The third edition of Political Economy: The Contest of Economic Ideas is a fully updated overview of the political economy and its connection with social concerns. This book investigates the main traditions of economic ideas and provides a `big picture` overview of the analytical tools and value judgements associated with competing schools of economic thought. The third edition of Political Economy: The Contest of Economic Ideas is a fully updated overview of the political economy and its connection with social concerns. This book investigates the main traditions of economic ideas and provides a `big picture` overview of the analytical tools and value judgements associated with competing schools of economic thought. Political Economy features an engaging writing style which makes the complexities of contesting economic ideas - such as classical political economy and Marxist economics, neoclassical economies and neo-liberalism - clear and accessible. This is essential reading for those students and teachers interested in broadening their understanding of conventional political economics, and considering the coherent and constructive alternatives. Discusses the links between the economics system and its connection with social and political concerns New chapter on the economics of happiness New sections on topical issues such as the global financial crisis, climate change, and \`affluenza\` The third edition of Political Economy: The Contest of Economic Ideas is a fully updated overview of the political economy and its connection with social concerns. This book investigates the main traditions of economic ideas and provides a \`big picture\` overview of the analytical tools and value judgements associated with competing schools of economic thought. Political Economy features an engaging writing style which makes the complexities of contesting economic ideas - such as classical political economy and Marxist economics, neoclassical economies and neo-liberalism - clear and accessible. This is essential reading for those students and teachers interested in broadening their understanding of conventional political economics, and considering the coherent and constructive alternatives. Readership: Students of political economy, social theory and international economics undergraduate programs in second or third year.