History of economy
History of economics Economics is the science that concerns itself with economies; that is, it studies how societies produce goods and services as well as how they consume them. It has influenced global finance at many important junctions throughout history and is a vital part of our everyday lives. However, the assumptions that guide the study of economics have changed dramatically throughout history. Here we take just a brief look at the history of modern economic thought. What we present is just a narrow snapshot, which focuses primarily on Western European and American strands of thought. KEY TAKEAWAYS Economics is the science of how goods and services are produced and consumed. Adam Smith used the ideas of French writers to create a thesis on how economies should work, while Karl Marx and Thomas Malthus expanded on his work—focusing on how scarcity drives economies. Leon Walras and Alfred Marshall used statistics and mathematics to express economic concepts, suc...
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