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1. Write the concepts of history of economic thought?

2. Define history of economic thought according to h.l. Bhatia ,prof. Schumpeter, and prof .haney?
3. Write the difference between history of economic thought, economic thought and history of
economics.
4. Write scope of history of economic thought?
5. Why to studying history of economic thought ?
6. The history of economic thought can be studied and analyzed by adopting approaches list and
explain each approaches ?
7. List significance /importance of history of economic thought?
8. List standard organization of economic thought their contributors?
9. Write several ways to present the history of economic thought
10. Discuss in detail the nature of economics?
11. Discuss methodology of science and its progress models of modern science ?
12. Write at least 6 importance of the study of evolution of economic thought?
13. Write 8 characteristics or features of ancient economic thought?
14. Write economic ideas of Hebrews,plato ,and Aristotle and its criticism?

Answer
1) The history of economic thought encompasses the development and evolution of
economic theories and ideas throughout history. It involves studying the
contributions of various economists and their theories, which have shaped our
understanding of how economies function. Some key concepts in the history of
economic thought include:

1. Mercantilism: An economic theory prevalent in the 16th to 18th centuries that

emphasized the accumulation of wealth through trade and the importance of a
favorable balance of trade.

2. Classical Economics: Developed in the late 18th and early 19th centuries, classical
economics focused on the principles of free markets, individual self-interest, and the
role of supply and demand in determining prices.

3. Neoclassical Economics: Emerged in the late 19th century as a response to the

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perceived limitations of classical economics. Neoclassical economists introduced

concepts such as marginal utility and market equilibrium to explain consumer
behavior and resource allocation.

4. Keynesian Economics: Developed by John Maynard Keynes in the early 20th

century, Keynesian economics emphasized the role of government intervention in
stabilizing the economy, particularly during times of recession or depression.

5. Monetarism: A school of thought associated with economists like Milton Friedman,

which emphasizes the importance of controlling the money supply to maintain stable
economic growth and low inflation.

6. Institutional Economics: This approach, popularized by economists such as

Thorstein Veblen, focuses on the role of institutions, social norms, and power
structures in shaping economic behavior and outcomes.

7. Development Economics: A field that emerged after World War II, focusing on the
economic challenges faced by developing countries and strategies for promoting
their economic growth and reducing poverty.

These are just a few examples of the concepts and schools of thought that have
shaped the history of economic thought. The field continues to evolve as new ideas
and theories emerge in response to changing economic conditions and challenges.
The terms "history of economic thought," "economic thought," and "history of
economics" are related but have distinct meanings:
2) . According to H.L. Bhatia, the history of economic thought refers to the systematic
study of the development of economic ideas and theories over time. Bhatia
emphasizes the importance of understanding the evolution of economic thought in
order to comprehend the current state of economic theory and practice.

Professor Joseph Schumpeter, a prominent economist, defines the history of economic

thought as the history of economic analysis itself. He argues that the history of economic
thought is not merely a historical account of ideas but also a crucial part of economic
analysis, as it provides insights into the evolution of economic theories and their impact on
society.
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Professor William J. Haney, another notable economist, views the history of economic
thought as a discipline that explores the intellectual and cultural context in which economic
ideas emerge. Haney emphasizes the importance of understanding the social, political, and
philosophical influences on economic thought and how they shape economic theories and
policies.

In summary, while H.L. Bhatia emphasizes the systematic study of economic ideas,
Professor Schumpeter highlights the significance of the history of economic thought in
economic analysis. Professor Haney focuses on the broader context and influences that
shape economic ideas.

3)

1. History of Economic Thought: This refers to the study of the development and evolution
of economic theories and ideas throughout history. It focuses on understanding the
intellectual contributions of various economists, their theories, and the historical context in
which these ideas emerged. The history of economic thought examines the evolution of
economic thinking and the influences that shaped economic theories over time.

2. Economic Thought: Economic thought refers to the body of ideas, theories, and concepts
that economists have developed to understand and explain economic phenomena. It
encompasses the various schools of economic thinking, such as classical economics,
neoclassical economics, Keynesian economics, and others. Economic thought is concerned
with analyzing economic principles, models, and frameworks that help explain how
economies function and how individuals, businesses, and governments make economic
decisions.

