0% found this document useful (0 votes)
2 views3 pages

History of Economic Thoughts

Uploaded by

pisabandmut
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
2 views3 pages

History of Economic Thoughts

Uploaded by

pisabandmut
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

@knowledgesansar

History of Economic Thoughts


1. Ancient & Medieval Economics (Pre-1500)
a) Aristotle (Greece) distinguishes oikonomia (household management)
from chrematistics(wealth accumulation).
b) Kautilya (India) writes Arthashastra, advocating state-controlled
economy.

2. Mercantilism & Early Modern Thought (1500–1776)


a) Mercantilism dominates: Wealth = gold/silver; promote exports,
restrict imports (e.g., Thomas Mun).
b) Physiocrats (France, led by François Quesnay) argue agriculture is
the sole source of wealth.

3. Classical Economics (1776–1870s)


a) 1776: Adam Smith publishes The Wealth of Nations, founding
modern economics.
b) David Ricardo: Theory of comparative advantage, labor value.
c) Thomas Malthus: Population theory predicts scarcity.
d) John Stuart Mill blends classical economics with social reform.
e) Karl Marx critiques capitalism (Das Kapital, 1867), founding
Marxist economics.

4. Neoclassical Revolution (1870s–1920s)


1870s: Marginal Revolution (Jevons, Menger, Walras) shifts focus to
utility and demand.
@knowledgesansar

1890: Alfred Marshall synthesizes classical and marginal ideas


in Principles of Economics.

5. Keynesian Era (1930s–1970s)


1936: John Maynard Keynes publishes The General Theory,
advocating government intervention to manage demand.
Post-WWII: Dominates Western policy (e.g., New Deal, Bretton
Woods).
Paul Samuelson formalizes Keynesian-neoclassical synthesis.

6. Free-Market Revival (1970s–1990s)


1970s: Monetarism (Milton Friedman) challenges Keynes, blaming
inflation on money supply.
1980s: Supply-Side Economics (Reagan/Thatcher) cuts taxes to spur
growth.

7. Modern Economics (Late 20th–21st Century)


1980s–Present: Behavioral Economics (Kahneman, Thaler) challenges
rational choice.
New Institutional Economics (North, Ostrom) studies role of
institutions.
2000s:Post-2008 Crisis: Revival of Keynesianism; critiques of
neoliberalism (Piketty, Stiglitz).
Environmental & Feminist Economics address sustainability and
inequality.
@knowledgesansar

Key Takeaways
Policy Swings: Classical (laissez-faire) → Keynesian (intervention)
→Neoliberal (free markets) → Post-crisis skepticism.
Ongoing Debates: Market efficiency vs. government role, inequality,
sustainability.

You might also like