Political Economics Is Not Economic Science But Political Science

The Marxists used to pull their hair out, beat their chests, and rant and rave over political references to economic science. "Economics", as the real-world studied by economic science, they argued, doesn't exist. What exists in the real world is "political economy", economic activity shaped and following political power, influence, decision, and management. Well, the Marxists were largely wrong, in that free market activity, even in a mixed economy like ours, can be reasonably modelled, including political activity. But the Marxists were not completely wrong--and that is something we should remember when we evaluate political statements about the glories to be obtained by Obama's stimulus package. The package is a lot of political wishful thinking.