It has been suggested that History of economics be merged into this article or section. (Discuss)

A picture of Wall Street in 1867, a major stock trading centre in New York City

The history of economic thought deals with different thinkers and theories in the field of political economy and economics from the middle ages right up to the present day. Although the British philosopher Adam Smith is generally considered the father of economics, his ideas built upon a considerable body of work from predecessors in the eighteenth century, who in turn were grappling with wisdom received from centuries before and attempting to apply it to a modern setting. Adam Smith wrote at the beginning of unprecedented social upheaval, in what became known as the industrial revolution. For the first time in history inventions such as James Watt's steam engine, Andrew Meikle's threshing machine, new modern cotton mills and advances in coal extraction and iron manufacture meant that people could produce goods beyond those necessary for subsistence. Changes in economic thought have always accompanied changes in the economy, just as changes in economic thought have propelled change in economic policy. Image File history File links Please see the file description page for further information. ... It has been suggested that Economic schools of thought be merged into this article or section. ... Download high resolution version (1552x988, 442 KB)View in Wall Street from Corner of Broadway New York. ... Download high resolution version (1552x988, 442 KB)View in Wall Street from Corner of Broadway New York. ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... New York, New York and NYC redirect here. ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late 18th century and early 19th century in some Western countries. ... An invention is an object, process, or technique which displays an element of novelty. ... James Watt James Watt (19 January 1736 – 19 August 1819) was a Scottish inventor and engineer whose improvements to the steam engine were fundamental to the changes wrought by the Industrial Revolution. ... // The term steam engine may also refer to an entire railroad steam locomotive. ... Andrew Meikle (1719- 27 November 1811) was an early mechanical engineer credited with, in about 1786, inventing (though some say he only improved on an earlier design) the threshing machine (used for removing the outer husks from grains of wheat, etc; occasionally also known as a thrashing machine), regarded as... The thrashing machine, or, in modern spelling, threshing machine (or simply thresher), was a machine first invented by Scottish mechanical engineer Andrew Meikle for use in agriculture. ... This article does not cite its references or sources. ... Coal Coal (IPA: ) is a fossil fuel formed in swamp ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ... General Name, symbol, number iron, Fe, 26 Chemical series transition metals Group, period, block 8, 4, d Appearance lustrous metallic with a grayish tinge Standard atomic weight 55. ...

Economic thought has evolved through feudalism in the Middle Ages, through mercantilist theory in the renaissance, through modern political economy during the industrial revolution, to the fractured economic schools of thought that dragged humanity into the twentieth century and a new globalised era of the twenty first. Following Adam Smith's Wealth of Nations, classical economists such as David Ricardo and John Stuart Mill examined the ways the landed, capitalist and labouring classes produced and distributed national riches. Karl Marx was then to castigate the capitalist system of exploitation and alienation he saw around him, before neo-classical economics in a new Imperial era sought to erect a more mathematically and scientifically grounded field above this politics. After the wars of the early twentieth century, John Maynard Keynes led a reaction against governmental abstention from economic affairs, advocating interventionist fiscal policy to stimulate economic demand, growth and prosperity. But with a world divided between the capitalist first world, the communist second world, and the poor of the third world, the prevailing consensus broke down. Men like Milton Friedman and Friedrich von Hayek caught the imagination of western leaders, warning of The Road to Serfdom and socialism. With the collapse of the Soviet Union, the political scientist Francis Fukuyama proclaimed the victory for liberal democracy and an End of History. Yet the twenty first century begins, the history of economic thought continues in an increasingly globalised economy. Roland pledges his fealty to Charlemagne; from a manuscript of a chanson de geste. ... The Middle Ages formed the middle period in a traditional schematic division of European history into three ages: the classical civilization of Antiquity, the Middle Ages, and modern times, beginning with the Renaissance. ... A painting of a French seaport from 1638, at the height of mercantilism. ... The Renaissance (French for rebirth, or Rinascimento in Italian), was a cultural movement in Italy (and in Europe in general) that began in the late Middle Ages, and spanned roughly the 14th through the 17th century. ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late 18th century and early 19th century in some Western countries. ... It has been suggested that this article or section be merged into History of economics. ... (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s The 20th century lasted from 1901 to 2000 in the Gregorian calendar (often from (1900 to 1999 in common usage). ... Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. ... This article or section does not cite its references or sources. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ... Classical economics is widely regarded as the first modern school of economic thought. ... David Ricardo (18th April, 1772–11th September, 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... John Stuart Mill, (20 May 1806 – 8 May 1873) British philosopher, political economist and Member of Parliament, was an influential liberal thinker of the 19th century. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Neoclassical economics is the grouping of a number of schools of thought in economics. ... For the computer game, see Imperialism (computer game). ... John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... In economics, a capitalist is someone who owns capital, presumably within the economic system of capitalism. ... This article is about communism as a form of society and as a political movement. ... For the Jamaican reggae band, see Third World (band). ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... The Road to Serfdom is a book written by the economist Friedrich A. Hayek and originally published by University of Chicago Press on September, 1944. ... Socialism refers to a broad array of ideologies and movements which aim to improve society through collective and egalitarian action; and to a socio-economic system in which property and the distribution of wealth are subject to control by the community. ... Yoshihiro Francis Fukuyama (b. ... The End of History and the Last Man is a 1992 book by Francis Fukuyama, expanding on his 1989 essay The End of History?, in which he argues the controversial thesis that the end of the Cold War signals the end of the progression of human history: What we may... Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. ...

