings.
5. Traditional economy is concerned with the cordial relationship that exist among societies, consumer sovereignty, automatic price adjustment and equilibrium outcomes in all products while political economy talks about relationship between politics and the entire economic sectors

Commented by: ONALO UFEDO EUNICE
REG NO:2016/SD/36095

Traditional economy: this is a traditional economic system in which resources are allocated by inheritance and which has strong social network and is based on indigenous technology and methods .although this type of economy has been converted to mixed, command or market technology in many societies that were once traditionally driven. In this brand of economy th e closeness of the societal structure generally ensures that every member of the society has a purpose and a well, participatory function in the society.

Political economy: This is used for studying production, trade and their relations with law, custom, government ,as well as with the distribution of national income and wealth in contemporary meaning: it refers to different, but related, approaches to studying economic and related behaviors ranging from the combination of economics with other field to the use of different fundamental assumptions that challenge earlier economic assumption
To clearly discuss the differences between the traditional and political economy, here are some clear facts:
1. Traditional economies are usually in places where families grow their own crops (subsistence farming) and don’t typically sell them at a market because there isn’t much surplus (left over).
2. The political economy is when the government controls the economy and they decide what and how much of it will be produced.
3. Traditional economy is controlled by citizens while political econmy is ruled by government.
4. The former is more associated with inheritance system while the latter is a system backed by rule and authority.

Traditional economy are often based on one or a few of agriculture, hurting, fishing and gathering while political economy is concerned with the interaction of political and economic processes within a society.
Moreover, traditional economy is an original Economic system in which traditions, customs and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution while in political economy the distribution of power and wealth between different groups and individuals, are the processes that create, sustain and transform these relationships overtime.
Notwithstanding, often people in a traditional economy live in families or tribes while in political economy people are concerned with how political forces influence the economy and economic outcomes.
Finally, in traditional economy many people progress from hunters to farmers where they can place permanent structures and start a society while political economy meant the social custom, practice and knowledge about how to manage, first the house hold and later the community.