Introduction to Evolution of Economic Thought

 

                           “Seeking knowledge is like opening doors.”

                                             -George St. Pierre-

‘Evolution of Economic Thought’ aims to be one such door for all economic enthusiasts , who seek to explore the evolution of economic thought under a wide variety of topics like Pre-Modern Economic Thought, Mercantilism, Physiocracy  and Other Precursors of Classical Economic Thought ,  Economic Thoughts of Adam Smith ,  David Ricardo: The Classical Approach to wealth maximization, Malthusian Economic Thought, Economic Thoughts by John Stuart Mill, Karl Marx and his ideology, Neoclassical Economic Thought, Indian Economic Thought: Economic Ideas of Chanakya, which are dedicated to each tab.

This blog is created and maintained by the third year Undergraduates of Department of Business Economics, Faculty of Management Studies and Commerce, University of Sri Jayewardenepura under the course module of ‘BEC 3345 – Economic Thought’ with the guidance and supervision under respective lectures.

Each tab is maintained by each group with weekly updates of thought-provoking and informative articles/post.

What is Economic Thought?

 Economic thought is a discipline that studies various philosophies of various thinkers and theories on the subject of economics from the ancient world to the present.

It includes a historical account of economic fundamentals and different opinions and ideologies on economics subjects with special emphasis on the public policy of different times and places. This helps individuals to understand economics, be aware of some of the intellectual history, advance ideas, and create a more critical attitude and ability to make decisions.

Economic thought covers a range of theories and schools of thought, each offering different explanations for economic phenomena. Some key schools of economic thought include;

§     Early pre-classical

§     Pre classical

§     Classical economics

§     Neoclassical economics

§     Keynesian economics

Moreover, economic thought is a dynamic field that continues to evolve as new data, technologies, and societal challenges emerge, shaping our understanding of how economies work and how they can be improved.

In conclusion, economic thought is a discipline that studies various philosophies which help us to understand economics and give us the ability to make effective decisions.

Written By;

Dhananjana Dilshan