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See also: Schoolmen and Middle ages

Medieval Europe faced huge upheavals, especially in the wake of the crusades. The signs that the Dark Ages had passed were found in the increase in trade across the continent, and the development of the lex mercatoria. Many worried that the economic changes embodied a threat to old attachments to a moral order, which are represented by an old parable. A monk travelling back to Germany from a pilgrimage to Rome joined a band of merchants. He showed them a silver chalice he had purchased for his cathedral and told them what he paid for it. They laughed and congratulated him, because he had made a killer of a bargain and they mused that an unworldly monk was able to drive an even better deal than any of them. The monk was horrified, he left immediately, and went back to Rome to pay back what should have been the just price for it. This story illustrated the tension between old attitudes and an increasingly commercial world. Science is a body of empirical, theoretical, and practical knowledge about the natural world, produced by a global community of researchers making use of a body of techniques known as scientific methods, emphasizing the observation, experimentation and scientific explanation of real world phenomena. ... Image File history File links Download high resolution version (1020x1508, 359 KB) Book cover Frontispiece of : Tabulae Rudolphinae : quibus astronomicae . ... The sociology and philosophy of science, as well as the entire field of science studies, have in the 20th century been preoccupied with the question of large-scale patterns and trends in the development of science, and asking questions about how science works both in a philosophical and practical sense. ... The historiography of science is the historical study of the history of science (which often overlaps the history of technology, the history of medicine, and the history of mathematics). ... A pseudoscience is any body of knowledge purported to be scientific or supported by science but which fails to comply with the scientific method. ... In prehistoric times, advice and knowledge was passed from generation to generation in an oral tradition. ... The Ptolemaic system of celestial motion, from Harmonia Macrocosmica, 1661. ... The history of science in the Middle Ages refers to the discoveries in the field of natural philosophy throughout the Middle Ages - the middle period in a traditional schematic division of European history. ... Leonardo da Vincis Vitruvian Man, an example of the blend of art and science during the Renaissance. ... The event which many historians of science call the scientific revolution can be dated roughly as having begun in 1543, the year in which Nicolaus Copernicus published his De revolutionibus orbium coelestium (On the Revolutions of the Heavenly Spheres) and Andreas Vesalius published his De humani corporis fabrica (On the... Natural philosophy or the philosophy of nature, known in Latin as philosophia naturalis, is a term applied to the objective study of nature and the physical universe before the development of modern science. ... Astronomy is the oldest of the natural sciences, dating back to antiquity, with its origins in the religious, mythological, and astrological practices of pre-history: vestiges of these are still found in astrology, a discipline long interwoven with public and governmental astronomy, and not completely disentangled from it until a... The history of biology dates as far back as the rise of various civilization as classic philosophers did their own ways of biology as a system of understanding life. ... Portrait of Monsieur Lavoisier and his Wife, by Jacques-Louis David The history of chemistry may be said to begin with the distinction of chemistry from alchemy by Robert Boyle in his work The Sceptical Chymist (1661). ... ÛEcology is generally spoken of as a new science, having only become prominent in the second half of the 20th Century. ... Wikipedia does not yet have an article with this exact name. ... The history of paleontology has been an ongoing effort to understand the history of life on Earth by understanding the fossil record left behind by living organisms. ... Since antiquity, human beings have sought to understand the workings of nature: why unsupported objects drop to the ground, why different materials have different properties, the character of the universe such as the form of the Earth and the behavior of celestial objects such as the Sun and the Moon... For more, see: Social science#History In ancient philosophy, there was no difference between the liberal arts of mathematics and the study of history, poetry or politics—only with the development of mathematical proof did there gradually arise a perceived difference between scientific disciplines and others, the humanities or liberal... Efforts to describe and explain the human language faculty have been undertaken throughout recorded history. ... Antecedents of political science While the study of politics is first found in the Western tradition in Ancient Greece, political science is a late arrival in terms of social sciences. ... The history of psychology as a scholarly study of the mind and behavior dates, in Europe, back to the Late Middle Ages. ... Sociology is a relatively new academic discipline among other social sciences including economics, political science, anthropology, and psychology. ... The wheel was invented circa 4000 BC, and has become one of the worlds most famous, and most useful technologies. ... Agronomy today is very different from what it was before about 1950. ... The history of computer science began long before the modern discipline of computer science that emerged in the twentieth century. ... The History of materials science is rooted in the history of the Earth and the culture of the peoples of the Earth. ... This article does not adequately cite its references or sources. ... Chronologies or timelines are important in understanding history. ... Scholastic redirects here. ... The Middle Ages formed the middle period in a traditional schematic division of European history into three ages: the classical civilization of Antiquity, the Middle Ages, and modern times, beginning with the Renaissance. ... The Siege of Antioch, from a medieval miniature painting, during the First Crusade. ... This article needs additional references or sources for verification. ... This article needs cleanup. ... Nickname: Motto: SPQR: Senatus Populusque Romanus Location of the city of Rome (yellow) within the Province of Rome (red) and region of Lazio (grey) Coordinates: Region Lazio Province Province of Rome Founded 21 April 753 BC Government  - Mayor Walter Veltroni Area  - City 1,285 km²  (580 sq mi)  - Urban 5... The just price is a theory of ethics in economics which attempted to set standards of fairness in financial transactions. ...

