what exactly does economic thought mean?? all i can see is history of economic thought but i dont really understand what it is? is it just indiviudals theories of how the economy should/does work?!?!
2006-11-13 05:33:28 · 3 answers · asked by liz s 2 in Social Science ➔ Economics
I think it is based on both, that is on individual theories and how one can use this them in a smart, economic and beneficial way to industry or to a country. Sometimes the theories are stupid, but someone somewhere always plucks out something of importance and "wala", the stupid is churned into profit.
2006-11-13 06:12:22 · answer #1 · answered by marizani 4 · 0⤊ 0⤋
"Economic thought" in "history of economic thought" refers to economic theories and doctrines developed by various thinkers in different times. Note that I said "thinkers" rather than "economists"; economics as we understand it today it a very young discipline, dating back to the works of Leon Walras written in 1870s. In its previous incarnation, it was known as "political economy" and dated back to late 1700s. Prior to 1700, we don't really have any economists (nor do we have economics as a defined discipline), but we do have economic thought generated by philosopers, historians, and practicing politicians of all kinds...
2006-11-13 05:43:17 · answer #2 · answered by NC 7 · 0⤊ 0⤋
My kids suffer from this it's the act of not putting your brain in gear before doing anything.
2006-11-13 05:52:14 · answer #3 · answered by manthintall 4 · 0⤊ 0⤋