Political economists are concerned with the allocation of scarce resources in a world of infinite wants and needs. In order to allocate these resources, politics are used within a state to provide for the people. Political economy is the study of the relationships between individuals and society, and more specifically, the relationships between citizens and states. Machiavelli can be considered one of the first political economists as his works provided a link between a ruler and the state along with the use of power in this relationship. Likewise, Thomas Hobbes argued for the power of a sovereign leader because of his assumption that human beings are naturally bad.
Heinz Duthel: the Systems of Governmental Political Economy II
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