Thomas Aquinas

Main article: Thomas Aquinas

St Thomas Aquinas taught that raising prices in response to high demand was a type of theft.

Thomas Aquinas (1225-1274) was an Italian theologian and one of the earliest writers on the topic of economic issues. He taught in both Cologne and Paris was part of a group of Catholic scholars known as the Schoolmen who first moved their enquiries beyond theology to philosophical and scientific debates. In his treatise Summa Theologica Aquinas dealt with the concept of a just price, which was one necessary for the reproduction of the social order. Bearing many similarities with the modern concept of long run equilibrium a just price was supposed to be one just sufficient to cover the costs of production, including the maintenance of a worker and his family. He argued it was immoral for sellers to raise their prices simply because buyers were in pressing need for a product. Saint Thomas Aquinas (also Thomas of Aquin, or Aquino; c. ... Image File history File links Size of this preview: 439 × 600 pixelsFull resolution (1000 × 1366 pixel, file size: 118 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Size of this preview: 439 × 600 pixelsFull resolution (1000 × 1366 pixel, file size: 118 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Saint Thomas Aquinas (also Thomas of Aquin, or Aquino; c. ... For other uses, see Cologne (disambiguation). ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) The Eiffel Tower in Paris, as seen from the esplanade du Trocadéro. ... Scholastic redirects here. ... The Summa Theologica (also widely known as the Summa Theologiae) is the most famous work of St. ... The just price is a theory of ethics in economics which attempted to set standards of fairness in financial transactions. ... Economics is the social science studying production and consumption through measurable variables. ...

"Si vero aliquis multum iuvetur ex re alterius quam accepit, ille vero qui vendidit non damnificatur carendo re illa, non debet eam supervendere. Quia utilitas quae alteri accrescit non est ex vendente, sed ex conditione ementis, nullus autem debet vendere alteri quod non est suum..."

"If someone would be greatly helped by something belonging to someone else, and the seller not similarly harmed by losing it, the seller must not sell for a higher price: because the usefulness that goes to the buyer comes not from the seller, but from the buyer's needy condition: no one ought to sell something that doesn't belong to him. - Summa Theologiae, 2-2, q. 77, art. 1 Summa theologiae, Pars secunda, prima pars. ...

John Duns Scotus

Main article: Duns Scotus

One of Aquinas' main critics^[1] was Duns Scotus (1265-1308) in his work Sententiae (1295). Originally from Duns, Scotland he taught in Oxford, Cologne and Paris. Duns Scotus thought it possible to be more precise than Thomas in calculating a just price, emphasising the costs of labour and expenses - though he recognised that the latter might be inflated by exaggeration. Because buyer and seller usually have different ideas of what a just price comprises, he thought an agreed price usually contains a ‘gift' element on either side, an early forerunner to the idea of trade being a "win-win" situation. If people did not benefit from a transaction, in Scotus' view, they would not trade. Scotus defended merchants as performing a necessary and useful social role, transporting goods and making them available to the public. Blessed John Duns Scotus (c. ... Duns was created a Burgh of Barony in 1490, and is a former county town of Berwickshire in the Scottish Borders. ...

Mercantilism

Main article: Mercantilism

A painting of a French seaport from 1638, at the height of mercantilism.

From the localism of the Middle Ages, the waning feudal lords, new national economic frameworks began to be strengthened. From 1492 and explorations like Christopher Columbus' new opportunities for trade with the New World and Asia were opening. New powerful monarchies wanted a powerful state in order to boost their status. Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure local markets and supply sources were protected. Tariffs could be used to encourage exports (meaning more money comes into the country) and discourage imports (sending wealth abroad). In other words a positive balance of trade ought to be maintained, with a surplus of exports. The term mercantilism was not in fact coined until the late 1763 by Victor de Riqueti, marquis de Mirabeau and popularised by Adam Smith, who vigorously opposed its ideas. A painting of a French seaport from 1638, at the height of mercantilism. ... http://www. ... http://www. ... Roland pledges his fealty to Charlemagne; from a manuscript of a chanson de geste. ... Not to be confused with 1492: Conquest of Paradise. ... Christopher Columbus (1451 – May 20, 1506) was a navigator and maritime explorer credited as the discoverer of the Americas. ... Frontispiece of Peter Martyr dAnghieras De orbe novo (On the New World). Carte dAmérique, Guillaume Delisle, 1722. ... Protectionism is the economic policy of restraining trade between nations, through methods such as high tariffs on imported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws in an attempt to protect domestic industries in a particular nation from foreign take-over... This article does not cite any references or sources. ... The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ... Victor de Riqueti, marquis de Mirabeau (often referred to simply as the elder Mirabeau) (October 5, 1715 - July 13, 1789) was a French economist of the Physiocratic school. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ...

Thomas Mun

Main article: Thomas Mun

An english businessman named Thomas Mun (1571-1641) in his book England's Treasure by Foraign Trade represents early mercantile policy. Although it was not published until 1663 it was widely circulated as a manuscript before then. He was a member of the East India Company and also wrote about his experiences there in A Discourse of Trade from England unto the East Indies (1621). According to Mun, trade was the only way to increase England’s treasure and in pursuit of this end he suggested several courses of action. Important were frugal consumption in order to increase the amount of goods available for export, increased utilisation of land and other domestic natural resources to reduce import requirements, lowering of export duties on goods produced domestically from foreign materials, and the export of goods with inelastic demand because more money could be made from higher prices. Thomas Mun (1571 - 1641) was an English writer on economics who has been called the last of the early mercantilists. ... The companys flag initially had the flag of England, the St Georges Cross, in the canton The Honourable East India Company (HEIC), often colloquially referred to as John Company, was the first joint-stock company (the Dutch East India Company was the first to issue public stock). ...

Philipp von Hörnigk

Main article: Philipp von Hörnigk

The title page to Philipp von Hörnigk statement of mercantilist philosophy

Philipp von Hörnigk (1640-1712, sometimes spelt Hornick or Horneck) was born in Frankfurt am Main and became an Austrian civil servant writing in a time when his country was constantly threatened by Turkish invasion. In Österreich Über Alles, Wenn Sie Nur Will (1684, Austria Over All, If She Only Will) he laid out one of the clearest statements of mercantile policy. He listed nine principle rules of national economy. Philipp von Hörnigk (sometimes spelt Hornick or Horneck) was born in Frankfurt am Main on the 23rd of January 1640 and died on the 23th of October 1714 in Passau. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Philipp von Hörnigk (sometimes spelt Hornick or Horneck) was born in Frankfurt am Main on the 23rd of January 1640 and died on the 23th of October 1714 in Passau. ... Frankfurt am Main [ˈfraŋkfʊrt] is the largest city in the German state of Hessen and the fifth largest city of Germany. ... Combatants Habsburg Dynasty including: Habsburg Spain Holy Roman Empire Kingdom of Hungary Austrian Empire Non-Habsburg Allies: Tsardom of Russia Holy League Allies: Polish-Lithuanian Commonwealth Republic of Venice Ottoman Turks Barbary States (Under Ottoman Protection) Crimean Khanate The Ottoman-Habsburg wars refers to the conflicts between the Ottoman Empire...

