Political Economy and Macro-Economics

The common concept of 'Macro-Economics' as a more contemporary synonym of 'Political Economy' suppresses a significant distinction between them.  'Macro-Economics' connotes a generalized 'Micro-Economics', and, hence, that of some private enterprise.  Thus, any Means of Production in Macro-Economics is privately owned.  In contrast, 'Political Economy' connotes 'Economy of a Polis', which, as the title of Plato's Polis, 'Republic', signifies, is a public system.  Accordingly, any Means of Production in a Political Economy is collectively owned.  Now, Smith vacillates between the two--insofar as the scope of his work is national, it is Political Economy, but insofar as the Ethics of his model is Egoistic, it is Macro-Economics.  In contrast, many of his followers are less equivocal, advocating a model of Economic activity that excludes consideration of Means of Production, and, so, is less Macro- than one that does incorporate it and studies its consequences, e. g. exploitation.  Of course, Means of Production is central to the Socialist alternative, though usually without a recognition of the argument that public ownership of it follows from Smith's own nationalization the Division of Labor.