The History of Economic Thought

The History of Economic Thought

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The History of Economic Thought

Economic thought has a long and varied history, with different schools of thought emerging and evolving over time.

In ancient times, philosophers such as Aristotle and Xenophon wrote about economic concepts such as trade, money, and property. The Middle Ages saw the development of the Scholastic tradition, which emphasized the moral and ethical dimensions of economic activity.

During the 16th and 17th centuries, the Mercantilist school of thought emerged, which advocated for government intervention in the economy to promote exports and accumulate wealth. Adam Smith’s “The Wealth of Nations” (1776) marked the beginning of classical economics, which emphasized the importance of the division of labor and the invisible hand of the market.

The 19th century saw the development of various new economic theories, including the labor theory of value, which argued that the value of a good is determined by the amount of labor that goes into it, and the marginal utility theory, which stated that the value of a good is determined by how much a person is willing to pay for it.

In the early 20th century, John Maynard Keynes published “The General Theory of Employment, Interest and Money” (1936), which proposed the idea of government intervention in the economy to stabilize business cycles and reduce unemployment. This marked the beginning of the development of macroeconomics.

In the 1940s and 1950s, Milton Friedman and the Chicago School of economics advocated for a return to classical economics and the importance of free markets. In the 1960s and 1970s, new economic theories such as game theory and econometrics were developed to further our understanding of economic behavior.

In recent years, behavioral economics has emerged, which takes into account the psychological and social factors that influence economic decision-making. In addition, the field of development economics has grown in importance, focusing on how to promote economic growth and reduce poverty in developing countries.

Overall, economic thought has evolved and diversified over time, with different schools of thought emphasizing different aspects of economic activity and offering different solutions to economic problems.

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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