The Birth of Modern Economics: Physiocracy and its Principles
Posted by Wikiteka Community and classified in Social sciences
Written on in
English with a size of 3.69 KB
Although discussions about production and distribution have a long history, economic science in its modern sense, as a separate discipline, is conventionally dated from the publication of The Wealth of Nations by Adam Smith in 1776.[7] In it, he describes the discipline in these exact words:
- Political economy, considered a branch of science of a statesman or legislator, proposes two distinct objects: first, to supply goods or income in abundance for the people, or more properly, to enable them to provide such a revenue or subsistence for themselves; and, second, to supply the state or commonwealth with a revenue sufficient for the public services. It proposes to enrich both the people and the sovereign.
Smith referred to the subject as "political... Continue reading "The Birth of Modern Economics: Physiocracy and its Principles" »