"To inspect the country's soil with the greatest care, and not to leave the agricultural possibilities of a single corner or clod of earth unconsidered... All commodities found in a country, which cannot be used in their natural state, should be worked up within the country... Attention should be given to the population, that it may be as large as the country can support... gold and sivler once in the country are under no circumstances to be taken out for any purpose... The inhabitants should make every effort to get along with their domestic products... [Foreign commodities] should be obtained not for gold or silver, but in exchange for other domestic wares... and should be imported in unfinished form, and worked up within the country... Opportunities should be sought night and day for selling the country's superfluous goods to these foreigners in manufactured form... No importation should be allowed under any circumstances of which there is a sufficient supply of suitable quality at home." General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Standard atomic weight 196. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... International trade is the exchange of goods and services across international borders. ...

Nationalism, self-sufficiency and national power were the basic policies proposed.^[2] This article needs additional references or sources for verification. ...

Jean Baptiste Colbert

Main article: Jean Baptiste Colbert

Jean Baptiste Colbert (1619-1683) was Minister of Finance under King Louis XIV of France. He set up national guilds to regulate major industries. Silk, linen, tapestry, furniture manufacture and wine were examples of the crafts in which France specialised, all of which came to require membership of a guild to operate in. These remained until the French revolution. According to Colbert, "It is simply, and solely, the abundance of money within a state [which] makes the difference in its grandeur and power." Jean-Baptiste Colbert Jean-Baptiste Colbert (August 29, 1619 - September 6, 1683) served as the French minister of finance, for 22 years, under King Louis XIV. He is notable for his work at improving the state of French manufacturing and bringing the economy back from the brink of bankruptcy; although... “Sun King” redirects here. ... A guild is an association of craftspeople in a particular trade. ... The French Revolution (1789–1815) was a period of political and social upheaval in the political history of France and Europe as a whole, during which the French governmental structure, previously an absolute monarchy with feudal privileges for the aristocracy and Catholic clergy, underwent radical change to forms based on...

Post restoration Britain

See also: Scottish enlightenment

Britain had gone through some of its most troubling times through the 17th century, enduring not only political and religious division in the English Civil War, King Charles I's execution and the Cromwellian dictatorship, but also the plagues and fires. The monarchy was restored under Charles II, who had catholic sympathies, but his successor King James II was swiftly ousted. Invited in his place were protestant William of Orange and Mary, who assented to the Bill of Rights 1689 ensuring that the Parliament was dominant in what became known as the Glorious revolution. The upheaval had seen a number huge scientific advances, including Robert Boyle's discovery of the gas pressure constant (1660) and Sir Isaac Newton's publication of Philosophiae Naturalis Principia Mathematica (1687), which described the three laws of motion and his law of universal gravitation. All these factors spurred the advancement of economic thought. For instance, Richard Cantillon (1680-1734) consciously imitated Newton's forces of inertia and gravity in the natural world with human reason and market competition in the economic world.^[3] In his Essay on the Nature of Commerce in General, he argued rational self interest in a system of freely adjusting markets would lead to order and mutually compatible prices. Unlike the mercantilist thinkers however, wealth was found not in trade but in human labour. The first person to tie these ideas into a political framework was John Locke The Scottish Enlightenment was a period of intellectual ferment in Scotland, running from approximately 1740 to 1800. ... The English Civil War consisted of a series of armed conflicts and political machinations that took place between Parliamentarians (known as Roundheads) and Royalists (known as Cavaliers) between 1642 and 1651. ... Charles I (19 November 1600 – 30 January 1649) was King of England, King of Scotland and King of Ireland from 27 March 1625 until his execution in 1649. ... Oliver Cromwell (25 April 1599 – 3 September 1658) was an English military and political leader best known for his involvement in making England, Scotland and Ireland into a republican Commonwealth and for the brutal war exercised in his conquest of Ireland. ... A bill of mortality for the plague year of 1665. ... Detail of painting from 1666 of the Great Fire of London by an unknown artist, depicting the fire as it would have appeared on the evening of Tuesday, 4 September from a boat in the vicinity of Tower Wharf. ... Charles II (29 May 1630 – 6 February 1685) was the King of England, Scotland, and Ireland. ... James II of England (also known as James VII of Scotland; 14 October 1633 – 16 September 1701) became King of England, King of Scots, and King of Ireland on 6 February 1685, and Duke of Normandy on 31 December 1660. ... William of Orange (French: Guillaume, Dutch: Willem) is the name of several historical people. ... Mary II (30 April 1662–28 December 1694) reigned as Queen of England and Ireland from 13 February 1689, and as Queen of Scots (as Mary II of Scotland) from 11 April 1689 until her death. ... The Bill of Rights 1689 is an Act of the Parliament of England (1 Will. ... The English parliament in front of the King, c. ... The Revolution of 1688, commonly known as the Glorious Revolution, was the overthrow of James II of England in 1688 by a union of Parliamentarians and the Dutch stadtholder William III of Orange-Nassau (William of Orange). ... Robert Boyle Robert Boyle (25 January 1627 – 30 December 1691) was an Anglo-Irish natural philosopher, chemist, physicist, inventor, and early gentleman scientist, noted for his work in physics and chemistry. ... Boyles law (sometimes referred to as the Boyle Mariotte law) is one of the gas laws. ... Sir Isaac Newton (4 January 1643 – 31 March 1727) [ OS: 25 December 1642 – 20 March 1726][1] was an English physicist, mathematician, astronomer, natural philosopher, and alchemist. ... Newtons own copy of his Principia, with handwritten corrections for the second edition. ... It has been suggested that this article or section be merged into Gravity. ... Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... The labor theory of value (LTV) is a theory in economics and political economy concerning a market-oriented society: the theory equates the value of an exchangeable good or service (i. ... This article is about John Locke, the English philosopher. ...

