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Economics studies the organisation and operation of resources, money, trade, and industry under scarcity. Sustaining stable societal structures and ensuring development & progression in the face of an ever-expanding scarcity is crucial to human survival. And that is why economics is considered one of the most vital aspects of social science.
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The earliest example of persistent economic activity occurred in four key areas of the world, namely, the Sumerian & Babylonian Civilization (in modern Iraq & Syria), the Indus Valley Civilizations (in modern Pakistan, India, and Afghanistan), the Egyptian Civilization, and the Yangtze River Civilization in China.
The first millennium BC witnessed numerous Greek scribes & philosophers, such as Hesiod & Xenophon, develop treatises on economic policies. In China, the Guanzi essays were developed in the fourth century BC, which offered some of the first explanations of supply and demand. During the Middle Ages, Europe and Arabia witnessed numerous writings in the field by some of the earliest expert proponents in business.
Scottish thinker Adam Smith is considered the patriarch of modern economics. Karl Marx, William Stanley, Carl Menger, and two of the most notable economists of the 20th century, John Maynard Keynes (the father of macroeconomics) and Milton Friedman, developed prominent & widely-accepted schools of thought in the domain.
Modern economics amalgamates all myriad schools of thought and several streams of classical economic theory. Contemporary research in the field integrated concepts of human psychology, as evident in behavioural economics and implemented statistical inferential techniques as witnessed in econometrics.
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