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In the early days, until the industrial revolution, economics was not a separate discipline but part of a philosophy. The study of science of production of goods and services and their consumption pattern by the society, is termed as Economics.
Economics by way of introduction began during the Quotation period (4000-2500 BCE) with inscriptions in four parts of Sumer and Babylonia (3500-2500 BCE); Indus River Valley Civilization (3300-1030 BCE), in Afghanistan, Pakistan, and India; along the Yangtze River in China; and the Nile Valley of Egypt, from about 3500 BCE.
Father of the Ancient Economy
The philosopher of the 18th century, Adam Smith, is known as the Father of Economic Thoughts.
BEFORE 500 AD: ANCIENT ECONOMIC THOUGHTS
Ancient Greece:
Hesiod, who worked from 750 to 650 BC, was a Boeotian who wrote the first given work concerning the origin of the introduction to a profitable study, lived in the time of Homer.
China:
Fan Li, also known as Tao Zhu Gong, 517 BC, an adviser to King Goujian of Yue, wrote about the lucrative issues and established a set of “gold” business rules. The Dialogues on Salt and Iron became one of the first recorded debates of state intervention and laissez faire.
India:
The Hindu writings of the Vedas (1700 BCE-1100 BCE) contain a number of valuable ideas, but the Atharvaveda (1200 BCE) makes many references to similar ideas.
Chanakya, 350 BC, of the Mauryan Empire, wrote Arthashastra and a number of Indian artisans, the formation of state art, profitable policy and military strategy.
Arthashastra states that there are four essential fields of knowledge: the Vedas, Anvikshiki i.e., Samkhya gospel, Yoga and Lokayata, government wisdom, and economic wisdom such as Varta for farming, cattle, and trade. From these four where all other knowledge, riches, and mortals are found.
There are two important socially profitable political systems honored by Mahavira. One is Communism and the other is capitalism. The former is intended to be more social and financial in the end. However the Mahavira plant is no different in both systems because both were driven by materialism.
Greco-Roman World:
An embryonic model of democracy was developed by an advanced state civilization and progressive society, known as Ancient Athens.
In 430-354 BC, a dialogue for the agriculture and household management was principled to Xenophon’s Oeconomicus.
Plato’s Dialogue Republic (380 – 360 BC) describing the great and prosperous world dominated by champions – contained references to labor and product specificity. According to Joseph Schumpeter, Plato became the first attorney to be offered a plutocrat credit card, that is, a plutocrat as a credit account unit. Plato also argued that the power of cooperation was needed to advance the interests of the common people, and to avoid social divisions that might arise “when some suffer terribly and others enjoy similar experiences.”
To criticize Plato’s model of a philosopher’s king, the politics of Aristotle analyze the various forms of the state. These are given as follows:
- Monarchy
- Aristocracy
- Tyranny
- Constitutional Government
- Oligarchy
- Democracy
There has been some art of “domination” or “getting rich”, but because (the desired definition) is the same many people worry about their accumulation, and “acquiring wealth” for management is “necessary and respected”, while trading in a stock market for easy collection “is rightly discarded, because it is not honorable”.
Economic System
A system used by the organizations or government bodies to organize, production and distribution of products, services or any other resources within a society or across geographical regions is termed as Economic System.
An economic system is a national conservation framework, characterized by the facts and systems that shape us.
Types of Economic System
There are basically 4 types of economic systems. They are:
- Traditional Economy
- Pure Market Economy
- Pure Command Economy
- Mixed Economy
Traditional Economy: It is the oldest economic system, which can be founded in the parts of Asia, Africa and South America. The traditional economic system is based on the traditions, history and beliefs respected by time. A traditional economy is an economic system in which customs, traditions, and beliefs help shape the goods and services produced by the economy, as well as the law and method of distribution.
Pure Market Economy: In this type of economy, there is no involvement of the government on the economic decisions. Private firms are only accountable in this kind of economy.
Pure Command Economy: In this, all the economic decisions are made by the Government. All kinds of businesses running under the guidance of Government economic research were often the enemy of enrichment and viewed wealth as internal wealth, rather than external or financial wealth. The station was in favor of closed and closed savings, based on livestock and slave labor. Still, it greatly hindered the progressive development of ancient civilizations. An economic program is a combination of colorful agencies and realities that provide a profitable structure that defines a community. These agencies are linked by trade and commerce lines. A profitable program is a combination of colorful agencies and realities that provide a profitable structure that defines a community. These agencies are linked by trade and commerce lines.
Conclusion
It is concluded that the history of ancient economic thought refers to ideas that came from people before the Middle Ages. The origin of economics can be understood by the concept of ancient economic thoughts. They are not based on any systematic paradigm, instead, they are scattered and haphazard.
