The Development of EconomicsEconomics, like every other intellectual discipline, has its

The Development of Economics

Economics, like every other intellectual discipline, has its roots in early Greece and Rome; but economics WAS first CONSIDERED as a branch of domestic science (home economics) dealing with such matters as the management of slaves and the allocation of manure among alternative agricultural uses. In the revival of learning that FOLLOVED the Middle Ages economics emerged as a branch of moral philosophy concerned with such issues as the ethics of loan interest and the "justness of market-determined wages and prices".

By the beginning of the eighteenth century, the subject HAD LOST most of its theological overtones and HAD TAKEN shape as an academic discipline, largely as a branch of political theory dealing with problems of government intervention in economic affairs.

Then in 1776 the Scottish moral philosopher Adam Smith PUBLISHED the first edition of his monumental Inquiry into the Nature and Causes of the Wealth of Nations and economics soon BECAME an independent science.

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