3. History of Economics: The history of economics is a broader term that encompasses

both the history of economic thought and the historical development of the discipline of
economics as a whole. It includes the evolution of economic theories and ideas, as well
as the institutional and methodological changes that have occurred within the field of
economics over time. The history of economics examines the progression of economic
thinking, the emergence of different subfields within economics, and the contributions of
economists to the development of economic theory and policy.
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In summary, the history of economic thought focuses specifically on the evolution of

economic theories and ideas, economic thought refers to the body of economic ideas
and theories, and the history of economics encompasses both the history of economic
thought and the broader development of the discipline of economics.

4)
The scope of the history of economic thought is broad and encompasses various
aspects. It involves studying the evolution of economic theories, ideas, and concepts
over time, as well as the individuals who have contributed to the development of
economic thought. The scope includes:

1. Historical Context: Understanding the historical, social, and political factors that
influenced the development of economic theories. This includes examining the
economic conditions, technological advancements, and cultural influences of
different time periods.

2. Intellectual History: Tracing the evolution of economic ideas and theories, from
ancient civilizations to the present day. This involves studying the works of influential
economists and their contributions to economic thought.

3. Schools of Thought: Analyzing different schools of economic thought, such as

mercantilism, classical economics, neoclassical economics, Keynesian economics, and
others. This includes understanding the key principles, assumptions, and policy
implications associated with each school.

4. Methodology and Approaches: Exploring the different methodologies and

approaches used by economists throughout history to study and analyze economic
phenomena. This includes examining the use of mathematical models, empirical
analysis, and philosophical frameworks.

5. Policy Implications: Examining the impact of economic theories on policy-making

and economic systems. This involves understanding how economic ideas have
influenced economic policies, such as trade policies, monetary policies, and fiscal
policies.

6. Critiques and Debates: Evaluating the criticisms and debates surrounding economic
theories and ideas. This includes analyzing alternative perspectives and competing
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theories that challenge or offer different explanations to established economic

thought.

7. Global Perspective: Considering the global nature of economic thought and its
impact on different regions and countries. This involves studying the contributions of
economists from various parts of the world and understanding how economic ideas
have been adapted and applied in different contexts.

The scope of the history of economic thought is interdisciplinary, drawing from

economics, history, philosophy, sociology, and other fields. It provides insights into
the development of economic knowledge and helps us understand the evolution of
economic thinking and its relevance to contemporary economic issues.

5) Studying the history of economic thought is important for several reasons:

1. Understanding the evolution of economic ideas: By studying the history of economic

thought, we can trace the development and evolution of economic theories over time. This
helps us understand how different ideas emerged, how they influenced economic policies
and practices, and how they have shaped our current understanding of economics.

2. Gaining insights from past economic thinkers: Many influential economists throughout
history have provided valuable insights and perspectives on economic issues. By studying
their works, we can gain a deeper understanding of economic concepts and theories, and
learn from their successes and failures.

3. Evaluating the relevance and applicability of economic theories: Economic theories are not
static; they evolve as new evidence and circumstances arise. By studying the history of
economic thought, we can critically evaluate the relevance and applicability of different
theories in different contexts. This helps us make informed decisions and develop more
effective economic policies.

4. Developing a broader perspective: The history of economic thought encompasses a wide

range of perspectives and approaches. By studying different schools of thought, we can
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develop a broader perspective on economic issues and challenges. This allows us to consider
multiple viewpoints and think critically about economic problems.

5. Enhancing analytical and critical thinking skills: Studying the history of economic thought
requires analyzing complex ideas, evaluating arguments, and critically assessing different
theories. This process helps develop analytical and critical thinking skills, which are valuable
in various academic and professional contexts.

Overall, studying the history of economic thought provides a foundation for understanding
the evolution of economic ideas, gaining insights from past thinkers, evaluating theories,
developing a broader perspective, and enhancing analytical and critical thinking skills.

6)

Certainly! The history of economic thought can be studied and analyzed through various
approaches. Here are some commonly adopted approaches:

1. Intellectual History: This approach focuses on understanding the development of

economic ideas within their broader intellectual and philosophical contexts. It examines the
influences of philosophers, political thinkers, and social theorists on economic thought.

2. Biographical Approach: This approach involves studying the lives and works of individual
economists to understand their contributions to economic theory. It explores their personal
backgrounds, influences, and the historical context in which they lived and worked.

3. Comparative Approach: This approach involves comparing and contrasting the ideas and
theories of different economists or schools of thought. It seeks to identify similarities,
differences, and the evolution of economic ideas over time.

4. Textual Analysis: This approach involves closely examining the written works of
economists, including their books, articles, and correspondence. It focuses on understanding
the arguments, theories, and concepts presented by economists in their own words.
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5. Contextual Approach: This approach emphasizes understanding economic thought within

its historical, social, and political contexts. It examines how economic ideas were shaped by
and responded to specific events, such as economic crises, wars, or political movements.

