The subject of economics has evolved through centuries.
- Ancient Times: Philosophers like Aristotle wrote about household management, trade, and money.
- Adam Smith (1776): Often regarded as the “Father of Economics,” his book The Wealth of Nations explained how free markets and the “invisible hand” guide economic activities.
- Industrial Revolution (18th–19th century): Economics shifted towards understanding factories, mass production, and labor issues.
- 20th Century: John Maynard Keynes emphasized government intervention to stabilize economies, especially during recessions.
- Modern Era: Economics now includes behavioral economics (psychology + economics), environmental economics (climate and resources), and digital economics
Leave a Reply