ECO 3132 Chapter 2: Chapter 2 textbook

• School: University of Ottawa
• Department: Economics
• Course: ECO 3132
• Professor: David Gray

Document Summary

Dated from the publication in 1776 of adam smith"s wealth of nation. Non-western economic thought: bc chinese writer, guan zhong (725-645 bc) Would stabilize the price level, and make money for the government: writings indicate there is a universality to ideas of supply and demand that transcends time and place. Interested in efficiency: maximizing efficiency = maximizing output = minimizing costs, xenophon, oeconomicus, wrote 400 years after hesoid, took the concepts of efficient management and applied them at the level of the household, producer, military and public admin. Abu hamid al-ghazali: 1058-1111, writings influenced st. thomas aquinas. Scholasticism: before the fall of the roman empire to the beginning of mercantilism in western europe. Feudal economy consisted of subsistence agriculture in a society bound together not by market but by tradition, custom and authority. Society was divided into four groups: serfs, landlords, royalty, the church, all land was owned by the roman catholic church or the king.