Society Policy.

Ecuador officially the Republic of Ecuador (Spanish: República del Ecuador), is a representative democratic republic in South America, bordered by Colombia on the north, by Peru on the east and south, and by the Pacific Ocean on the west.

Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. Originating in the field of moral philosophy Adam Smith for example, held the Chair of Moral Philosophy at the University of Glasgow, it developed in the 18th century as the study of the economies of states also known as polities, hence the word "political" in "political economy". In contradistinction to the theory of the Physiocrats, in which land was seen as the source of all wealth, some political economists proposed the labour theory of value, according to which labour is the real source of value. Many political economists also attracted attention to the accelerating development of technology, whose role in economic and social relationships grew ever more important.

In late 19th century, the term "political economy" was generally replaced by the term economics, which was used by those seeking to place the study of economy on a mathematical and axiomatic basis, rather than studying the structural relationships within production and consumption.