Definition: Economics
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
A brief History of Economics:
The modern Economics, which we still study now, is the result of the efforts of ancient or Pre classical (384BC-1776), classical (1776-1871) , Neoclassical (1871-Today) and Islamic Economists.
Ancient or Pre classical (384BC-1776):
The study of the economy in western civilization was begun largely with the Greeks, particularly Aristotle (384-322 BC) and Xenophon (420-355 BC). The ancient economic thinkers concerned with the theories of money, Taxation, usury, property rights, Entrepreneurship, Price differentials, Justice in economic exchanges and analyzed the impact of ethics in economics.
Famous economists of the ancient school were St. Thomas Aquinas(1225-1274?),John Duns Scotus (1265-1308), Jean Buridan(1295 – 1358), Jean Buridan, (1295 – 1358),Nicole de Oresme, (1320-1382),Gabriel Biel, (1425-1495), Sir William Petty (1623-1687).
Classical (1776-1871):
The classical economists developed the theories about how markets and market economies work focusing the dynamics of economic growth which stressed economic freedom and promoted ideas such as laissez-faire and free competition. They introduced the labor theory of value, theory of distribution (Smith),, Principles of Political Economy and Taxation((Ricardo 1817, Mill 1848), the theory of surplus value(Karl Marx), principle of comparative advantage ,international-trade theory (Ricardo) and Monetary theories.
Famous economists of the classical school were Adam Smith, David Ricardo, W. Jevons, Jean-Baptiste Say, John Stuart Mill, Thomas Malthus, Professor Pigou, and Alfred Marshall.
Neoclassical (1871-Today):
Neoclassical economists first introduced the theories of Rationality & individual preferences, utility maximization (Utilitarianism, Jeremy Bentham) and Information economics, Theories of market forms and industrial organization, general equilibrium theory, indifference curves and the theory of ordinal utility. Neoclassical economics also increased the use of mathematical equations in the study of various aspects of the economy.
Famous economists of the Neoclassical school are William Stanley Jevons (Theory of Political Economy (1871), Carl Menger (Principles of Economics (1871), Leon Walras (Elements of Pure Economics (1874 – 1877), Joan Robinson (The Economics of Imperfect Competition (1933), Edward H. Chamberlin (the Theory of Monopolistic Competition (1933), Paul Samuelson and so on.
Islamic Economics (6th -14th Century):
The practice of Islamic Economics was begun in the state of Medina in the 6th century. After that, the process of Development of this discipline was handled by the different scholars and Economists in different centuries. many of them were Abu Yusuf (731-798), Al Farabi (873-950), Al Ghazali (1058-1111), Al mawaridi (1675-1158), Nasir Al-Din Al-Tusi (1201-1274), Ibn Taymiyyah (1263-1328), Ibn Khaldun (1334-1406) History of the World (Kitab al-Ibar), Asaad Davani (1444).
They amplified the Ideas of consumer theory, supply and demand, Elasticity, Taxation (Khaldun-Laffer Curve (the relationship between tax rates and tax revenue) etc in the light of Islamic Economics. Ibn Khaldun was considered as a Forerunner of modern economics.
The tools of Islamic economics are also employed in modern economics by some economic thinkers. Among of them, the contributions of M .Umer chapra (Islam &economic challenges), Monzer Kahf. Najat Ullah Siddiqui, M.A. Mannan, Fahim Khan,Anas Zarqa are well mentioned to the recent world.
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