In the 18th century, economics was called political economy. At that time, the main purpose of economics was to assist in the formulation of public policy and to guide policymakers, and for this reason, economics was known as political economy. Economists, regardless of whether the state or the government agreed, thought that they should advocate …
Physiocracy is an economic thought or economic theory developed by an organized group of French economists in the 18th century. This school of thought was led by Francois Quesnay (1694-1774). Francois Quesnay was a French economist and chief architect of the Physiocratic school of economic thought. He published the ‘Tablue Economics’ in 1758 and provided the foundations of the ideas on the Physiocratic school of economic thought.
Before the publication of Adam Smiths’ influential work “An Enquiry into the Nature and Causes of the Wealth of Nations” in 1776, there were two popular doctrines that had a huge influence on public policy. The first doctrine was a mercantilist doctrine that emerged roughly 200 years prior to Adam Smith. The mercantilist doctrine did …
Economics is the study of the economic behavior of individuals concerning scarcity and choices. Economic interaction takes among people when they exchange goods within the framework such as firms, government, or the economy. The broader institutional framework in which or within which economic interactions take place in a country is known as the economy.