scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,165
Introduction The word economics is derived from oikonomikos which means skilled in household management Although the word is very old the discipline of economics as we understand it today is a relatively recent development Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society Despite the enormous differences between then and now the economic problems with which society struggles remain the same How do we decide what to produce with our limited resources How do we ensure stable prices and full employment of our resources How do we provide a rising standard of living both for ourselves and for future generations Progress in economic thought toward answers to these questions tends to take discrete steps rather than to evolve smoothly over time A new school of ideas suddenly emerges as changes in the economy yield fresh insights and make existing doctrines obsolete The new school eventually becomes the consensus view to be pushed aside by the next wave of new ideas This process continues today and its motivating force remains the same as that three centuries ago to understand the economy so that we may use it wisely to achieve societys goals Mercantilism Mercantilism was the economic philosophy adopted by merchants and statesmen during the 16th and 17th centuries Mercantilists believed that a nations wealth came primarily from the accumulation of gold and silver Nations without mines could obtain gold and silver only by selling more goods than they bought from abroad Accordingly the leaders of those nations intervened extensively in the market imposing tariffs on foreign goods to restrict import trade and granting subsidies to improve export prospects for domestic goods Mercantilism represented the elevation of commercial interests to the level of national policy Classical School The Classical School of economic theory began with the publication in 1776 of Adam Smiths monumental work
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA