Homework Question on Economists Adam Smith, Adam Ferguson, and John Mill
1.How slavery has been discussed and analyzed by economists Adam Smith, Adam Ferguson, and John Mill.
Homework Answer on Economists Adam Smith, Adam Ferguson, and John Mill
History of Economic Thought
The history of economic thought entails different theories, approaches, and philosophers that evolved from economics to political economy from ancient to present periods. Political economy refers to the study of the human beings in the ordinary business life. Political economy assesses an individual’s social actions related to attaining well-being. For instance, in ancient Greek, philosophers like Aristotle examined various theories of acquiring wealth and were not able to tell if the properties would be left in private hands or in public. Long before industrial evolution, Renaissance categorized the history of economic thought as a science of thinkers and academicians from the West. Also, in the western world, until the industrial revolution and its resultant economic growth, Economics was considered a discipline of philosophy.
Why should we study the history of economic thought?
However, the need to study the history of economic thought focuses on understanding the economic growth of the world from mainly pre-industrial and agricultural economies. The study of the history of economic thought indicates that there are parts of units in economic theory which connect the society with ancient periods. It also aids in understanding where economics originates. Also, an economic history of thought gives a broad basis for the comparison of different theories. This is important as it enables one to make a reasonable decision.
The study of economic thought is a vital tool for obtaining knowledge. However, the history of economic thought is believed to be revelatory and discriminatory. For instance, writers and authors are selective as they discuss only areas they are interested in, and give facts on an individual basis. Nonetheless, various scholars argue that the history of economic thought should embrace the modern economic assumptions.