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
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Contents 1 Ancient Economic Thought 1.1 Aristotle 2 Economic Thought in the Middle Ages 2.1 Thomas Aquinas 2.2 Duns Scotus 2.3 Ibn Khaldun 2.4 Nicole Oresme 3 Mercantilism‚ Nationalism‚ and International Trade 3.1 Sir Thomas More 3.2 Jean Bodin 3.3 Edward Misselden and Gerard Malynes 3.4 Thomas Mun 3.5 Sir William Petty 3.6 Philipp von Hörnigk 3.7 Jean-Baptiste Colbert and Pierre Le Pesant‚ Sieur de Boisguilbert 3.8 Charles Davenant 3.9 Sir James Steuart 4 The British Enlightenment
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purport that agriculture – and only agriculture – generates outputs greater than its inputs. That is‚ one seed of grain planted in the earth yields many more seeds. Through this the Physiocrats conclude that the earth and agriculture is the source of economic "surplus." Francois Quesnay is noted as the main exponent of Physiocracy. Quesnay is also known for creating his famous Tableau Economique. In his Tableau‚ Quesnay charts how surplus produced in agricultural is allocated between and among three
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Plato’s Contributions It is believed that Plato‚ a student of Socrates‚ was one of the greatest contributors of philosophy. Proof of Plato ’s notoriety in the world of philosophy can be clearly seen with his dialogues and his renowned student Aristotle. Plato’s writings are in the form of dialogues‚ with Socrates as the principal speaker. With his theory of Forms‚ he had discussed a wide range of metaphysical and ethical questions while finding inherent connections between the two. Plato also considered
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development of fairs was also the root to declines of serfdom‚ as well as dissolutions of feudal society during the late medieval period. Medieval fairs were well recognized by historians and economists for their tremendous contributions to both social and economic development. However‚ what interested me was the disparity of influences fairs had on the same feudal society during different stages of Medieval times. In my opinion‚ fairs established during early Middle Ages were simply by-products
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The History of Economic Thought • The period before A.D 1500 represented an epoch far different from the 1500s to the present. • Before A.D 1500: There was little trade Most goods were produced for own consumption. Money and credit were not widely used Strong national states & integrated national economies had not yet fully evolved No schools of economic thought had been formed 105 • After 1500: Markets & trade expanded rapidly with the great geographical exploration both resulting
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HS11-7‚756‚1.00 History of Economic Thought Christof Zanecchia 10-992-204 Professor Allgoewer Karl Marx: “A context for inevitable social revolution” Of particular interest in Rima’s summary and critique of Marx’s background and social/economic contributions is the quote: “It is not the consciousness of men that determines their being‚ but‚ on the contrary‚ their social existence that determines their consciousness
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The Life of Plato Co-authored with Christopher Planeaux Plato was born around the year 428 BCE into an established Athenian household with a rich history of political connections -- including distant relations to both Solon and Pisistratus. Plato’s parents were Ariston and Perictone‚ his older brothers were Adeimantus and Glaucon‚ and his younger sister was Potone. In keeping with his family heritage‚ Plato was destined for the political life. But the Peloponnesian War‚ which began a couple
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Comparison of the Six Schools of Thought in Economics Categories | Mercantilism | Physiocracy | Classical | Socialism | Neoclassical | Keynesian | Monetarist | Market view | Monopolizing markets. | There should be less government intervention. | Market should be self-regulating and resources are efficiently distributed by the “invisible hand”. | Competition is evil‚ market is bad. | Studied equilibrium and market should be self-regulating or self-correcting | Market failures came about during
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Metaphysics: Plato’s greatest contribution to modern society is found in his theories relating to metaphysics. These is now referred to as Platonism (or Exaggerated Realism). Plato divides his world into two aspects: the intelligible world and the perceptual world. The Perceptual world: Plato saw the perceptual world around us as imperfect copies of the intelligible forms or ideas. The Intelligible world: Forms are unchangeable and perfect‚ and only comprehensible by the use of intellect and understanding
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