Many people understand politics and economics to be two different disciplines. I remember in graduate school more than two decades ago, many colleagues and professors operationally defined political economy as how politics, by which they meant the state, screws up economics.

I spoke at the Fixed Income Leaders Summit earlier this week and teased that many seemed to think that politics comes from the ancient Greek poly meaning many and tics meaning bloodsucking parasites. It, of course, is not true. The greater pillars of economic thinking like Riccardo, Smith, and Smith, thought they were doing political economy. It is only with the success the positivists that modern university that the disciple is bifurcated. It serves the (neo) liberal ideology which pretends that the market is a force of nature and self-regulating (to a large extent).