The Development of Economics

The Romans are known very better as martial and successful state administrators. The Romans had primarily adopted the economic guidance of the Greeks as their own. In the Roman society, agriculture was considered as one very noble and honorable occupation. And the Roman philosophers believed  lending money at interest as a crime equal to that of murdering.  In ancient India, at 4th BC, the issues of politics, society, economics and martial factors have been cast light upon in Koutillya's 'Political Economy'. From the last part of the 16th century till the last part of the 18th century, (1590-1780), the expansion that occurred in international trade in England, France and Italy, that is termed as Mercantilism. With the target of increasing the wealth of the country, the power of the state and making of surplus in trade, the merchants of England exported more while imported very little. Goods produced in England were exported in different countries of the world in huge quantities and valuable metals/minerals (gold, silver, diamonds, etc) were imported. By the middle of the 18th century, the French took their stance against the luxurious lifestyle of the rich people of that country, excessive taxation, and the mercantilism of England and propagated the tenet of Physiocracy. In the opinion of the physiocrats, agriculture (along with mining and pisciculture) is the productive sector. On the other hand industry and trading were considered as non-productive sectors.

This way, during the ancient and middle ages, economics has been discussed in a scattered way. Economics received the recognition as a separate discipline when the British economist, Adam Smith in 1776, wrote his famous book, "An Inquiry into the Nature and Causes of the Wealth of Nations". The basis of today's economics is this book of Smith.
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