Historical Foundations of Economic Thought Matrix
Individual
Time Period
Influences
424 BC – 347 Aristotle was
BC
–
Works/Contribution

Greek inspired by the
Ancient Time
Plato
The 3 highly
Impact
 Inspired on
dependable
Western Politics,
work of
contributions of
Math, Science and
Socrates,
Socrates, Timaeus
Morals. Presented
Heraclitus,
referred by the
the thought that the
Parmenides and
State are beliefs and
foundation of all
the
the 3 features of
states is financial
Pythagoreans.
being: thought,
necessity and a
inner self and
respectable
desire.
leadership that
takes care of the
pleasure of
everyone.
Adam
Smith
1723- 1790 –
Benjamin
early
Franklin, David
contemporary
Hume

“The Wealth of
Nations”

The concept of
 Morals, economics
and free venture
scheme – presented
period
Ethical Thoughts:
the radical thought
throughout the
presented the
of freedom and
generation of
thought that hard
thrift that answered
sail
work was the basis
the wants of the
of ethics and those
community.
assets will be
 Presented
acquired through it
Laissez-faire
and not by nature.
leadership.
 Spearheaded to
the establishment of
a commerce society
where the demands
of the people are
answered and
brought about the
concern of the
whole community.
1806 – 1873
Joseph Priestley

“On Liberty”
Victorian Age
and Josiah

“The Subjection
Warren Jeremy
Bentham
of Women”
Philosophy- aided in
heading the

“Utilitarianism”
“Philosophic

“Two Letters on
Radicals” which
the Measure of
turn out to be the
Value”
Social theory

“The Spirit of
Age”
J.S. Mill
 Liberal Political

“State of Society
in America”
afterwards –
 Political affairs
should be motivated
by the joy felt by
human beings,
 Political theory –
political choice
should be
considered
economic
hypothesis
Karl Marx
1818 – 1883 –
Friedrich
Early Modern
Engels, Young
age of
Hegelians
Enlightenment

“The Communist

Established the
Manifesto”,
socio-political
“Capital”
theory of Marxism
which supports the
thought that the
total of society
comprise the whole
formation of a
humanity,

Portrayed an
important part in
social science and
social political
crusade in the
Soviet Union
1766-1834
Early
– David Ricardo,
Modern Jean Charles

“An Essay on the

Demography,
Principles of
Macroeconomics
Leonard de
Population” which
Evolutionary
Sismondi
promote to the
Economics –
Thomas
community to limit
economic negative
Malthus
reproduction because
thinker rely on the
the increase in
fact that there are a
population will mean
lot of poor in the
a shortage in food
community
Times
supply.
1772 – 1823 – Adam Smith,
Early

Modern
Times
David
Ricardo

Attributed with

Ricardian
categorizing
equality, work
commerce, created
theory of worth,
the law of
reasonable benefits,
reasonable benefits,
as there are lots of
Made a principle
ventures in an area
and dispute for
is created, the total
unrestricted
proceeds on that
worldwide
ventures rises at a
commerce
decreasing rate
1883 -1946
Adam
Smith,
Modern –
David
Ricardo,
Industrial
Thomas
Revolution
Malthus, J.S. Mill


John
Led an economic

Keynes
Concepts were
insurrection
implemented by
1930’s.
prominent Western
economies known
He advocated
that collective
as “Keynesian”
demand promotes
economics.
unemployment.
Maynard


One of the
initiators of
Supported a
solution to
contemporary
economic decline
macroeconomics

Highly
prominent
economist in the
20th era.
1912 – 2006
John Adam,

Among the economic
Experimental
Contemporary
Irving Fisher,
advisors to Ronald
study on
Times
Homer Jones
Reagan are:
depletion
a. “Why Money
evaluation,
Matters?”
Milton


b. “Reflections on a
account and
Monetary History,”
Friedman
and
c.
Financial
concept,

Concept in an
“The Case for
open trade
Overhauling the
economy with
Federal Reserve”
less state
regulation
Born
Noam
Chomsky
1928
–

“Manufacturing

Recognized as
Contemporary
Consent: The Political
the father of
Times
Economy of the Mass
contemporary
Media”
phonology and
notable person in
logical
philosophy