History of economic thought

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day. It encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.

In the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Long before that, from the Renaissance at least, economics as an intellectual discipline or science was dominated by Western thinkers and their academic institutions, schooling economists from outside the West, although there are isolated instances in other societies.

Fan Li (also known as Tao Zhu Gong) (born 517 BC), an adviser to King Goujian of Yue, wrote on economic issues and developed a set of "golden" business rules.

Chanakya (born 350 BC) wrote the Arthashastra, a treatise on statecraft, economic policy and military strategy.

Ancient Athens, a slave-based society, developed an embryonic model of democracy.

Xenophon's (c. 430–354 BC) Oeconomicus (c. 360 BC) is a dialogue principally about household management and agriculture.

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