History of economic thought

The term economics was coined around 1870 and popularized by Alfred Marshall, as a substitute for the earlier term political economy which has been used through the 18th-19th centuries, with Adam Smith, David Ricardo and Karl Marx as its main thinkers and which today is frequently referred to as the "classical" economic theory. Both economy and economics are derived from the Greek oikos- for "house" or "settlement", and nomos for "laws" or "norms".

Related Topics:
Economics - 1870 - Alfred Marshall - Political economy - 18th - 19th - Adam Smith - David Ricardo - Karl Marx

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Economic thought may be roughly divided into three phases: Premodern (Greek, Roman, Arab), Early modern (mercantilist, physiocrats) and Modern (since Adam Smith in the late 18th century). Systematic economic theory has been developed mainly since the birth of the modern era.

Related Topics:
Greek - Roman - Arab - Mercantilist - Physiocrats - Adam Smith - 18th century - Modern era

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