6. Ideological Approach: This approach explores the ideological underpinnings of economic

thought and how it reflects or influences broader societal beliefs and values. It examines
how economic theories align with different political ideologies, such as liberalism, socialism,
or conservatism.

7. Evolutionary Approach: This approach views the history of economic thought as an

evolutionary process, where ideas and theories develop, adapt, and sometimes become
obsolete over time. It focuses on tracing the evolution of economic concepts and
understanding the factors that drive change in economic thinking.

These approaches are not mutually exclusive, and scholars often combine multiple
approaches to gain a comprehensive understanding of the history of economic thought. By
adopting these approaches, researchers can analyze the development, influences, and
implications of economic ideas throughout history.

7)

The history of economic thought holds significant importance for several reasons:

1. Understanding the Evolution of Economic Ideas: Studying the history of economic thought
allows us to trace the development and evolution of economic ideas over time. It provides
insights into how different theories and concepts have emerged, evolved, and influenced
each other. This understanding helps economists and policymakers to build upon past
knowledge and develop more robust economic theories and policies.

2. Insights into Economic Policy: Historical perspectives on economic thought provide

valuable insights into the effectiveness and consequences of different economic policies. By
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examining the successes and failures of past policies, economists can learn from historical
experiences and make more informed policy decisions.

3. Critiquing and Evaluating Economic Theories: The history of economic thought allows for
critical evaluation and analysis of different economic theories. By understanding the context
in which theories were developed and the debates that surrounded them, economists can
assess their strengths, weaknesses, and applicability to real-world economic problems.

4. Shaping Economic Education: The history of economic thought plays a crucial role in
shaping economic education. It provides a foundation for students to understand the
evolution of economic ideas and the different schools of thought. This knowledge helps
students develop a well-rounded understanding of economics and encourages critical
thinking.

5. Influencing Economic Policy Debates: The history of economic thought informs

contemporary economic policy debates. By examining past debates and the ideas put forth
by economists, policymakers can gain insights into different approaches and perspectives on
economic issues. This historical context helps shape current policy discussions and decisions.

6. Understanding Economic Paradigm Shifts: The history of economic thought highlights

significant paradigm shifts in economic thinking. These shifts often occur in response to
major economic events or challenges. Understanding these shifts helps economists and
policymakers navigate changing economic landscapes and adapt their approaches
accordingly.

7. Appreciating the Diversity of Economic Ideas: The history of economic thought showcases
the diversity of economic ideas and perspectives. It highlights the fact that there is no single
"correct" economic theory but rather a range of theories that offer different insights and
approaches. This appreciation for diversity fosters intellectual curiosity and encourages
open-mindedness in economic analysis and policy-making.
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Overall, the history of economic thought is significant as it provides a rich intellectual

heritage, informs policy decisions, and helps economists and policymakers learn from past
experiences to shape a better understanding of the economy.

8)

The standard organization of economic thought includes various schools of economic

thinking and the contributors associated with them. Here are some of the major schools and
their notable contributors:

1. Classical Economics:

- Adam Smith: Considered the father of modern economics, known for his book "The Wealth
of Nations" and his advocacy for free markets and the division of labor.

- David Ricardo: Known for his theory of comparative advantage and his contributions to the
labor theory of value.

2. Neoclassical Economics:

- Alfred Marshall: Known for his work on supply and demand, marginal utility, and the
concept of elasticity.

- Leon Walras: Developed the general equilibrium theory, emphasizing the interdependence
of markets.

3. Keynesian Economics:

- John Maynard Keynes: Known for his book "The General Theory of Employment, Interest,
and Money," which advocated for government intervention to stabilize the economy during
recessions.

- Joan Robinson: Contributed to Keynesian economics, particularly in the area of imperfect

competition and pricing theory.
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4. Monetarism:

- Milton Friedman: Known for his advocacy of monetarist policies and his work on the
quantity theory of money.

5. Austrian School:

- Carl Menger: Considered the founder of the Austrian School, known for his work on
subjective value and marginal utility.

- Friedrich Hayek: Known for his contributions to the theory of business cycles and his
defense of free markets.

6. Institutional Economics:

- Thorstein Veblen: Known for his critique of conspicuous consumption and his emphasis on
the role of institutions in shaping economic behavior.

- John R. Commons: Contributed to institutional economics, particularly in the areas of labor

economics and collective bargaining.

