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Concept
History of economic thought
Summary
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day in the 21st century. This field encompasses many disparate schools of economic thought. Ancient 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 the Middle Ages, Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
In the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth in The World.
Ancient economic thoughtArthashastraRepublic (dialogue)Credit theory of moneyPolitics (Aristotle)Nicomachean EthicsMetallism and Oeconomicus
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic
origins of economic thought, contemporary with Homer. Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
Fan Li (also known as Tao Zhu Gong) (born 517 BC), an adviser to King Goujian of Yue, wrote on economic issues and developed a set of "golden" business rules. Discourses on Salt and Iron was one of the first recorded debates of state intervention and laissez faire.
Hindu texts Vedas (1700 BCE - 1100 BCE) contain economic ideas but Atharvaveda (1200 BCE) is most vocal about such ideas.
Chanakya (born 350 BC) of the Maurya Empire, authored the Arthashastra along with several Indian sages, a treatise on statecraft, economic policy and military strategy.
The Arthashastra posits the theory that there are four necessary fields of knowledge: the Vedas, the Anvikshaki (philosophy of Samkhya, Yoga and Lokayata), the science of government, and the science of economics (Varta of agriculture, cattle, and trade).
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