Economics

Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely separate disciplines today. 

     History: Since ancient times, humans have contemplated basic economic problems. Many great minds have tried to master the subject. Aristotle and Plato were probably the first to document such studies. Both agreed that living by trade was ill fated. Influenced by Greek economic ideals the Romans built their wealth. After the fall of Rome, the Catholic Church would become the power behind most economic laws. They would condemn usury and regarded commerce as inferior to agriculture. 

     It wasn’t until 1776 that economics became a study of its own. Adam Smith is considered the father of economics. Through his work Inquiry into the Nature and Causes of the Wealth of Nations, he used mercantilism and physiocracy to develop classical economics. Smith emphasized consumption, rather than production to broaden the scope of economics. Modern thought still follows his examples for permitting self-interest in order to promote national prosperity. Adam Smith is considered the father of economics. Through his work Inquiry into the Nature and Causes of the Wealth of Nations, he used mercantilism and physiocracy to develop classical economics. Smith emphasized consumption, rather than production to broaden the scope of economics. Modern thought still follows his examples for permitting self-interest in order to promote national prosperity.