7. Development Economics:

- Arthur Lewis: Known for his dual-sector model of economic development and his work on
the role of labor in economic growth.

- Amartya Sen: Contributed to development economics, particularly in the areas of poverty

and social welfare.

These are just a few examples of the standard organization of economic thought and their
contributors. It's important to note that there are many more economists and schools of
thought that have made significant contributions to the field of economics.

9)

There are several ways to present the history of economic thought, depending on the
context and audience. Here are a few approaches:
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1. Chronological Approach: Present the development of economic thought in a chronological

order, starting from ancient civilizations such as Mesopotamia and Ancient Greece, moving
through different periods and schools of thought, and ending with contemporary economic
theories.

2. Biographical Approach: Focus on key economists and their contributions to economic

thought. Discuss the lives, ideas, and influences of prominent figures such as Adam Smith,
Karl Marx, John Maynard Keynes, and Milton Friedman.

3. School of Thought Approach: Organize the presentation around major schools of

economic thought, such as mercantilism, classical economics, neoclassical economics,
Keynesian economics, and others. Explain the core principles, key thinkers, and main ideas
associated with each school.

4. Theme-based Approach: Explore specific themes or topics within the history of economic
thought, such as the role of government, theories of value and distribution, economic
growth and development, or the impact of technological advancements. Analyze how
different economists and theories have contributed to these themes over time.

5. Comparative Approach: Compare and contrast different economic theories and

perspectives on specific issues. For example, compare classical and Keynesian approaches to
government intervention, or contrast neoclassical and institutional economics in terms of
their views on market behavior and social institutions.

6. Interactive Approach: Engage the audience through interactive activities, discussions, or

debates. Encourage participants to analyze and critique different economic theories, and
explore their relevance to contemporary economic challenges.
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Remember to tailor the presentation style and level of detail to the audience's background
and level of familiarity with economic concepts. Providing visual aids, case studies, and real-
world examples can also enhance understanding and engagement.

10)

The Multifaceted Nature of Economics:

Economics, beyond mere numbers and graphs, delves into the intricate realm of human
behavior and resource allocation within societies. To comprehend its true nature, we must
explore its various facets:

1. Social Science at Heart: Economics belongs to the social sciences, studying human
interactions and decision-making within economic systems. It analyzes how individuals,
firms, and governments interact in markets, organizations, and international exchanges. It's
more than money; it's about choices we make daily, from buying groceries to choosing
careers.

2. Scarcity and Choice: The fundamental principle underlying economics is scarcity.

Resources are limited, while human wants are seemingly infinite. This scarcity forces us to
make choices among competing alternatives. Economics provides tools and theories to
understand how these choices are made, how resources are allocated, and how wealth is
generated and distributed.

3. Positive vs. Normative Analysis: Economics differentiates between positive analysis and
normative analysis. Positive analysis seeks to understand what is, describing and explaining
economic phenomena objectively. Normative analysis, on the other hand, delves into what
ought to be, prescribing policies and actions to achieve desired outcomes like optimal
efficiency or equitable distribution.

4. Micro vs. Macro Analysis: Economics is divided into two broad branches: microeconomics
and macroeconomics. Microeconomics focuses on individual decision-making, analyzing the
behavior of consumers, firms, and markets in specific industries. Macroeconomics looks at
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the big picture, examining aggregate economic phenomena like national income, inflation,
unemployment, and economic growth.

5. A Blend of Science and Art: Economics utilizes scientific methods like data analysis,
modeling, and empirical testing to test its theories and understand real-world phenomena.
However, it also incorporates an element of art, requiring creativity and critical thinking to
interpret data, formulate models, and design effective policies.

6. A Dynamic Field: Economic theories and models are constantly evolving as societies and
technologies change. Economists actively debate and refine their understanding of markets,
behavior, and policy implications. This dynamic nature keeps the field relevant and
adaptable to new challenges.

7. Beyond the Textbook: Economics impacts every aspect of our lives, from personal financial
decisions to global trade agreements. Understanding its principles empowers us to make
informed choices, engage in meaningful debates, and hold policymakers accountable.

In conclusion, the nature of economics is multifaceted. It's a social science at heart, grappling
with the fundamental challenges of scarcity and choice. It utilizes both scientific rigor and
artistic intuition to analyze human behavior, resource allocation, and economic systems.
Ultimately, understanding economics empowers us to navigate the complexities of our world
and contribute to shaping a better future.

