State and Economy in Nigeria Roles and Responsibilities of Political Economist

Abstract

This paper examines the complex nexus between the state and economy in nations, with Nigeria standing as an illustrative reference point. It sheds light on the critical roles and responsibilities being played by political economists in interdisciplinary examination and analysis of the dynamics in the relationship between state actions and economic outcomes. It underscores the practical and theoretical role played and challenges encountered by political economists in the evolution and implementation of economic policies. The paper also examines the discourse on the theoretical underpinnings, history and significance of political economy, tracing the evolution of the field from classical to modern perspectives and highlighting the immense contributions made by political economists, including Adam Smith, Karl Marx and John Maynard Keynes. The paper conducted a comprehensive review of extant literature and empirical analyses as sources of data and information. It found that political economists play a profound role in shaping the contours of state micro and macro-economic policies and that state actions reverberate throughout the economic landscape determining the success or failure of economic decisions and policies aimed at economic growth, poverty reduction and equitable distribution of resources. The paper concludes that for a transparent and accountable governance framework, efficient resource allocation and minimizing rent-seeking attitude, political economists need to be given large latitude in discharging their practical and theoretical responsibilities in state policy conceptualization and implementation.