History of Modern Economic Analysis

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economicsfrom 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). 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. Smith’s successors included such classical economists as the Rev. Thomas Malthus, Jean-Baptiste Say, David Ricardo, and John Stuart Mill. This publication will be a valuable reference material for researchers, educationists, educational planners and administrators as well as research scholars and students.