11)

Methodology of Science and Progress Models

The methodology of science refers to the set of practices and principles used to conduct and
evaluate scientific research. It's not a rigid formula, but rather a dynamic framework that
guides scientists in their pursuit of knowledge. Here are some key aspects of the
methodology:
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Observation and Questioning: It all starts with observing the natural world and identifying
phenomena that require explanation. Scientists then formulate questions about these
observations, sparking the research process.

Hypotheses and Theories: Scientists develop hypotheses, tentative explanations for the
observed phenomena. These hypotheses are then tested through experimentation and
observation to gather evidence for or against them. Robustly supported hypotheses can
become theories, broader and more comprehensive explanations that are well-established
and predictive.

Experimentation and Data Collection: Experiments play a crucial role in testing hypotheses
and collecting data. These experiments must be carefully designed and controlled to
minimize bias and ensure accurate results. Data from experiments and observations is then
analyzed and interpreted to draw conclusions.

Replication and Revision: Scientific findings are only considered valid if they can be
replicated by independent researchers using similar methods. This helps ensure the
reliability and objectivity of the results. As new evidence emerges, theories are constantly
revised and refined to adapt to the evolving understanding of the natural world.

Peer Review and Openness: Scientific knowledge thrives on open communication and
scrutiny. Research findings are presented at conferences, published in peer-reviewed
journals, and openly discussed among the scientific community. This critical evaluation
allows for identification of flaws, refinement of ideas, and advancement of knowledge.

Progress Models: Different models attempt to explain how scientific knowledge progresses:
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Cumulative Model: This traditional view sees science as a steady, linear progression towards
truth. New discoveries build upon existing knowledge, with each generation adding their
contribution to an ever-evolving body of knowledge.

Revolution Model: Proposed by Thomas Kuhn, this model suggests science progresses
through punctuated periods of "revolutions" where existing paradigms (dominant
frameworks) are overthrown by new, incompatible ones. These revolutions create significant
shifts in scientific understanding.

Network Model: This newer model sees scientific knowledge as a complex network of
interconnected concepts and theories. Progress occurs through interactions between
different parts of the network, leading to the emergence of new connections and insights.

It's important to remember that no single model fully captures the complexities of scientific
progress. Each model offers a valuable perspective, and the reality of scientific advancement
likely involves elements of all three.

12)

6 Reasons Why Studying the Evolution of Economic Thought is Important:

Understanding Economic Ideas: It provides a comprehensive understanding of how

economic ideas have developed over time. You see how concepts like supply and demand,
market efficiency, and government intervention have taken shape and been reshaped
through historical debates and events. This helps you critically evaluate existing economic
theories and avoid the pitfalls of repeating past mistakes.

Appreciating the Context: It gives context to current economic discussions by revealing the
social, political, and philosophical influences that shaped past economic thinking. You see
how economic theories are not born in a vacuum, but rather reflect the prevailing concerns
and ideologies of their time. This helps you avoid a "one-size-fits-all" approach to economic
problems and consider the specific circumstances of each situation.

Identifying Overlooked Perspectives: It offers diverse perspectives on economic issues by

introducing you to different schools of thought, even those deemed unorthodox or outdated
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today. This broadens your intellectual horizons and allows you to challenge dominant
paradigms. You might find valuable insights in seemingly forgotten theories that can be
relevant to contemporary challenges.

Enhancing Policy Formulation: It informs the development of sound economic policies by

providing historical examples of successful and unsuccessful interventions. You learn from
past policy decisions and avoid repeating ineffective approaches. You also gain a better
understanding of the potential unintended consequences of economic policies.

Developing Critical Thinking Skills: It hones your critical thinking skills by exposing you to
diverse arguments and challenging you to analyze and evaluate different economic theories.
You learn to identify biases, logical fallacies, and weak assumptions in economic reasoning.
This skill is valuable not only in economics but also in other areas of your life.

Enhancing Problem-Solving Abilities: It offers historical models and frameworks for

addressing complex economic problems. By studying how past thinkers grappled with
challenges like poverty, inequality, and trade imbalances, you can gain inspiration and
insights for devising solutions to modern economic issues.

Beyond these six points, studying the evolution of economic thought can also foster
intellectual curiosity, cultivate a sense of humility in the face of economic complexity, and
ultimately, equip you to be a more informed and engaged citizen.

13)

1.Focus on agriculture and land: Ancient economic thought heavily emphasized the
importance of agriculture and land ownership as the primary drivers of wealth and
prosperity. This is evident in the writings of figures like Xenophon, who advocated for land
ownership as a key element of a stable and just society.

