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The circuit in the history of economic thought: the contribution of Ibn Khaldûn

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  • Slim Thabet

    (LEFMI - Laboratoire d’Économie, Finance, Management et Innovation - UR UPJV 4286 - UPJV - Université de Picardie Jules Verne)

Abstract

In this tribute to Alain Parguez (1940-2022), I draw attention to the economic thought of the prominent medieval scholar, Ibn Khaldun (1332-1406), specifically his seminal Al Muqaddimah (1377), which was the introduction ("Prolegomena") to his universal history (Kitab al Ibar, "Book of Lessons"). While caution should be taken in reading a six-hundred-year-old book, I try to show that Ibn Khaldun could be considered as a forerunner of the Theory of the Monetary Circuit. In his magnum opus, he attempted to lay down the factors that had pushed civilizations (especially the Arab-Muslim one) to bloom to their peak and to decline thereafter. This led him to examine the economic and social processes governing the history and the causes of wealth. Here Ibn Khaldun anticipated some economic mechanisms which form the core of the Theory of the Monetary Circuit.

Suggested Citation

  • Slim Thabet, 2023. "The circuit in the history of economic thought: the contribution of Ibn Khaldûn," Post-Print hal-04495889, HAL.
    • Handle: RePEc:hal:journl:hal-04495889
    DOI: 10.1080/08911916.2023.2280364
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    More about this item

    Keywords

    Alain Parguez; Circuit; Ibn Khaldun; John Maynard Keynes; Public Finance; State; A1; B1; B3; E2; E6; H2; I3; N1; O1; P4; Z1;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems
    • Z1 - Other Special Topics - - Cultural Economics

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