Scribd
Upload
19 views1 page

Activity 1 Econ

The document provides historical background on economics from hunter-gatherer societies to the current information age. It discusses key contributors to economic thought from ancient philosophers like Plato and Aristotle to Thomas Aquinas in the medieval period and Adam Smith in the classical period. The document covers major economic developments like the agricultural and industrial revolutions.

Uploaded by

Ronald
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
19 views1 page

Activity 1 Econ

The document provides historical background on economics from hunter-gatherer societies to the current information age. It discusses key contributors to economic thought from ancient philosophers like Plato and Aristotle to Thomas Aquinas in the medieval period and Adam Smith in the classical period. The document covers major economic developments like the agricultural and industrial revolutions.

Uploaded by

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

HISTORICAL BACKGROUND OF ECONOMICS

Hunter-Gatherers Agricultural Revolution Industrial Revolution Information-Age


They are the people who It pertains to the time They started to build and make goods The people are not only
hunt for food; it can be in a form of wherein the people figured out that and services from the factories and exchange their goods, other
animal and plants. This is the form a simple seed can multiply and machines. It is the beginning of the resources or through money but
of survival in that early age. The regrow. The farms developed and surplus of food and vehicles to also they exchange information
basis of economics in this age is the planted their seed as a source of globalize a certain products and to through technology as an impact of
exchange of food. food of the community. contribute in a global economy. the industrial revolution.

SELECTED CONTRIBUTORS IN THE DEVELOPMENT OF ECONOMIC THOUGHT


CLASSICAL PERIOD
ANCIENT PERIOD MEDIEVAL PERIOD Adam Smith (1723-1790)
Plato (427-347 B.C.)- Thomas Aquinas (1225-1274)

WORKS WORKS
WORKS
1. Theory of Money- uring his time people were using
precious stones such as gold, silver, and copper in 1. Capitalism- In his classic An Inquiry into the
1. Lending and Interest- Aquinas scolded an Nature and Causes of the Wealth of Nations,
exchange of goods and services.
2. Theory of Market- Plato proposed equal or just
age-old Christian tradition with his Smith sought to show how it was possible to
distribution of opportunities to individuals. condemnation of interest-based money pursue private gain in ways that would further
lending, known in his day as usury. not just the interest of the individual but those
Aristotle (384-322 B.C.)- of society, as a whole society’s interest
WORKS 2. Just Price-. For Aquinas, as for his 2. Laissez faire- The natural economic order,
1. Fairness in Exchange- Aristotle’s focus on personal contemporaries, the importance of this untouched by regulations or adjustments, was
ethics led him to devise a notion of fairness that could best designed to produce maximum well-
issue stemmed from Christian ethics, as
be applied to exchange being for everybody.
summarized in the biblical command to
2. Use Value and Exchange- From the viewpoint of a
3. Free Trade- A reaction against such control
“DO unto others as you would have them occurred in France in the 1700s.
modern economics, Aristotle’s most important unto you.” 4. Liberalism-One branch of liberal philosophy
contribution was to initiate the study of economic was its economics as developed by the so-
value. 3. Contemporary Relevance- His realization called classical economists, notably Adam
3. Contemporary Relevance- one’s ethical view of of the need for payments for business risk Smith and David Ricardo.
greed the presence of individuals who are intent on represented a significant departure from
gaining wealth can work to the advantages of society previous economic perspectives, and his
admission of the potentially positive role of
Xenophon (430 B.C.-354 B.C.) profit aided the gradual growth of private
market activity.

You might also like