History of Economic Thought
History of economic thought
History of economic thought
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many disparate schools of economic thought. Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition and questioned whether property is best left in private or public hands. In medieval times, scholars such as Thomas
Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
Scottish philosopher Adam Smith is often cited as the father of modern economics for his treatise The
Wealth of Nations (1776).[1][2] His ideas built upon a considerable body of work from predecessors in the eighteenth century particularly the Physiocrats. His book appeared on the eve of the Industrial Revolution with associated major changes in the economy.[3]
Smith 's successors included such classical economists as the Rev. Thomas Malthus, Jean-Baptiste Say,
David Ricardo, and John Stuart Mill. They examined ways the landed, capitalist and labouring classes
Wealth of Nations is widely considered to be the first work in modern produced and distributed national output and modeled economics. the effects of population and international trade. In
London, Karl Marx castigated the capitalist system, which he described as exploitative and alienating. From about 1870, neoclassical economics attempted to erect a positive, mathematical and scientifically grounded field above normative politics.
After the wars of the early twentieth century, John Maynard Keynes led a reaction against what has been described as governmental abstention from economic affairs, advocating interventionist fiscal policy to stimulate economic demand and growth. With a world divided between the capitalist first world, the communist second world, and the poor of the third world,
History of economic thought
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many disparate schools of economic thought. Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition and questioned whether property is best left in private or public hands. In medieval times, scholars such as Thomas
Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
Scottish philosopher Adam Smith is often cited as the father of modern economics for his treatise The
Wealth of Nations (1776).[1][2] His ideas built upon a considerable body of work from predecessors in the eighteenth century particularly the Physiocrats. His book appeared on the eve of the Industrial Revolution with associated major changes in the economy.[3]
Smith 's successors included such classical economists as the Rev. Thomas Malthus, Jean-Baptiste Say,
David Ricardo, and John Stuart Mill. They examined ways the landed, capitalist and labouring classes
Wealth of Nations is widely considered to be the first work in modern produced and distributed national output and modeled economics. the effects of population and international trade. In
London, Karl Marx castigated the capitalist system, which he described as exploitative and alienating. From about 1870, neoclassical economics attempted to erect a positive, mathematical and scientifically grounded field above normative politics.
After the wars of the early twentieth century, John Maynard Keynes led a reaction against what has been described as governmental abstention from economic affairs, advocating interventionist fiscal policy to stimulate economic demand and growth. With a world divided between the capitalist first world, the communist second world, and the poor of the third world,
References: Aquinas, Thomas (1274) Summa Theologica • Marshall, Alfred (1890) Principles of Economics (http:/ / www. Marx, Karl (1871) Das Kapital • Mill, John Stuart (1871) Principles of Political Economy • Arrow, Kenneth J (1951) Social Choice and Individual Values, 2nd Ed. Mun, Thomas (1621) A Discourse of Trade from England unto the East Indies North, Dudley (1691) Discourses upon trade • Bentham, Jeremy (1776) Fragment on Government (http:/ / www. efm. Petty, William (1690) The Political Arithmetick • Bentham, Jeremy (1789) An Introduction to the Principles of Morals and Legislation (http:/ / www Quesnay, François (1758) Tableau économique (http:/ / gallica. Burke, Edmund (1790) Reflections on the Revolution in France • Ricardo, David (1827) Principles of Political Economy and Taxation • Burke, Edmund (1795) Thoughts and Details on Scarcity • Robinson, Joan (1953) The Production Function and the Theory Cantillon, Richard (1732) Essay on the Nature of Commerce in General • • Coase, Ronald H. (1937) The Nature of the Firm (http:/ / www. cerna. Scotus, Duns (1295) Sententiae •