John Locke

Main article: John Locke

John Locke combined philosophy, politics and economics into one coherent framework

John Locke (1632-1704) was born near Bristol and educated in London and Oxford. He is considered one of the most significant philosophers of his era mainly for his critique of Thomas Hobbes' defence of absolutism^[4] and the development of social contract theory. Locke believed that people contracted into society which was bound to protect their rights of property.^[5] He defined property broadly to include people lives and liberties, as well as their wealth. When people combined their labour with their surroundings, then that created property rights. In his words from his Second Treatise on Civil Government (1689), This article is about John Locke, the English philosopher. ... Image File history File links Download high-resolution version (614x792, 709 KB) ÄŒesky | Deutsch | English | Ελληνικά | Español | فارسی | Français | עברית | Indonesian | Italiano | 日本語 | 한국어 | Magyar | Nederlands | Polski | Português | RomânÇŽ | Русский | Slovenščina | Српски | Sunda | 简体中文 | 正體中文 | Türkçe | Русский | Українська +/- ÄŒesky | Deutsch | English | Ελληνικά | Español | فارسی | Français | עברית | Indonesian | Italiano | 日本語 | 한국어 | Magyar | Nederlands | Polski | Português | Român... Image File history File links Download high-resolution version (614x792, 709 KB) ÄŒesky | Deutsch | English | Ελληνικά | Español | فارسی | Français | עברית | Indonesian | Italiano | 日本語 | 한국어 | Magyar | Nederlands | Polski | Português | RomânÇŽ | Русский | Slovenščina | Српски | Sunda | 简体中文 | 正體中文 | Türkçe | Русский | Українська +/- ÄŒesky | Deutsch | English | Ελληνικά | Español | فارسی | Français | עברית | Indonesian | Italiano | 日本語 | 한국어 | Magyar | Nederlands | Polski | Português | Român... The philosopher Socrates about to take poison hemlock as ordered by the court. ... The Politics series Politics Portal This box:      Politics is the process by which groups of people make decisions. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Philosophy, Politics and Economics (PPE) is a popular interdisciplinary degree which combines study from the three eponymous disciplines. ... “Hobbes” redirects here. ... Social contract is a phrase used in philosophy, political science, and sociology to denote a real or hypothetical agreement within a state regarding the rights and responsibilities of the state and its citizens, or more generally a similar concord between a group and its members. ... The Two Treatises of Government (or Two Treatises of Government: In the Former, The False Principles and Foundation of Sir Robert Filmer, And His Followers, are Detected and Overthrown. ...

"God hath given the world to men in common... Yet every man has a property in his own person. The labour of his body and the work of his hands we may say are properly his. Whatsoever, then, he removes out of the state that nature hath provided and left it in, he hath mixed his labour with, and joined to it something that is his own, and thereby makes it his property."^[6]

Locke was arguing that not only should the government cease interference with people's property (or their "lives, liberties and estates") but also that it should positively work to ensure their protection. His views on price and money were laid out in a letter to a Member of Parliament in 1691 entitled Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money.^[7] Here Locke argued that the "price of any commodity rises or falls, by the proportion of the number of buyers and sellers," a rule which "holds universally in all things that are to be bought and sold."^[8] A Member of Parliament, or MP, is a representative elected by the voters to a parliament. ...

