…………………The very term "political economy" is fraught with ambiguity. Adam Smith and classical economists used it to mean what today is called the science of economics, More recently, a number of scholars, such as Gary Becker, Anthony Downs, and Bruno Frey, have defined political economy as the application of the methodology of formal economics, that is, the so called rational actor model, to all types of human behavior. Others who use the term political economy mean employment of a specific economic theory to explain social behavior; game, collective action, and Marxist theories are three examples. The public choice approach to political economy draws upon both the methodology and theory of economics to explain behavior Still other scholars use political economy to refer to a set of questions generated by the interaction of economic and political activities, questions that are to be explored with whatever theoretical and methodological means are readily available. (Tooze, 1984)