The major components of a political economy include the relationships between politics, economics, and society. It examines how government policies affect economic behavior, resource allocation, and wealth distribution. Key factors within political economy include market structures, property rights, state intervention, and the influence of political institutions. By analyzing these components, scholars and policymakers can better understand the implications of economic policies on social outcomes and vice versa. This interdisciplinary approach highlights the complexity of economic systems and their ties to political frameworks.