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In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century.
The economy of the Song dynasty (960–1279) has been characterized as the most prosperous in the world at the time. [1] The dynasty moved away from the top-down command economy of the Tang dynasty (618–907) and made extensive use of market mechanisms as national income grew to be around three times that of 12th century Europe. [2]
[53] [37] When those countries came under decline in around 2nd century AD, and respective trade between them and the Roman Empire had to cease as a result, this put a dent in the strength of the Roman economy as foreign trade was a major factor of economic growth for the superfluously resourced Empire. [53]
National economies can be run from the top down, so to speak, in what is sometimes called a command economy or they can be run from the bottom up in what is sometimes called a free market. In the ...
This was a very significant burden on the Roman economy, which was pre-industrial: at least 80% of its inhabitants worked in agriculture. [17] A very high percentage of all the revenue from taxes and rents raised by the imperial government were spent on the military: about 80% of the imperial budget in c. 150. [18]
The Ancient Economy is an influential book about the economic system of classical antiquity written by the classicist Moses I. Finley. [1] It was originally published in 1973 with new editions in 1985 and 1992. Finley interpreted the economy from 1000 BC to AD 500 sociologically rather than through use of economic models (as did Michael ...
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
[2] [3] The temple economy (or temple-state economy) is a similar concept. The concept of economic distribution is at least as old as the advent of the pharaohs . Anthropologists have noted many such systems, from those of tribesmen engaged in common subsistence economies of various sorts to complex civilizations, such as that of the Inca ...