Dudley North

Main article: Dudley North

Dudley North argued that the results of Mercantile policy would be undesirable

Dudley North (1641-1691) was a wealthy merchant and landowner. He worked as an official for the Treasury and was opposed to all mercantile policy. In his Discourses upon trade (1691), which he published anonymously, he argued that the assumption of needing a favourable trade balance was wrong. Trade, he argued, benefits both sides, it promotes specialisation, the division of labour and produces an increase in wealth for everyone. Regulation of trade interfered with these benefits by reducing the flow of wealth. Sir Dudley North (May 10, 1641 - December 31, 1691), English economist, was 4th son of Dudley, 4th Lord North, who published, besides other things, Passages relating to the Long Parliament, of which he had himself been a member. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Sir Dudley North (May 10, 1641 - December 31, 1691), English economist, was 4th son of Dudley, 4th Lord North, who published, besides other things, Passages relating to the Long Parliament, of which he had himself been a member. ... The new eastern entrance to HM Treasury HM Treasury (Her/His Majestys Treasury) is the United Kingdom government department responsible for and putting into effect the UK Governments financial and economic policy. ... Concept B is a specialization of concept A if and only if: every instance of concept B is also an instance of concept A; and there are instances of concept A which are not instances of concept B. For instance, Bird is a specialization of Animal because every bird is... Division of labour is the specialisation of cooperative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ...

David Hume

Main article: David Hume

David Hume (1711-1776) agreed with North's philosophy and denounced mercantile assumptions. Added to the fact that it was undesirable to strive for a favourable balance of trade it is, said Hume, in any case impossible. Hume held that any surplus of exports that might be achieved would be paid for by imports of gold and silver. This would increase the money supply, causing prices to rise. That in turn would cause a decline in exports until the balance with imports is restored. David Hume (April 26, 1711 – August 25, 1776)[1] was a Scottish philosopher, economist, and historian. ... A painting of a French seaport from 1638, at the height of mercantilism. ... The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ... This article or section does not cite any references or sources. ...

Physiocrats

Main article: Physiocrats

Pierre Samuel du Pont de Nemours, a prominent Physiocrat, emigrated to the US and his son founded DuPont, the world's second biggest chemicals company. In his book la Physiocratie du Pont advocated low tariffs and free trade

Similarly disenchanted with regulation on trademarks inspired by mercantilism, a Frenchman name Vincent de Gournay (1712-1759) is reputed to have asked why it was so hard to laissez faire, laissez passer (free trade, free enterprise). He was one of the early physiocrats, a word from Greek meaning "government of nature", who held that agriculture was the source of wealth. As historian David B. Danbom wrote, the Physiocrats "damned cities for their artificiality and praised more natural styles of living. They celebrated farmers."^[9] Over the end of the seventeenth and beginning of the eighteenth century big advances in natural science and anatomy were being made, including the discovery of blood circulation through the human body. This concept was mirrored in the physiocrats' economic theory, with the notion of a circular flow of income throughout the economy. The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Pierre Samuel du Pont de Nemours (1739 - 1817 August 7), born in Paris, France, was the founder of a dynamic and innovative family of entrepreneurs. ... Dupont, DuPont, Du Pont, or du Pont may refer to: // E.I. du Pont de Nemours and Company, the worlds third largest chemical company Du Pont Motors Gilbert Dupont, a French stock brokerage part of retail banking network Crédit du Nord ST Dupont, a French manufacturer of fine... Jean Claude Marie Vincent de Gournay (1712-1759) was a French economist and intendant of commerce, one of the creators of the laissez faire, laissez passer economic philosophy. ... Look up laissez faire in Wiktionary, the free dictionary. ... David B. Danbom is a historian, author, columnist, and professor of history at North Dakota State University. ... The Michelson–Morley experiment was used to disprove that light propagated through a luminiferous aether. ... Human heart and lungs, from an older edition of Grays Anatomy. ... The circulatory system or cardiovascular system is the organ system which circulates blood around the body of most animals. ... The circular flow of income, or simply the circular flow, is a simple economic model showing the relationship between money income and spending for the economy as a whole. ...

François Quesnay

Main article: François Quesnay

François Quesnay (1694-1774) was the court physician to King Louis XV of France. He believed that trade and industry were not sources of wealth, and instead in his book, Tableau économique^[10] (1758, Economic Table) argued that agricultural surpluses, by flowing through the economy in the form of rent, wages and purchases were the real economic movers. Firstly, said Quesnay, regulation impedes the flow of income throughout all social classes and therefore economic development. Secondly, taxes on the productive classes, such as farmers, should be reduced in favour of rises for unproductive classes, such as landowners, since their luxurious way of life distorts the income flow. François Quesnay. ... Louis XV of France (February 15, 1710 – May 10, 1774), the Beloved (French: le Bien-Aimé), was King of France from 1715 until his death. ... A social class is, at its most basic, a group of people that have similar social status. ... For other uses, see Farmer (disambiguation). ... Landowner or Landholder is a holder of the estate in land with considerable rights of ownership or, simply put, an owner of land. ...

