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Karen Joy F.

Se 06/28/14
HUB33 Mr. Eduardo Panulin

1. Relation of Economics with other sciences

HISTORY- systematic recording of the past events and comparing it with what is
happening at the present to promote the welfare of the people. In addition, numerous
inventions that shaped the course of history where introduced to improve the economic
condition of the inventor or people in general.

GEOGRAPHY - is another social science that is closely linked to economics. A
favorable geographic position is a large determinant of the prosperity of a nation. The
primary factors in a country's geographic position that determine its economic potential
are proximity to markets and abundance of available resources.

ANTHROPOLOGY- branch of science that studies the biological (what the necessities
of man for him to survive), psychological (determine the perception and opinion of
individual in economics), social (aware of basic needs of a human being to enhance his
social life) and cultural (heritage has distinct impact for him to survive) aspects of
human life.

POLITICAL SCIENCE - systematic study of the state and government; studies the
mechanics of the distribution of power & its primary concern is to find out the
relationship between the authority & the masses

SOCIOLOGY- study of the society by means of analyzing human groups, institutions,
& its social relationship. Economics is a branch of sociology. Other writers hold that
sociology deals only with the more general laws which apply to the whole social
structure and that it is coordinate with economics and politics and ethics, and not
inclusive of them all.

PSYCHOLOGY- scientific study of the behaviour and living organisms; gives idea on
how it is related to economics through mind conditioning that influence an individuals
perception and decision

BIOLOGICAL ECONOMICS- is an interdisciplinary field in which the interaction
of human biology and economics is studied.

MATHEMATICS - Mathematics provides the tools that economists use. Particularly
important are algebra and calculus, as they allow economists to construct elaborate
econometric models that study the gross domestic product (GDP), employment,
inflation and other macroeconomic variables. Mathematics is also used in
microeconomics, for example, to calculate the optimal price of an economic good.

ETHICS - is the science ofmoral conduct. It asks the question, what ought to be. There
was a time when economists held that economics was concerned only with the
question, what is, and not with the question, what ought to be. But to-day, economics is
an ethical science as well as a positive science.
2. Trace the history of economics since the Ancient period until the present.
Economic writings date from earlier Mesopotamian, Greek, Roman, Indian, and
Chinese, Persian, and Arab civilizations.

Ancient or Pre classical (384BC-1776)
The study of the economy in western civilization was begun largely with the Greeks,
particularly Aristotle (384-322 BC) and Xenophon (420-355 BC). The ancient economic
thinkers concerned with the theories of money, Taxation, usury, property rights,
Entrepreneurship, Price differentials, Justice in economic exchange and analyzed the
impact of ethics in economics.
Famous economists of the ancient school include St. Thomas Aquinas(1225-
1274?),John Duns Scotus (1265-1308), Jean Buridan(1295 1358), Jean Buridan,
(1295 1358),Nicole de Oresme, (1320-1382),Gabriel Biel, (1425-1495), Sir William
Petty (1623-1687).

Free Market (late Medieval and early modern Europe)
A free market describes a theoretical, idealized, or actual market where the price of an
item is arranged by the mutual non-coerced consent of sellers and buyers, with the
supply and demand of that item not being regulated by a government.
The opposite is a controlled market, where government sets or regulates price directly
or through regulating supply and/or demand.

Mercantilism (16
th
-18
th
centuries
Mercantilism is an economic theory that holds that the prosperity of a nation depends
upon its supply of capital, and that the global volume of trade is "unchangeable".
Economic assets, or capital, are represented by bullion (gold, silver, and trade value)
held by the state, which is best increased through a positive balance of trade with other
nations (exports minus imports).

Physiocracy
The term Physiocracy (the order or rule of nature) developed for less than two decades
as a reaction against the doctrines and restrictive policies of mercantilism.
Physiocrats, a group of 18th century French thinkers and writers, developed the idea of
the economy as a circular flow of income and output.
The Physiocrats believed in natural laws, the free enterprise system, and the free
operation of the natural order of things.

Classical Economics (1776)
Classical economics is widely regarded as the first modern school of economic thought.
Its major developers include Adam Smith, David Ricardo, Thomas Malthus and John
Stuart Mill.
Classical economists attempted and partially succeeded to explain growth and
development. They produced their "magnificent dynamics" during a period in which
capitalism was emerging from a past feudal society and in which the industrial
revolution was leading to vast changes in society.
Laissez-faire economics (1867 treaty market used-19
th
century)
Laissez-faire is a French phrase meaning "let it be" (literally, Let do"). From the French
diction first used by the 18th century physiocrats as an injunction against government
interference with trade, it became used as a synonym for strict free market economics
during the early and mid-19th century.
Laissez-faire also embodies free trade, namely that a state should not use protectionist
measures, such as tariffs and subsidies, in order to curtail trade through national
frontiers.

Marxian Economics (1867)
The Marxist school of economic thought comes from the work of German economist
Karl Marx. Marxist (later, Marxian) economics descends from classical economics.
The first volume of Marx's major work, Das Kapital, was published in German in 1867.
In it, Marx focused on the labour theory of value and the theory of surplus value which,
he believed, explained the exploitation of labour by capital.
The labour theory of value held that the value of an exchanged commodity was
determined by the labour that went into its production and the theory of surplus value
demonstrated how the workers only got paid a proportion of the value their work had
created.

Neoclassical economics (Today)
A body of theory later termed 'neoclassical economics' or 'marginalism' formed from
about 1870 to 1910.
Systematized supply and demand as joint determinants of price and quantity in market
equilibrium, affecting both the allocation of output and the distribution of income.
Dispensed with the labor theory of value in favor of a marginal utility theory of value on
the demand side and a more general theory of costs on the supply side.

References:
(1) http://www.ehow.com/info_7999646_sciences-related-economics.html
(2) http://chestofbooks.com/finance/economics/Intro/4-The-Relation-Of-Economics-To-
Other-Sciences.html#.U6yPTmKSwrY#ixzz35mdKZ69L
(3) http://economicsbd.wordpress.com/2011/03/06/a-brief-history-of-economics-2/
(4) http://science.jrank.org/pages/9054/Economics-Historical-
Development.html#ixzz35mnQ3F3t
(5) http://en.wikipedia.org/wiki/Economics
(6) http://uscentrist.org/platform/platform/docs/history-of-economics/

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