The Role of Justice in the Development of Economic Thought - A Precursor to Classical Economics

Oluwole Aluko-Olokun

The role of Justice in the History and Development of Economic Thought:
A Precursor to Classical Economics
Economic thought, here regarded as the approach, methods, and principles by which economic considerations and decisions are viewed and made, has developed over centuries into what it is today. Although there is not one central and unified approach to the application of economic thought in making considerations and decisions, there are various individuals who over time have shaped the overall development and history of economic thought. The development of economic thought by these historic figures, as is the case today, was shaped by other individuals preceding them, as well as the social, economic, and political conditions that existed in their communities. One of such influencing conditions that shaped economic thought is the concept of justice.
This essay will examine the role that justice played in the development and history of economic thought. Justice as a concept will be explored so as to provide a framework for which to determine if, when, and how it did play a role in the development of economic thought.
Various significant historic figures will be briefly examined, outlining how the concept of justice pertained to their contribution in the development of economic thought. Although justice continued (and continues) to play a role in economic considerations subsequent to the development of classical economics, this paper journeys only as far as the development of classical economic thought, considering the development of the role and acknowledgment of justice in the development of economic thought to be most relevant up until this point in time.
The examination will be done through a dated progression over centuries, beginning with Early
Economic Thought; passing through the precursors that represent Pre-classical thought; and

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Oluwole Aluko-Olokun

finally, discussing how justice influenced

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