Ancient Greece (400 BC) – The concept of “economy” is first introduced by the Greek philosopher Xenophon in his work “Oeconomicus,” where he discussed the importance of household management and agriculture.
Medieval Europe (1100-1500 AD) – Economic thought during this period was largely based on the Catholic Church’s teachings of charity and the concept of a “just price.”
The Renaissance (1400-1600 AD) – Economic thought during this period was influenced by the work of humanists such as Niccolรฒ Machiavelli and Francesco Guicciardini, who emphasized the importance of economic power and the role of the state in the economy.
Mercantilism (1600-1776 AD) – Economic thought during this period was dominated by the idea that a country’s wealth was determined by its stocks of gold and silver, and that a country’s economic power was based on its ability to control trade.
Classical economics (1776-1871 AD) – Economic thought during this period was influenced by the work of Adam Smith, who proposed the concept of “laissez-faire” and the “invisible hand” of the market.
Marxism (1848-1883 AD) – Economic thought during this period was influenced by the work of Karl Marx, who proposed the idea of “class struggle” and the eventual overthrow of capitalism.
Neoclassical economics (1871-1929 AD) – Economic thought during this period was influenced by the work of economists such as Alfred Marshall and Jevons, who emphasized the importance of marginal utility and the concept of “consumer sovereignty.”
Keynesian economics (1929-1970 AD) – Economic thought during this period was influenced by the work of John Maynard Keynes, who proposed the idea of government intervention in the economy to stabilize demand and reduce unemployment.
Monetarism (1970-1980 AD) – Economic thought during this period was influenced by the work of Milton Friedman, who proposed the idea of controlling inflation through monetary policy.
Neoliberalism (1980-Present) – Economic thought during this period is influenced by the idea of deregulation, privatization, and reduced government intervention in the economy.