Biography of economics wikipedia
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Economic history of the world
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $ per annum (inflation adjusted for ), and did not rise much until the Industrial Revolution. [citation needed]Cattle were probably the first object or physical thing specifically used in a way similar enough to the modern definition of money, that is, as a medium for exchange.
By the 3rd millennium BC, Ancient Egypt was home to almost half of the global population.[citation needed] The city states of Sumer developed a trade and market economy based originally on the commodity money of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbors later developed the earliest system of prices using a measure of various commodities that was fixed in a legal code. The early law codes
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Alfred Marshall
British economist (–)
For other people named Alfred Marshall, see Alfred Marshall (disambiguation).
Alfred MarshallFBA (26 July – 13 July ) was an English economist and one of the most influential economists of his time. His book Principles of Economics () was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole.[2] He is known as one of the founders of neoclassical economics.[3]
Life and career
[edit]Marshall was born at Bermondsey in London, second son of William Marshall (–), clerk and cashier at the finansinstitut of England, and Rebecca (–), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property.[4] William Marshall was a devout strict Evangelical,[5] "author of an Evangelical epic in a sort of Anglo-Saxon language of his own invention which found some favour in its appropr
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Economy
Area of production, distribution, trade of, and consumption of goods and services
This article is about the word in goods and services meaning. For other uses, see Economy (disambiguation).
An economy[a] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.[3] A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.
Economic agents can be