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The Origins of Economic Theory

In: Competing Schools of Economic Thought

Author

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  • Lefteris Tsoulfidis

    (University of Macedonia)

Abstract

Economics as a scientific discipline originated with the emergence of capitalism, that is, the system that solves the problems of organisation of production and distribution through the generalised functioning of markets. Markets in capitalism do not work accidentally, occasionally or in the fringes of economic life, but at its epicentre, and they tend to encompass the operation of the entire economy. The salient feature of capitalism is the presence and the systematic operation of markets for the factors of production and in particular the market for the services of labour activity. Capitalism was established through a long and, at the same time, slow process that started in Western Europe in the sixteenth century and gained momentum with the advent of the industrial revolution in the mid to late eighteenth century.

Suggested Citation

  • Lefteris Tsoulfidis, 2009. "The Origins of Economic Theory," Springer Books, in: Competing Schools of Economic Thought, chapter 0, pages 5-19, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-92693-1_2
    DOI: 10.1007/978-3-540-92693-1_2
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