2.Limited understanding of markets and trade: While barter and exchange existed in ancient
societies, the concept of a complex market system with supply and demand forces was not
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fully developed in ancient economic thought. Instead, the focus was often on subsistence
production and local trade networks.

3.Role of morality and ethics in economic activity: Ancient thinkers like Aristotle and Plato
grappled with the ethical implications of economic activities, considering concepts like
fairness, justice, and the pursuit of wealth beyond basic needs. This led to discussions about
usury, monopolies, and the ideal role of government in regulating economic activity.

4.Varying views on the role of labor: The value and treatment of labor differed across ancient
societies. In some cases, manual labor was seen as undesirable and associated with lower
social classes, while in others, skilled artisans and craftspeople were highly valued. This
difference in perspective is reflected in the writings of thinkers like Hesiod, who advocated
for hard work and self-sufficiency, and Plato, who distinguished between productive and
unproductive forms of labor.

5.Emphasis on self-sufficiency and limited economic interdependence: Ancient economic

thought often placed a premium on self-sufficiency and local production, with less emphasis
on extensive trade and economic interdependence between regions. This was partly due to
limited transportation and communication infrastructure, as well as concerns about
dependence on external forces for essential goods.

6.Connection between economic prosperity and political stability: Many ancient thinkers
believed that economic prosperity was essential for the stability and well-being of a state.
This led to discussions about the ideal forms of government and economic policies that could
promote both individual and collective wealth.

7.Concern about inequality and wealth distribution: While some ancient thinkers advocated
for concentrated wealth and power among the elite, others, like the Cynics and Stoics,
expressed concern about growing inequality and the potential for social unrest. This led to
debates about the role of government in redistributing wealth and promoting social justice.
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8.Limited understanding of economic concepts like inflation and interest rates: While ancient
societies experienced periods of inflation and price fluctuations, the theoretical
understanding of these concepts and their causes was not fully developed in ancient
economic thought. This limited their ability to implement effective economic policies to
address such issues.

It's important to remember that ancient economic thought was not monolithic and varied
across different cultures and historical periods. These eight characteristics provide a general
overview of some of the key features, but further exploration of specific thinkers and
societies will reveal a richer and more nuanced understanding of how ancient people
thought about economics.

14)

Economic Ideas of Hebrews:

The beginnings of the science of economics and economic institutions are often traced back
to the Hebrew and Jewish times. The society discussed in the Old Testament mentioned
some of the characteristics of modern capitalism and private property. The Hebrews belong
to the ancient civilizations of the world.

Their period dates back to 2500 B.C. It is believed by some scholars that Western Civilization
has its origin in Hebrew civilization. Division of labour, market, exchange, money etc., were
the institutions of those times. The philosophers of those times were real founders of all
social theories even though their writings were in a scattered form.

The economic philosophy of the Hebrews was simple. The society in which they lived was
also a simple one. Economic problems were never studied separately. Economics, Politics,
Ethics and Philosophy were interconnected. But religion and ethics were given greater
importance. Economic life was controlled by priests. They gave importance to agriculture.
The Hebrews had definite ideas on subjects such as interest, agriculture, property, taxation
etc.

Economic Ideas of the Greeks:

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The Greeks were the first to develop an economic theory, but it appeared in the form of
‘incidental observations, thrown off in the pursuit of a more worthy end’. “It is in the Greek
writers that theorizing on economic matters first explicitly emerges” said Alexander Gray.

Though the Greeks being the pioneers in many branches of knowledge, they did not
contribute much to the growth of economic ideas. There was no demarcation between
politics, economics and ethics. The ancient world was founded on a system of caste
distinctions.

The masters did not give due respect to odd jobs done by slaves. In the absence of freedom
of choosing one’s occupation there was hardly any incentive for economic activities.
However, Haney says that “the part played by the Greek ideas in the development of
modern economic thought demands no small attention”.

Economic Ideas of Plato (427-347 BC):

Plato was a Greek philosopher. He was born in Athens in an aristocratic family. He was a
pupil of Socrates. He taught mathematics and philosophy in the first great school of
philosophers – the Academy, founded by him. His famous writings, ‘The Republic’ and ‘The
Laws’ are the most important sources of his economic thought.

Credit goes to Plato for giving some attention to the economic aspects of social
organizations. Eric Roll says that “he attempted to offer a systematic exposition of the
principles of society and of the origin of the city state, as well as a plan for the ideal social
structure”. He regarded economics a branch of ethics and politics.