pre keynsian economics
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THE PRE-KEYNESIAN ECONOMICS
1. Introduction:
The study of how human beings allocate scarce resources in order to create commodities for the satisfaction of their needs was studied since the beginning of the first forms of social organization. The aim of this paper is to point chronologically the main economical ideas before John Maynard Keynes.
2. Ancient and medieval periods
We can find the first attempts to explain the economical phenomenon in the Greek writings. Plato found the basis of economics in his Republica by identifying the division of labor. Aristotle realized that the perfect citizen is the middle sized plot land owner. Even the Romans, in writings of Cicero, Virgil, Vero, emphasized the importance of economics, especially in agriculture. The economical life during medieval period was dominated by feudalism (feudal system) which is described as a network of social and political agreements that put "public power in private hands" (J. R...