Jacques Turgot

Main article: Jacques Turgot

Jacques Turgot (1727-1781) was born in Paris and from an old Norman family. His best known work, Réflexions sur la formation et la distribution des richesses^[11] (1766, Reflections on the Formation and Distribution of Wealth) developed Quesnay's theory that land is the only source of wealth. Turgot viewed society in terms of three classes: the productive agricultural class, the salaried artisan class (classe stipendice) and the landowning class (classe disponible). He argued that only the net product of land should be taxed and advocated the complete freedom of commerce and industry. In August of 1774, Turgot was appointed to be Minister of Finance and in the space of two years introduced many anti-mercantile and anti-feudal measures supported by the King. A statement of his guiding principles, given to the King were "no bankruptcy, no tax increases, no borrowing." Turgot's ultimate wish was to have a single tax on land and abolish all other indirect taxes, but measures he introduced before that were met with overwhelming opposition from landed interests. Two edicts in particular, one suppressing corvées (charges from farmers to aristocrats) and another renouncing privileges given to guilds inflamed influential opinion. He was forced from office in 1776. Anne Robert Jacques Turgot, Baron de Laune, often referred to as Turgot (May 10, 1727 ? March 18, 1781), was a French statesman and economist. ... Norman may refer to: M.E. Norman, a steamboat that capsized in Memphis in 1925 Normans, a people who colonized Normandy and conquered England Norman architecture, styles of Romanesque architecture developed by the Normans Norman dynasty, a series of monarchs who ruled England and/or Normandy Norman language, a Romance... Land in economics comprises all naturally occurring resources whose supply is inherently fixed (i. ... Wealth from the old English word weal, which means well-being or welfare. The term was originally an adjective to describe the possession of such qualities. ... This article does not cite any references or sources. ... Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, put into administration—see text) in the United Kingdom. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A tax is a financial charge or other levy imposed on... An edict is an announcement of a law, often associated with monarchism. ... Corvée, or corvée labor, is a term used in feudal societies. ...

The Wealth of Nations

Main articles: The Wealth of Nations, Adam Smith, and Edmund Burke

See also: Industrial revolution

The father of modern political economy

Adam Smith (1723-1790) is popularly seen as the father of modern political economy. His publication of the An Inquiry Into the Nature and Causes of the Wealth of Nations in 1776 happened to coincide not only with the American Revolution, shortly before the Europe wide upheavals of the French Revolution, but also the dawn of a new industrial revolution that allowed more wealth to be created on a larger scale than ever before. Smith was a Scottish moral philosopher, whose first break was The Theory of Moral Sentiments (1759). He argued in this that people's ethical systems develop through personal relations with other individuals, that right and wrong are sensed through others' reactions to one's behaviour. This gained Smith more popularity than his next famous work, The Wealth of Nations, which the general public ignored.^[12] Yet Smith's political economic magnum opus was successful in circles that mattered. Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... Edmund Burke (January 12, 1729[1] – July 9, 1797) was an Anglo-Irish statesman, author, orator, political theorist, and philosopher, who served for many years in the British House of Commons as a member of the Whig party. ... The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late 18th century and early 19th century in some Western countries. ... Download high resolution version (1456x2173, 850 KB) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... Download high resolution version (1456x2173, 850 KB) This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political economist. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ... John Trumbulls Declaration of Independence, showing the five-man committee in charge of drafting the Declaration in 1776 as it presents its work to the Second Continental Congress The American Revolution refers to the period during the last half of the 18th century in which the Thirteen Colonies that... The French Revolution (1789–1815) was a period of political and social upheaval in the political history of France and Europe as a whole, during which the French governmental structure, previously an absolute monarchy with feudal privileges for the aristocracy and Catholic clergy, underwent radical change to forms based on... The Industrial Revolution was a major shift of technological, socioeconomic, and cultural conditions that occurred in the late 18th century and early 19th century in some Western countries. ... The Theory of Moral Sentiments written by Adam Smith in 1759, was one of the most important works in the theory of capitalism. ... Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of the Scottish economist Adam Smith, published on March 9, 1776 during the Scottish Enlightenment. ... The Politics series Politics Portal This box:      Political economy was the original term for the study of production, the acts of buying and selling, and their relationships to laws, customs and government. ... Magnum opus (sometimes Opus magnum, plural magna opera), from the Latin meaning great work,[1] refers to the best, most popular, or most renowned achievement of an author, artist, or composer, and most commonly one who has contributed a very large amount of material. ...

Context

Edmund Burke was a Member of Parliament who Adam Smith agreed with

William Pitt, the